Crown is forecasting capital expenditures of no more than $500m in each of 2024 and 2025. Credit: IgorGolovniov via Shutterstock.

Packaging company Crown Holdings has reported net income of $450m for financial year 2023 (FY23), compared to $727m in FY22.

The company’s reported diluted earnings per share (EPS) also decreased to $3.76 in FY23, from $5.99 in the previous year.

Its income from operations stood at $1.26bn in 2023, compared to $1.336bn in 2022. The figure included $114m of restructuring charges.

During the year ending 31 December 2023, the company’s net sales were reported to be $12.01bn, marking a decrease from $12.94bn in 2022.

In the fourth quarter (Q4) of FY23, net income attributable to Crown was $32m, down from $89m in the same quarter of FY22.

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Income from operations in the quarter was $259m, up from $229m in Q4 2022.

Its segment income for the same period was $382m, compared to $292m in the previous year’s fourth quarter, reflecting higher beverage can volumes in its Americas Beverage segment.

Crown chair, president, and CEO Timothy Donahue said: “Looking ahead to 2024, our focus will be on cash generation and continuous operational improvement.

“The company has established a manufacturing platform which will allow us to service existing and additional market demand with significantly reduced levels of capital investment.

“The company expects capital expenditures of no more than $500m in each of 2024 and 2025, with the resulting increased cash flow being used to further reduce net leverage and return capital to shareholders.”