Packaging company Crown Holdings has reported net income attributable to the company of $241m for the first half (H1) of financial year 2024 (FY24), compared to $259m in H1 FY23.
The company’s reported diluted earnings per share (EPS) for the period were $2.01, against $2.16 in H1 FY23.
During the period ending 30 June 2024, net sales of Crown were $5.82bn, down from $6.08bn in the same period a year ago.
This was primarily due to lower material costs and reduced volumes in several businesses, despite an increase in global beverage can shipments.
Its income from operations slightly dipped to $624m in H1 FY24 compared to $636m in the first half of FY23.
However, segment income showed a slight improvement, rising from $734m to $745m.
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By GlobalData
In the second quarter (Q2) of FY24, Crown’s net sales decreased to $3.04bn from $3.11bn in the corresponding quarter of the previous year.
Net income attributable to Crown saw an increase to $174m in the second quarter of FY24, up from $157m in Q2 FY23.
The company posted reported diluted EPS of $1.45 in Q2 FY24 compared to $1.31 in Q2 FY23.
The company’s income from operations also increased to $379m over the quarter, compared to $367m in the same period a year ago.
Crown Holdings chair, president, and CEO Timothy Donahue said: “The company performed well during the quarter, led by strong results in each of the global beverage businesses. Benefitting from our broad geographic presence and strategic customer alliances, beverage segment income improved by 21% in the second quarter on a combined global basis.
“Beverage can shipments improved 6% globally in the second quarter, including 9% in North America. Beverage can shipments in Europe and Latin America were also strong and exceeded longer-term expectations of low-to mid-single digit volume growth.”
Looking ahead, Crown has revised its full-year diluted EPS projection to a range of $6.00 to $6.25, up from the previous estimate of $5.80 to $6.20.
The company also anticipates a minimum free cash flow of at least $750m for the year. For the third quarter, adjusted earnings per share are forecasted to be between $1.75 and $1.85.
