Crown Holdings, Inc. Reports Second Quarter 2024 Results

Net sales in the second quarter were $3,040 million compared to $3,109 million in the second quarter of 2023 reflecting higher global beverage can shipments offset primarily by the pass through of $94 million in lower material costs and unfavorable foreign currency of $13 million.

Income from operations was $379 million in the second quarter compared to $367 million in the second quarter of 2023. Segment income in the second quarter of 2024 was $437 million compared to $414 million in the prior year second quarter driven by improved results in global beverage operations.

Commenting on the quarter, Timothy J. Donahue, Chairman, President and Chief Executive Officer, stated, “The Company performed well during the quarter, led by strong results in each of the global beverage businesses. Benefitting from our broad geographic presence and strategic customer alliances, beverage segment income improved by 21% in the second quarter on a combined global basis. Beverage can shipments improved 6% globally in the second quarter, including 9% in North America. Beverage can shipments in Europe and Latin America were also strong and exceeded longer-term expectations of low-to mid-single digit volume growth.

“Cash generated in our non-beverage businesses combined with tightly managed working capital and lower capital expenditures resulted in the Company delivering cash from operating activities of $343 million and record first half year free cash flow of $178 million. Net leverage ended the quarter at 3.2 times down from 4.0 times a year earlier.
more at: https://www.crowncork.com/news/crown-holdings-inc-reports-second-quarter-2024-results

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