Conway confident as Crown reveals second quarter results
Can maker Crown Holdings has announced strong results for the second quarter, helped by strong demand in Europe and the Americas.
For the second quarter, net income was £129 million compared with £112m for the same period in 2010.
Net sales in the second quarter grew to $2,28 billion, an increase of 13% on the same period last year. This was primarily driven by increased global sales unit volumes, the pass-through of higher raw material costs, and $119 million from foreign currency translation.
Second quarter gross profit improved 10.7% to $371 million over the $335 million in the 2010 second quarter, reflecting an increase in global sales unit volumes, ongoing productivity improvements and $16 million from foreign currency translation.
Commenting on the results, John Conway, chairman and CEO, said: “We are pleased to report that our operations continued to perform well in the second quarter. Our robust pipeline of emerging market growth projects remains on schedule and budget. In April, second beverage can lines in both Kechnec, Slovakia and Ponta Grossa, Brazil were completed and commercialised. Additionally in June, commercial production commenced on the second beverage can production line in Estancia, Brazil and at our new beverage can plant in Hangzhou, China. In the fourth quarter we expect to complete and begin production on the second beverage can line in Phnom Penh, Cambodia and commercialise our new beverage can plant in Putian, China.”
Conway is confident that 2011 is shaping up to be another strong year for Crown.
“Looking ahead, we believe new growth opportunities will continue to arise. In pursuing those opportunities we remain committed to responsible deployment of capital by growing with our international and regional customers to meet long term demand in the most promising emerging markets,” he added.