Crown Holdings Reports 2Q 2014 Results

Crown Holdings, Inc. announced its financial results for the second quarter ended June 30, 2014. Net sales in the second quarter grew to $2,383 million compared to $2,223 million in the second quarter of 2013, primarily due to the impact of the Mivisa acquisition and increased global beverage can unit sales.
 
Segment income rose to $285 million in the second quarter over the $273 million in the second quarter of 2013, primarily due to contributions from the Mivisa acquisition and increased beverage can volumes.
 
“We continued our strong performance during the second quarter with increases in sales, segment income and earnings per share before certain items,” said John W. Conway, chairman and CEO. “The acquisition of Mivisa closed on April 23rd, and we are pleased that this well-performing business is now an integral part of our strategically important European Food segment. Underlying food can demand has begun to improve in Europe and remains stable in North America.
 
“Growth in global beverage can volumes continued with a 3% year-on-year improvement in the quarter, resulting in a 4% gain year-to-date,” Conway added. “Shipments were particularly robust in Brazil, Southeast Asia and Turkey, as Crown benefited from our industry-leading presence in these emerging markets. During the quarter, we began commercial production at our new facility in Teresina, Brazil and the start-up has progressed according to plan.”
 
Net income attributable to Crown Holdings in the second quarter was $106 million compared to $133 million in the second quarter last year. Income per diluted share was $0.76 in the second quarter compared to $0.93 in the second quarter of 2013. Net income per diluted share before certain items increased to $1.01 over the $0.96 in the second quarter of 2013.
 
In addition to closing the Mivisa acquisition during the second quarter, the company also completed the sale of certain Crown and Mivisa operations as required by the European Commission.
 
Net sales for the first six months of 2014 rose to $4,376 million over the $4,196 million in the first six months of 2013, reflecting the impact of the Mivisa acquisition and increased global beverage can volumes.
 
Segment income in the first half of 2014 grew to $485 million from the $468 million in the first six months of 2013 primarily due to increased beverage can volumes and contributions from the Mivisa acquisition.
 
Net income attributable to Crown Holdings for the first six months of 2014 was $130 million compared to $174 million in the first six months of 2013. Income per diluted share for the first six months of 2014 was $0.94 compared to $1.21 in the first half of last year. Net income per diluted share before certain items increased to $1.58 over the $1.46 in 2013.