CROWN CONFIRMS SOLID RESULTS

CROWN FLEXES ITS MUSCLES AND CONFIRMS SOLID RESULTS IN THE THIRD QUARTER OF THE YEAR

The multinational Crown Holdings continues to be a leader thanks to the good financial results obtained in the third quarter of the year where its global beverage can volumes grew by 3%.

According to the company itself, net sales in the third period of the year were 2,920 million dollars compared to 2,489 million dollars obtained in the same period of the previous year, motivated by the transfer of higher costs of materials and unit sales volumes of beverage cans and transit containers.

Operating income was also $348 million compared to $315 million recorded in 2020. As for segment revenue it was 379 million compared to 367 million in 2020, mainly due to higher unit sales volume.

Timothy J. Donahue, chairman and chief executive officer of the multinational company, said that the company’s results in the third quarter were solid despite some inflationary pressures and the global supply chain, as well as extensive blockade measures in Vietnam to stop the spread of Covid-19.

In this regard he adds that %22Crown remains on track for another record year in earnings. Thanks to strong performance in our North American beverage and food businesses combined with transit packaging business we have offset weakness in Asia Pacific due to lower volumes in Vietnam. In addition, while volume in the country remains strong, in Brazil the business faced a very challenging situation as that market experienced a pandemic ‘V-shaped’ recovery during the third quarter of 2020. As expected, the sale of our European tinplate business to KPS Capital Partners was completed on 31 August. In addition to having implemented a quarterly dividend in March, the company has repurchased $759 million of its shares executing our strategy of returning capital to shareholders.%22

Donahue also believes that the growth in demand for beverage cans remains very strong, so %22we expect this trend to continue over the next few years. Approximately 75% of new beverage products are being introduced in cans, more than twice as many as five years ago.

To support this significant increase in current and future requirements, Crown is driving several beverage can capacity expansion projects globally, including new facilities and additional lines at existing plants. %22During the quarter we commercialized production on the second line at our new facility in Bowling Green, KY, and are currently starting operations at our new plant in Vung Tau of Vietnam,%22 he details.

These projects lay the foundation for continued profitability growth in 2022 as %22the company continues to make great strides on its path to sustainability%22. Finally, Crown added that it once again ranked first in environmental, social and governmental (ESG) risk mitigation within the metal and glass packaging sector, following a new assessment by ESG ratings provider Sustainalytics. Also during the quarter, the company joined The Climate Pledge, a commitment to have zero carbon emissions from our operations by 2040, ten years ahead of the Paris Agreement.