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.

Highlights
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.
more details at:  https://www.crowncork.com/news/press-room/crown-holdings-inc-reports-fourth-quarter-2017-results

Related Posts

Growing Trend of Recycled Pulp in Packaging

In an era where environmental consciousness is at the forefront of consumer and corporate agendas, the packaging industry is undergoing a profound transformation. Around the world industries are strengthening their focus on sustainability and methods to reduce environmental footprints. With the rising awareness of environmental issues like plastic pollution and deforestation, businesses are turning to recycled pulp packaging to meet their needs. Recycled pulp, derived from post-consumer waste paper, offers a sustainable alternative to traditional packaging materials like plastic and virgin paper. By diverting waste from landfills and reducing the demand for new raw materials, recycled pulp helps conserve natural resources.

Smurfit Kappa launches its second Green Bond Report

Smurfit Kappa recently published its second annual Green Bond Allocation and Impact Report which provides details on the use of proceeds of its inaugural €1 billion dual-tranche Green Bond issued in September 2021. Circular economy adapted products, production technologies and processes and/or certified eco-efficient projects (96%) contributing to: *6.8m tonnes of primarily post-consumer waste recycled in 2022 *76% recycled fibres in global production *100% recycled fibres from certified FSC, PEFC or SFI sustainable sources *4% reduction in waste sent to landfill versus 2020 *8% reduction in water intake versus 2020

O-I Reports Third Quarter Results

For the third quarter, earnings from continuing operations were $0.77 per share (diluted), up 13 percent compared with $0.68 per share in 2016, primarily driven by improved segment operating profit in Europe and Latin America, and lower interest and tax expense. Net sales were $1.8 billion, an increase of almost 5 percent compared to the prior year third quarter, primarily due to favorable currency translation. Price increased 1 percent on a global basis, while shipments were on par with the prior year. Earnings from continuing operations before income taxes were $172 million, an increase of 12 percent compared with the same period in 2016. Segment operating profit of reportable segments[1] for the third quarter of 2017 was $260 million, an increase of 10 percent compared with prior year. Notable gains were reported in Europe and Latin America which more than compensated for external weakness in North America. Europe benefited from a favorable sales mix, a currency tailwind and the receipt of an energy credit, as expected. The increase in Latin America was driven by a 7 percent increase in shipments including double-digit gains in Brazil and a reduction in total systems cost. Click Read More below for additional information.
Back To Top
×Close search
Search