02.06.20
Crown Holdings, Inc. announced its financial results for the fourth quarter and year ended Dec. 31, 2019.
Fourth quarter earnings per share was $0.64 versus $0.40 in 2018, with fourth quarter adjusted earnings per share of $1.04 versus $1.00 in 2018. Full year cash from operations as $1.2 billion; record adjusted free cash flow was $754 million. Beverage can vol-umes were up 7% in the quarter, 3% for the year.
Net sales in the fourth quarter were $2,791 million compared to $2,734 million in the fourth quarter of 2018, reflecting a 7% increase in beverage can volumes. Income from operations was $199 million in the quarter compared to $218 million in the fourth quarter of 2018.
“The company had a strong year in 2019, with fourth-quarter overall performance in line with expectations, as strong operating results in Americas Beverage offset underperformance in the European Food business,” said Timothy J. Donahue, president and CEO. “Also, as planned, we reduced inventories in our Transit Packaging business in anticipation of a softness in manufacturing activity which, while having an adverse impact on segment income, helped the company achieve record cash flow in 2019.
“Beverage can volumes were particularly robust in Brazil, Europe, Southeast Asia and the United States, as consumers in both emerging and developed markets continue to increasingly prefer cans over other packaging options,” Donahue added. “Our full-year adjusted free cash flow of over $750 million allowed us to continue to reduce debt and meet our deleveraging targets.”
Net sales for the full year of 2019 increased to $11,665 million compared to $11,151 million in 2018, primarily due to the impact of the Signode acquisition, partially offset by $254 million of unfavorable currency translation.
Income from operations was $1,196 million in 2019 compared to $1,096 million in 2018. Segment income in 2019 increased to $1,381 million over the $1,328 million in the prior year period, reflecting the impact of the Signode acquisition offset by $24 million of unfavorable currency translation.
Fourth quarter earnings per share was $0.64 versus $0.40 in 2018, with fourth quarter adjusted earnings per share of $1.04 versus $1.00 in 2018. Full year cash from operations as $1.2 billion; record adjusted free cash flow was $754 million. Beverage can vol-umes were up 7% in the quarter, 3% for the year.
Net sales in the fourth quarter were $2,791 million compared to $2,734 million in the fourth quarter of 2018, reflecting a 7% increase in beverage can volumes. Income from operations was $199 million in the quarter compared to $218 million in the fourth quarter of 2018.
“The company had a strong year in 2019, with fourth-quarter overall performance in line with expectations, as strong operating results in Americas Beverage offset underperformance in the European Food business,” said Timothy J. Donahue, president and CEO. “Also, as planned, we reduced inventories in our Transit Packaging business in anticipation of a softness in manufacturing activity which, while having an adverse impact on segment income, helped the company achieve record cash flow in 2019.
“Beverage can volumes were particularly robust in Brazil, Europe, Southeast Asia and the United States, as consumers in both emerging and developed markets continue to increasingly prefer cans over other packaging options,” Donahue added. “Our full-year adjusted free cash flow of over $750 million allowed us to continue to reduce debt and meet our deleveraging targets.”
Net sales for the full year of 2019 increased to $11,665 million compared to $11,151 million in 2018, primarily due to the impact of the Signode acquisition, partially offset by $254 million of unfavorable currency translation.
Income from operations was $1,196 million in 2019 compared to $1,096 million in 2018. Segment income in 2019 increased to $1,381 million over the $1,328 million in the prior year period, reflecting the impact of the Signode acquisition offset by $24 million of unfavorable currency translation.
