Crown Holdings, Inc. announced its financial results for the first quarter ended March 31, 2020.
Net sales in the first quarter were $2,757 million compared to $2,755 million in the first quarter of 2019, reflecting increased beverage can volumes offset by the pass-through of lower raw material costs and $40 million of unfavorable currency translation.
Income from operations was $246 million in the quarter compared to $262 million in the first quarter of 2019. Segment income was $298 million in the first quarter compared to $315 million in the prior-year first quarter.
“The company performed well during the first quarter in the face of the emerging coronavirus pandemic,” said Timothy J. Donahue, president and CEO. “Global beverage can shipments advanced 10% in the quarter, led by double-digit gains in Brazil, Canada, Europe, the Middle East and the United States, as consumers increasingly prefer cans for off-premise refreshment occasions. Solid global food can volume reflected a notable increase in North American shipments.
“I would like to thank all of our employees and partners, whose dedication and commitment continue to be instrumental as we navigate through this unprecedented situation,” Donahue added. “Crown has taken a number of specific actions, including increased safety measures at our manufacturing facilities to ensure that they can continue to meet evolving requirements in a safe and timely manner. The health and safety of our employees, customers and partners is our highest priority.
“Crown’s products are a crucial part of food and beverage supply chains and also provide critical support to the transportation industry. While our first quarter performance was strong, the uncertainty surrounding the impact and duration of the coronavirus pandemic precludes the company from putting forth projections regarding future financial performance. The management team will continue to focus on employee safety and meeting customer demand while prudently managing our cost structure and ensuring liquidity as a key element of our near-term capital allocation program.”