Crown Holdings, Inc. Reports Third Quarter 2017 Results

Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the third quarter ended September 30, 2017.

Third Quarter Highlights
Earnings per share $1.32
Adjusted earnings per share $1.41
$62 million of Q3 share repurchases; $339 million YTD
Beverage can growth projects on schedule

Net sales in the third quarter increased to $2,468 million compared to $2,326 million in the third quarter of 2016, reflecting increased global beverage, food and aerosol can volumes, the pass through of higher raw material costs, and $38 million of favorable currency translation.

Income from operations was $347 million in the third quarter of 2017. Segment income improved to $358 million in the quarter over the $333 million in the third quarter of 2016, including a benefit of $5 million from currency translation.

Commenting on the quarter, Timothy J. Donahue, President and Chief Executive Officer, stated, “Performance during the third quarter was solid across all businesses, fueled in part by increased global volumes in beverage cans, food cans and aerosol cans. Beverage can shipments were particularly strong in Europe, Latin America and Southeast Asia. With its many inherent benefits, including being infinitely recyclable, the beverage can continues to become the increasingly preferred package for marketers and consumers around the world and is widely recognized as the most sustainable beverage container.

“Our various global growth projects remain on schedule. Earlier this month, we began commercial production on the second beverage can line at our Danang, Vietnam facility. The new beverage can plant in Jakarta, Indonesia, which commenced operations in June, is progressing through the learning curve and our new beverage can plants in Nichols, New York and Monterrey, Mexico are both performing well. A new beverage can facility in Yangon, Myanmar and a glass bottle facility in Chihuahua, Mexico are both scheduled for start-up in the first half of 2018. We also recently announced that we will construct a new beverage can plant in the Valencia region of Spain, expected to commence production during the fourth quarter of 2018, to facilitate the conversion from steel to aluminum beverage cans and serve customers in the growing Spanish market. We are excited about the opportunity to create meaningful shareholder value through these compelling growth initiatives.”

Interest expense was $64 million in the third quarter of 2017 compared to $59 million in 2016 primarily due to an increase in average borrowing rates.

Net income attributable to Crown Holdings in the third quarter was $177 million compared to $183 million in the third quarter of 2016. Reported diluted earnings per share were $1.32 in the third quarter of 2017 compared to $1.31 in the 2016 third quarter. Adjusted diluted earnings per share were $1.41 compared to $1.33 in the third quarter of 2016.

Through September 30, the Company repurchased a total of 6.2 million shares of its common stock for $339 million, including 1.1 million shares for $62 million during the third quarter.
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