Crown has reported a net income of $88m for the first quarter of 2020, compared to $103m for the same quarter of 2019
Crown has announced that its global beverage can volumes rise by 10%. (Credit: StockSnap from Pixabay)
Metal packaging solutions provider Crown Holdings has reported a net income of $88m, or $0.65 per diluted share, for the first quarter of 2020, a 14.6% decrease compared to $103m, or $0.77 per diluted share, for the same period in 2019.
Crown reported unchanged net sales of $2.7bn in the first quarter, reflecting the rise in beverage can volumes offset by the pass-through of lower raw material costs and $40m of unfavourable currency translation.
The company has reported income from operations of $246m for the first quarter, compared to $262m for the same period of 2019.
Crown said that the segment income was $298m in the first quarter, compared to $315m in the first quarter of 2019.
Crown’s global beverage can volumes increased by 10%
According to the company, the global beverage can volumes increased by 10%, while European food and the non-reportable segments generate unfavourable results.
The company’s interest expense was $80m in the current quarter compared against $98m in the first quarter of 2019.
In addition, the company announced that it has withdrawn its earlier guidance for 2020 due to the uncertainty of the impact and duration of the coronavirus pandemic.
Crown Holdings president and CEO Timothy Donahue said: “The Company performed well during the first quarter in the face of the emerging coronavirus pandemic.
“Global beverage can shipments advanced 10% in the quarter, led by double-digit gains in Brazil, Canada, Europe, the Middle East and the United States, as consumers increasingly prefer cans for off-premise refreshment occasions.”
Crown Holdings, via its subsidiaries, is engaged in the supplying of rigid packaging products to the consumer marketing companies.
The company also offers transit and protective packaging products, equipment and services to a range of end markets.