07.19.19
Crown Holdings, Inc. announced its financial results for the second quarter ended June 30, 2019. Net sales in the second quarter were $3,035 million compared to $3,046 million in the second quarter of 2018 reflecting $80 million of unfavorable currency translation offset by increased beverage can volumes.
Income from operations was $383 million in the quarter compared to $292 million in the second quarter of 2018. Segment income was $386 million in the second quarter compared to $389 million in the prior year second quarter.
“Our overall performance during the quarter was generally in line with expectations,” said Timothy J. Donahue, president and CEO. “Strong results throughout our global beverage can operations offset a disappointing result in our European food can business. Beverage can volume growth was fueled by notable gains in Brazil, Europe and Southeast Asia, as consumers in both emerging and developed markets continue to show a preference for cans over other packaging options.
“Recently installed beverage can capacity additions, including a third line at the company’s existing plant in Phnom Penh, Cambodia, a new one line high-speed plant in Parma, Italy, and a new two line high-speed plant in Valencia, Spain, have helped us meet the continuing expansion in demand. In November 2019, we plan to commence operations at a new beverage can facility in Rio Verde, central Brazil,” Donahue added. “To meet volume requirements in our North American beverage can business, we have begun the construction of a third high-speed line at our Nichols, NY facility which will begin production during the second quarter of 2020. Also, to support demand growth and targeted for a first quarter 2020 start-up, we will convert an existing two-piece steel food can production line at our Weston, Ontario plant to produce aluminum beverage cans.”
Net sales for the first six months of 2019 increased to $5,790 million compared to $5,243 million in the first six months of 2018 primarily due to the impact of the Signode acquisition and increased beverage can volumes, partially offset by $180 million of unfavorable currency translation.
Income from operations was $645 million in the first half of 2019 compared to $513 million in the first half of 2018. Segment income in the first half of 2019 increased to $701 million over the $634 million in the prior year period reflecting the Signode acquisition and increased beverage can volumes.
Income from operations was $383 million in the quarter compared to $292 million in the second quarter of 2018. Segment income was $386 million in the second quarter compared to $389 million in the prior year second quarter.
“Our overall performance during the quarter was generally in line with expectations,” said Timothy J. Donahue, president and CEO. “Strong results throughout our global beverage can operations offset a disappointing result in our European food can business. Beverage can volume growth was fueled by notable gains in Brazil, Europe and Southeast Asia, as consumers in both emerging and developed markets continue to show a preference for cans over other packaging options.
“Recently installed beverage can capacity additions, including a third line at the company’s existing plant in Phnom Penh, Cambodia, a new one line high-speed plant in Parma, Italy, and a new two line high-speed plant in Valencia, Spain, have helped us meet the continuing expansion in demand. In November 2019, we plan to commence operations at a new beverage can facility in Rio Verde, central Brazil,” Donahue added. “To meet volume requirements in our North American beverage can business, we have begun the construction of a third high-speed line at our Nichols, NY facility which will begin production during the second quarter of 2020. Also, to support demand growth and targeted for a first quarter 2020 start-up, we will convert an existing two-piece steel food can production line at our Weston, Ontario plant to produce aluminum beverage cans.”
Net sales for the first six months of 2019 increased to $5,790 million compared to $5,243 million in the first six months of 2018 primarily due to the impact of the Signode acquisition and increased beverage can volumes, partially offset by $180 million of unfavorable currency translation.
Income from operations was $645 million in the first half of 2019 compared to $513 million in the first half of 2018. Segment income in the first half of 2019 increased to $701 million over the $634 million in the prior year period reflecting the Signode acquisition and increased beverage can volumes.
