Crown Holdings, Inc. announced its financial results for the third quarter of the year, highlighting a 6% growth in global beverage can sales volumes. The report also disclosed earnings per share of $1.06 versus $0.79 for 2021.
Likewise, net sales for the third quarter were US$3,259 million compared to US$2,920 million in the third quarter of 2021. These figures reflect the significant increase in unit volumes of beverage cans as well as the pass-through of higher raw material costs partially offset by an unfavorable foreign currency translation of 127 million.
Timothy J. Donahue, President and Chief Executive Officer, said: “Third quarter global beverage can shipments exceeded the prior year third quarter by 6%, led by solid shipments in Brazil, Mexico and Vietnam. While shipments advanced compared to the prior year, they were below our previous expectations, leading to higher inventory on hand during and at the end of the quarter,” to which he added that “since our last earnings release in mid-July, the impacts of inflation, European energy prices, interest rates and currency have become more challenging. With input costs expected to remain elevated ahead of our contractual inflationary resets in 2023, and many customers adjusting their ordering patterns in response to lower consumer spending, we expect the operating environment and margins to remain under pressure for the remainder of 2022.”.
“While the near-term environment is expected to remain challenging, we continue to focus on activities that will enhance our long-term success and remain confident in our prospects for 2023. Our global beverage can expansion projects remain on schedule, including two new two-line plants in the United States, with Martinsville, Virginia expected to begin operations in November 2022 and Mesquite, Nevada in June 2023.”added the executive.
The first line of the new plant in Uberaba, Brazil, began commercial production in May and the second line earlier this month. The company has begun construction of a multi-line facility in Peterborough, UK, with the first line scheduled to start in June 2023. Additional production lines are being added to existing plants in Phnom Penh, Cambodia; Agoncillo, Spain; and Parma, Italy.
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