Crown Holdings' quarterly profit rises
Crown Holdings Inc, one of the world's largest producers of beverage cans, announced that its second-quarter profit rose, driven by 25 pc growth.
NEW YORK: Crown Holdings Inc, one of the world's largest producers of beverage cans, said on Wednesday its second-quarter profit rose, driven by 25 per cent growth in its Middle East markets and the pass-through of higher raw material costs.
Net income was $99 mn, or 61 cents per share, compared with $91 mn, or 54 cents per share, a year ago. Sales grew 10.4 per cent to $2.2 bn.
Analysts on average were expecting earnings of 55 cents and revenue of $2.13 bn.
Chairman and Chief Executive Officer John Conway said that in Europe, beverage can volumes rose 9 per cent over last year's second quarter, driven by the 25 per cent increase in Crown's fast-growing Middle East markets.
The Philadelphia-based company said the profit rise was primarily due to $139 mn from foreign currency translation, the pass-through of higher raw material costs in the form of higher selling prices and sales unit volume growth in beverage and food cans.
Approximately 74 per cent of net sales were generated outside the United States in the second quarter compared with 71 per cent a year earlier.
Net income was $99 mn, or 61 cents per share, compared with $91 mn, or 54 cents per share, a year ago. Sales grew 10.4 per cent to $2.2 bn.
Analysts on average were expecting earnings of 55 cents and revenue of $2.13 bn.
Chairman and Chief Executive Officer John Conway said that in Europe, beverage can volumes rose 9 per cent over last year's second quarter, driven by the 25 per cent increase in Crown's fast-growing Middle East markets.
The Philadelphia-based company said the profit rise was primarily due to $139 mn from foreign currency translation, the pass-through of higher raw material costs in the form of higher selling prices and sales unit volume growth in beverage and food cans.
Approximately 74 per cent of net sales were generated outside the United States in the second quarter compared with 71 per cent a year earlier.
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