Crown reports rise in Q3 profit

19 October 2011 (Last Updated October 19th, 2011 18:30)

Crown Holdings has reported an increase in profit for the third quarter of 2011, driven mainly by higher revenues as the company was able to pass down higher raw material costs.

Crown Holdings has reported an increase in profit for the third quarter of 2011, driven mainly by higher revenues as the company was able to pass down higher raw material costs.

The food and beverage can maker reported an increase in Q3 net sales to $2.4bn from $2.2bn in the same period last year, while the net sales during of the first nine months increased to $6.5bn from $5.9bn in 2010.

Gross profit during the quarter increased by 5% to $396m over the $377m in the third quarter of 2010 and for the nine month period improved to $1.05bn, over the $962m in the first nine months last year.

Crown said net income in the quarter increased to $129m compared to $126m in the third quarter fro 2010 and for the first nine months stood at $274m compared to $279m last year.

The company's global beverage can sales unit volumes rose by 3% in the quarter, driven by continued demand in the emerging markets of Brazil and Asia.