Net sales in the fourth quarter were $2,858 million compared to $3,012 million in the fourth quarter of 2022 reflecting higher beverage can volumes in Americas Beverage and favorable foreign currency translation of $42 million, offset by the pass through of $145 million in lower material costs and lower volumes across most other businesses.
Income from operations was $259 million in the fourth quarter compared to $229 million in the fourth quarter of 2022. Segment income in the fourth quarter of 2023 was $382 million compared to $292 million in the prior year fourth quarter reflecting higher beverage can volumes in Americas Beverage and the contractual recovery of prior years’ inflationary cost increases in European Beverage, both more than offsetting the under-absorption of fixed costs.
Timothy J. Donahue, Chairman, President and Chief Executive Officer, stated, “Fourth Quarter segment income improved by more than 30% over the prior year fueled by margin performance in the Americas Beverage business which benefited from 5% volume growth in North America and 2% growth in Brazil.
“Production schedules were further adjusted during the fourth quarter with significant working capital reduction achieved across the businesses. While fixed cost absorption was considerably lower during the fourth quarter, these efforts contributed to free cash flow well above prior expectations, despite a cash flow reduction of approximately $200 million in off-balance sheet financing arrangements.”
details at: https://www.crowncork.com/news/crown-holdings-inc-reports-fourth-quarter-and-full-year-2023-results