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Sep 30, 2024
Crown Q3 2024 Earnings Report
Crown Holdings reported third quarter results, exceeding expectations in global beverage can businesses and demonstrating strong operating performance.
Key Takeaways
Crown Holdings, Inc. reported net sales of $3,074 million for the third quarter of 2024, a slight increase compared to $3,069 million in the same period of 2023. The company's income from operations rose to $444 million from $374 million year-over-year. However, the company reported a net loss attributable to Crown Holdings of $175 million, primarily due to pension settlement charges of $517 million, compared to a net income of $159 million in the third quarter of 2023. Adjusted diluted earnings per share were $1.99, up from $1.73 in the previous year.
Net sales reached $3,074 million, slightly up from $3,069 million in Q3 2023.
Income from operations increased to $444 million, compared to $374 million in the prior year.
Net loss attributable to Crown Holdings was $175 million, impacted by pension settlement charges.
Adjusted diluted earnings per share improved to $1.99 from $1.73 in the third quarter of 2023.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company now projects full-year adjusted diluted earnings per share in the range of $6.25 to $6.35 compared to previous guidance of $6.00 to $6.25. After deducting the $100 million pension contribution made during the third quarter, adjusted free cash flow for the year is still expected to be at least $750 million with no more than $450 million of capital spending. Fourth quarter adjusted diluted earnings per share are expected to be in the range of $1.45 to $1.55.
Positive Outlook
- Full-year adjusted diluted earnings per share projected in the range of $6.25 to $6.35.
- Adjusted free cash flow for the year is expected to be at least $750 million.
- Capital spending is projected to be no more than $450 million.
- Fourth quarter adjusted diluted earnings per share are expected to be in the range of $1.45 to $1.55.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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