Crown reports strong Q3 2021
Image: Crown
Crown Holdings has reported strong third-quarter 2021 results (ending 30 September) with $2.92bn in net sales compared to $2.48bn in the previous year.
The company recorded the rise in revenues reflected an increase in higher material costs and beverage can and transit packaging sales unit volumes.
Net income attributable to the company was $102m or $0.79 earnings per share (EPS) in the quarter compared to $214m or $1.59 EPS in 2020. Adjusted earnings per share rose to $2.03 against $1.96 last year. The Q3 income from operations was $348m compared to $315m in the third quarter of 2020, while segment income was $379m against $367m in the prior-year period.
In the first nine months of 2021, Crown posted $8.34bn in net sales against $6.93bn.
Timothy Donahue, Crown president and chief executive officer, said: “Beverage can demand growth continues to be very robust, and we expect this trend to continue in the coming years. Customers and consumers recognise and appreciate the inherent benefits of the aluminium can, including the fact that it is the most recycled beverage package in the world. Approximately 75% of new beverage products are now being introduced in cans, more than double the rate of just five years ago.
“During the quarter, we commercialised production on the second line at our new facility in Bowling Green, KY, began operations on the third line of the Olympia, WA plant and are currently commencing operations at our new plant in Vung Tau, Vietnam. These projects, in addition to the others that the Company has announced and is currently implementing, set the stage for continuing profitability growth in 2022 and beyond.”
