The Americas canned beverages business reported a 21% increase in segment revenues, with volumes up 10%, including a 5% increase in North America. Results were also helped by strong performances in Brazil and Mexico.
Crown CEO Tim Donahue said: “We believe the alcoholic beverage segment grew faster than the non-alcoholic beverage segment, and part of that could be a rebound from some of the massive beer declines we’ve experienced over the last seven or eight quarters.”. Overall, Crown estimates the North American beverage market is up as much as 1.5% this year, and Donahue projects Crown is up in that market as much as 7% year-to-date. Donahue said he expects Crown’s growth to be more in line with the market next year. In Europe, shipments grew 6%, supported by sustainability trends, Donahue said.
Revenues improved in Asia Pacific, partly as the company reduced capacity amid weak demand; it experienced an 11% drop in unit sales volume. Donahue added that the “transit” packaging business is continuing to feel the “weakening global manufacturing conditions,” which the company does not expect to improve, which the company does not expect to improve this year.
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