Crown has released second quarter 2024 net sales, which are down slightly compared to the same quarter of the prior year period, by approximately $69 million.
Net sales in the second quarter were $3.04 billion compared to $3.109 billion in the second quarter of 2023, reflecting higher global shipments of beverage cans, offset primarily by the pass-through of $94 million in lower material costs and an unfavorable foreign exchange variance of $13 million.
However, the sale of Eviosys by KPS has benefited Crown as Crown’s 20% stake in Eviosys is included as part of the deal, with the closing of the transaction anticipated by the end of this year.
“With improved earnings, strong free cash flow and the expected proceeds from the sale of Eviosys,” say Crown sources, “we now expect net debt at year-end 2024 to be below 3.0 times. Cash flow is expected to remain strong, which will allow us to resume share repurchases as we continue to reduce debt toward our new long-term target of 2.5 times.”
Income from operations was $379 million in the second quarter, compared with $367 million in the second quarter of 2023.
Segment income in the second quarter of 2024 was $437 million compared with $414 million in the second quarter of the prior year, driven by improved results in the global beverage operations.
Timothy J. Donahue, chairman and chief executive officer, said the company performed well during the quarter, led by solid results in each of its global beverage businesses.
Benefiting from our broad geographic presence and strategic customer alliances, beverage segment revenue improved 21% in the second quarter globally combined.
Beverage can shipments improved 6% worldwide in the second quarter, including 9% in North America.
Beverage can shipments in Europe and Latin America were also strong and exceeded long-term expectations for low-to-mid single-digit volume growth.
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