04.17.15
Crown Holdings, Inc. announced its financial results for the first quarter ended March 31, 2015.
Net sales in the first quarter grew to $1,997 million over the $1,993 million in the first quarter of 2014, primarily due to the impact of the Mivisa and Empaque acquisitions offset by $172 million of unfavorable currency translation impact.
Segment income was $192 million in the first quarter compared to $200 million in the first quarter of 2014, and included $16 million of unfavorable currency translation impact primarily due to the strength of the U.S. dollar against the euro.
Global beverage can volumes grew 4% versus 2014; food can volumes grew 17%. Net income attributable to Crown Holdings in the first quarter was $44 million compared to $24 million in the first quarter of 2014. Reported earnings per diluted share were $0.32 in the first quarter of 2015 compared to $0.17 in the 2014 first quarter. Net income per diluted share before certain items was $0.53 compared to $0.57 in 2014.
“We started off the year as expected, and the fundamentals underlying our businesses remain strong,” said John W. Conway, chairman and CEO. “On a currency neutral basis, the company’s segment income for the first quarter increased by 4% over 2014, despite significantly elevated aluminum premiums in Europe and political conflict in parts of the Middle East, which resulted in lower regional sales volumes.
“On Feb. 18, we completed our acquisition of Empaque, a leading Mexican manufacturer of aluminum cans and ends, bottle caps and glass bottles for the beverage industry. Also on Feb. 18, we announced the construction of a new beverage can plant in Monterrey, Mexico to meet the growing demand for both beer and non-alcoholic beverages in the market surrounding this metropolitan area of more than four million people.
“The integration of Mivisa, a leading Spanish producer of two- and three-piece food cans and ends which we acquired during the second quarter of 2014, is proceeding as planned, as demonstrated in our first quarter European Food results,” Conway added.
Net sales in the first quarter grew to $1,997 million over the $1,993 million in the first quarter of 2014, primarily due to the impact of the Mivisa and Empaque acquisitions offset by $172 million of unfavorable currency translation impact.
Segment income was $192 million in the first quarter compared to $200 million in the first quarter of 2014, and included $16 million of unfavorable currency translation impact primarily due to the strength of the U.S. dollar against the euro.
Global beverage can volumes grew 4% versus 2014; food can volumes grew 17%. Net income attributable to Crown Holdings in the first quarter was $44 million compared to $24 million in the first quarter of 2014. Reported earnings per diluted share were $0.32 in the first quarter of 2015 compared to $0.17 in the 2014 first quarter. Net income per diluted share before certain items was $0.53 compared to $0.57 in 2014.
“We started off the year as expected, and the fundamentals underlying our businesses remain strong,” said John W. Conway, chairman and CEO. “On a currency neutral basis, the company’s segment income for the first quarter increased by 4% over 2014, despite significantly elevated aluminum premiums in Europe and political conflict in parts of the Middle East, which resulted in lower regional sales volumes.
“On Feb. 18, we completed our acquisition of Empaque, a leading Mexican manufacturer of aluminum cans and ends, bottle caps and glass bottles for the beverage industry. Also on Feb. 18, we announced the construction of a new beverage can plant in Monterrey, Mexico to meet the growing demand for both beer and non-alcoholic beverages in the market surrounding this metropolitan area of more than four million people.
“The integration of Mivisa, a leading Spanish producer of two- and three-piece food cans and ends which we acquired during the second quarter of 2014, is proceeding as planned, as demonstrated in our first quarter European Food results,” Conway added.
