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July 21, 2022

Crown reports 21% net sales increase in second quarter of FY22

The company expects its third-quarter adjusted earnings to be between $1.75 and $1.85 for each share.

US-based metal packaging producer Crown Holdings has recorded $3.51bn in net sales for the second quarter (Q2) of the fiscal year 2022 (FY22), a 20.7% increase from $2.85bn in the same period of FY21.

During the three months to 30 June, the company’s income from its operations grew from $385m in Q2 2021 to $466m.

Driven by improved profitability in its North American tinplate and can-making equipment businesses among other factors, Crown’s segment income rose by $37m to $432m, compared with $395m in the prior-year period.

Net income attributable to the company in the quarter was $295m, up from $128m in the same period of last year, while its reported diluted earnings per share (EPS) were $2.43, compared with $0.95 in Q2 2021.

Crown president and CEO Timothy J Donahue said: “The company performed well during the quarter despite accelerating European energy prices and currency translation headwinds.

“Global beverage can demand continues to be robust, with virtually every region operating at full capacity.

“Shipment growth during the second quarter was particularly strong in Mexico, the Middle East and South-East Asia.

“In North America, demand currently exceeds our ability to supply, and we expect to remain in an over-sold position at least through the end of 2023.”

In the first half (H1) of FY22, Crown generated $6.67bn in net sales, against $5.42bn in the same period of FY21.

The company’s income from operations during this period was $810m, up from $712m in H1 2021, while its segment income was $815m, against $764m in the prior-year period.

For the third quarter (Q3) of FY22, Crown expects adjusted earnings of between $1.75 and $1.85 for each share.

The company expects its adjusted full-year earnings to be in the range of $7.65 to $7.85 for each share.

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