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. 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. Click Read More below for additional information.
In recognition of exceptional sustainability achievements in fiscal years 2017 and 2018, Crown Holdings, Inc. (NYSE: CCK) (Crown) (www.crowncork.com) has honored three of its facilities with a Chairman’s Sustainability Award. The biennial awards program seeks to highlight contributions made in its 241 facilities around the world.
The Environmental Sustainability Award, which recognizes facilities that demonstrate excellence in environmental conservation, minimizing the impact of the Company’s operations, reducing material consumption and improving recycling or reuse, was given to Crown’s Dubai, United Arab Emirates beverage can facility. The plant’s “Go Green” program was designed to improve and reduce the amount of waste sent to landfill by 20% and minimize its carbon footprint by decreasing vehicle movements, electricity and water and material consumption by the end of 2017. A focus on improving efficiency and reducing overall waste led to a 65% decrease in the facility’s landfill contribution and a 12% decrease in its carbon footprint. The plant also received recognition of its waste management practices from numerous customers who visited the facility to observe its operations.
Crown’s Izmit, Turkey beverage can plant was honored with the Economic Sustainability Award, which recognizes initiatives that display a significant, measurable reduction in the Company’s use of resources, including freight, energy, fuel and water. The facility pledged to decrease its energy use and help regulate the quality of the community’s groundwater. As a result of this campaign, the Izmit plant implemented a new cleaning system to improve water pH levels. The facility also installed solar panels, energy monitoring software and a high-tech cooling tower replacement—investments that resulted in a significant drop in annual energy consumption.
The Social Sustainability Award, which recognizes plants that exhibit a significant impact on the well-being of the workforce and/or the local community, was presented to Crown’s beverage packaging facility in Acayucan, Mexico. In 2017, the facility initiated a “Development and Equity of Women” campaign to support health and wellness education for women in the surrounding rural community, including the spouses of Crown employees. In 2018, the campaign was extended to include business and social aspects, showcasing how women can develop as entrepreneurs and educating attendees on gender inequalities and violence. The plant also reduced its serious injuries rate to zero in 2018 by implementing safety training for emergency brigades, creating new training plans, executing safety inspections and reinforcing risk prevention signage.
Additionally, the Company has presented a new award to its Brazilian operations for overall performance in social sustainability. The Divisional Excellence Award in Social Sustainability, which honors group achievements in sustainability, recognizes Crown Brazil’s outstanding efforts in developing and executing community-focused initiatives. The division’s “First Employment,” “Educating Through Sport” and “Flute Classes for Beginners” programs have connected many children and young adults with valuable educational training and developmental opportunities.
“Our employees are the driving force behind our sustainability success and continue to raise the bar when it comes to resource management, safety, efficiency and being a good corporate citizen,” said John Rost, Vice President of Global Sustainability and Regulatory Affairs at Crown. “Our 2019 winners have shown great initiative in making a difference not only in their own facilities, but also in their surrounding communities. We applaud these efforts, as well as those undertaken by all of our facilities worldwide, and look forward to their role in helping Crown take further strides on its sustainability journey.”