Crown’s third quarter closes with slight increase in sales compared to last year

Net sales in the third quarter were US$3,074 million compared with US$3,069 million in the third quarter of 2023, reflecting higher shipments of beverage cans and food cans in North America, offset by lower volumes in most other businesses and unfavorable foreign currency translation of US$9 million.

Income from operations was US$444 million in the third quarter, compared with US$374 million in the third quarter of 2023. Segment income in the third quarter of 2024 was US$472 million, an increase of 10% compared with US$430 million in the same quarter last year, driven by improved results in the global beverage operations, partially offset by the impact of lower volumes in Transit Packaging and the beverage can equipment business.

Timothy J. Donahue, president and chief executive officer has stated that. “The Company continued its strong performance in 2024 during the third quarter, with results in each of its global beverage can businesses exceeding initial expectations. Global beverage shipments improved 5% during the quarter, with Brazil, Europe, Mexico and the United States posting increases of 5% or more. Segment revenue, on a combined basis, advanced 10% over the prior year third quarter as the Company benefited from favorable manufacturing performance and exposure to a well-balanced portfolio of end markets. Transit packaging performed in line with expectations while overall manufacturing activity continues to contract.

“Strong operating performance combined with lower capital expenditures resulted in the Company generating US$897 million in cash from operating activities and US$668 million in adjusted free cash flow for the nine months ended September 30, 2024. In the first nine months of 2024, the Company repurchased $117 million of common stock and continued to reduce net debt, ending the quarter with a net leverage ratio of 3.0 times adjusted EBITDA and remains committed to the long-term target of 2.5 times adjusted EBITDA.”

Net loss attributable to Crown Holdings in the third quarter was US$175 million, reflecting pension settlement charges of US$517 million, compared with net income of US$159 million in the third quarter of 2023. Reported diluted loss per share was $1.47 in the third quarter of 2024 compared to diluted earnings per share of $1.33 in 2023. Adjusted diluted earnings per share were $1.99 compared to $1.73 in 2023.

Nine-Month Results
Net sales for the first nine months of 2024 were US$8.898 billion compared with US$9.152 billion in the first nine months of 2023, reflecting 5% higher global beverage can shipments, offset by the pass-through of US$214 million in lower material costs, lower volumes in most other businesses and unfavorable foreign currency translation of US$12 million.

Income from operations was US$1,068 million in the first nine months of 2024 compared to US$1,010 million in the same period of 2023. Segment income in the first nine months of 2024 was US$1,217 million, an increase of 5% versus US$1,164 million in the prior-year period, driven by improved results in the global beverage operations, partially offset by the impact of lower volumes in most other businesses and higher corporate costs.

Net income attributable to Crown Holdings in the first nine months of 2024 was US$66 million, reflecting pension settlement charges of US$519 million, compared with US$418 million in the first nine months of 2023. Reported diluted earnings per share were US$0.55 compared with US$3.49 in 2023. Adjusted diluted earnings per share were US$4.82 compared to US$4.61 in 2023.