Crown Holdings, Inc. Reports Fourth Quarter 2017 Results

Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the fourth quarter and year ended December 31, 2017.

Loss per share of $0.67 for the quarter, including non-cash charge of $1.32 per share for impact of U.S. tax reform
Adjusted earnings per share of $0.79 for the quarter; $4.03 full year versus $3.93 in 2016
Full year cash flow from operations of $760 million; adjusted free cash flow of $503 million
Beverage can volumes grew 4.5% in quarter
Entered into agreement to acquire Signode Industrial Group

Net sales in the fourth quarter increased to $2,168 million compared to $1,923 million in the fourth quarter of 2016, reflecting increased global beverage and food can volumes, the pass through of higher raw material costs, and $83 million of favorable currency translation.

Income from operations was $222 million in the fourth quarter of 2017. Segment income improved to $245 million in the quarter over the $236 million in the fourth quarter of 2016, including an $11 million benefit from currency translation.

Commenting on the quarter, Timothy J. Donahue, President and Chief Executive Officer, stated, “Our solid fourth quarter and full year operating results were in line with expectations and reflect strong performances throughout the Company’s global businesses. We exceeded our adjusted free cash flow projections due to another year of excellent working capital performance. Global beverage can volumes advanced three percent for the full year with particularly robust shipments in Europe, Latin America and Southeast Asia.

“In January 2018, ahead of schedule, the new glass facility in Chihuahua, Mexico commenced operations to serve the expanding beer market in the northern part of the country. Additional growth projects completed in 2017 included the start-up of a two-line beverage can plant in Nichols, New York, the conversion of a second beverage can line in Custines, France from steel to aluminum, a beverage can capacity expansion in Colombia, the commencement of a one-line beverage can facility in Jakarta, Indonesia and the addition of a second production line to our Danang, Vietnam beverage can plant. In 2018, we expect to begin production at our new one-line beverage can plant in Yangon, Myanmar during the second quarter and our new two-line beverage can facility in Valencia, Spain during the fourth quarter. The Valencia plant will commence our conversion from steel to aluminum for beverage cans in the growing Spanish market. Additionally, we will construct a third beverage can line at our existing plant in Phnom Penh, Cambodia. These initiatives reflect that the can continues to become the increasingly preferred package of beverage marketers and consumers around the world.
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