04.29.22
Crown Holdings, Inc. announced its financial results for the first quarter ended March 31, 2022.
Net sales in the first quarter were $3,162 million compared to $2,564 million in the first quarter of 2021, reflecting increased beverage sales unit volumes and the pass through of higher material costs.
Income from operations was $344 million in the first quarter compared to $327 million in the first quarter of 2021. Segment income was $383 million in the first quarter compared to $369 million in the prior year primarily due to improved profitability in the North American tinplate and can-making equipment businesses.
“Overall results for the company during the first quarter were as anticipated,” said Timo-thy J. Donahue, president and CEO. “Strong performances in the North American tinplate and can-making equipment businesses, combined with robust beverage can shipments in Vietnam, offset notable inflationary pressures in Europe and North America and transient market softness in Brazil.
“On April 1st, the inflation-recovery mechanisms built into our North American beverage can contracts commenced, which will allow us to begin to recoup many of the cost increas-es experienced over the past year,” Donahue added. “As previously stated, the company is in the process of negotiating pending beverage can contracts in Europe to include more comprehensive raw material and other inflationary pass-through provisions.
Net sales in the first quarter were $3,162 million compared to $2,564 million in the first quarter of 2021, reflecting increased beverage sales unit volumes and the pass through of higher material costs.
Income from operations was $344 million in the first quarter compared to $327 million in the first quarter of 2021. Segment income was $383 million in the first quarter compared to $369 million in the prior year primarily due to improved profitability in the North American tinplate and can-making equipment businesses.
“Overall results for the company during the first quarter were as anticipated,” said Timo-thy J. Donahue, president and CEO. “Strong performances in the North American tinplate and can-making equipment businesses, combined with robust beverage can shipments in Vietnam, offset notable inflationary pressures in Europe and North America and transient market softness in Brazil.
“On April 1st, the inflation-recovery mechanisms built into our North American beverage can contracts commenced, which will allow us to begin to recoup many of the cost increas-es experienced over the past year,” Donahue added. “As previously stated, the company is in the process of negotiating pending beverage can contracts in Europe to include more comprehensive raw material and other inflationary pass-through provisions.