Q2 2024 Crown Holdings Inc Earnings Call Transcript
Key Points
- Earnings per diluted share increased to $1.45 from $1.31 in the prior year quarter.
- Adjusted earnings per diluted share rose to $1.81 from $1.68 in the prior year quarter.
- Segment income improved to $437 million from $414 million in the prior year, driven by global beverage operations.
- Free cash flow reached a record $178 million in the first six months, supported by strong operational performance and reduced capital spending.
- Net leverage decreased to 3.2 times from 4.0 times in the prior year, indicating a stronger balance sheet.
- Net sales decreased to $3 billion from $3.1 billion in the prior year, impacted by lower raw material costs.
- Transit Packaging income declined due to lower volumes in the strap and protective businesses, with a cautious outlook for industrial recovery.
- Asia Pacific shipments were down 5% in the quarter, with full-year shipments expected to decline similarly.
- Food can volumes in North America were softer than expected, impacting overall performance.
- Non-controlling interest expense is projected to be between $140 million and $150 million, indicating higher costs.
Good morning, and welcome to Crown Holdings' second quarter 2024 conference call. (Operator Instructions)
Please be advised that this conference is being recorded. I would now like to turn the call over to Mr. Kevin Clothier, Senior Vice President and Chief Financial Officer. Sir, you may begin.
Thank you, Ell. Good morning. With me on today's call is Tim Donahue, President and Chief Executive Officer. If you do not already have the earnings release, is available on our website at crowncork.com. On this call, as in the earnings release, we will be making a number of forward-looking statements. Actual results could vary materially from such statements. Additional information concerning factors that could cause actual results to vary is contained in the press release and SEC filings, including our Form 10-K for 2023 and subsequent filings.
Earnings for the quarter were $1.45 per diluted share compared to $1.31 per diluted share in the prior year quarters.
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