US-based can manufacturer Crown Holdings has reported sales of $3.25bn for the third quarter (Q3) of fiscal 2022 (FY22), up from $2.92bn in the same period of the prior fiscal year (FY21).
The growth reflects an increase in the company’s global beverage can unit volumes, which rose 6% during the quarter.
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Crown’s income from its operations in the three months to 30 September was $297m, down from $348m in the corresponding period of FY21.
Its segment income for the period also dropped from $379m to $336m year-on-year.
Net income attributable to the company during this period grew from $102m in Q3 2021 to $127m, while its reported diluted earnings per share (EPS) were $1.06, compared with $0.79 a year earlier.
Crown Holdings chairman, president and CEO Timothy Donahue said: “Third quarter global beverage can shipments outpaced the prior year third quarter by 6% led by robust shipments in Brazil, Mexico and Vietnam.
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By GlobalData“While shipments advanced versus the prior year, they were short of our earlier expectations leading to more inventory on hand throughout and at the end of the quarter.
“Since our last earnings release in mid-July, the impacts from inflation, European energy prices, interest rates and currency have become more challenging.
“With input costs expected to remain elevated prior to our contractual inflationary resets in 2023, and many customers adjusting their order patterns in response to lower consumer spending, we expect the operating environment and margins to remain under pressure for the balance of 2022.”
For the fourth quarter, Crown expects its adjusted EPS to be between $1.00 and $1.10 and its full-year adjusted EPS to be in the range of $6.60 to $6.70.
The company reported net sales of $3.51bn for the second quarter of the year, up by 20.7% from a year earlier.
