CROWN HOLDINGS, INC. REPORTS THIRD QUARTER 2024 RESULTS

TAMPA, Fla., Oct. 17, 2024 /PRNewswire/ — Crown Holdings, Inc. (NYSE: CCK) lately introduced its monetary effects for the 3rd quarter ended September 30, 2024.

Internet gross sales within the 3rd quarter have been $3,074 million in comparison to $3,069 million within the 3rd quarter of 2023 reflecting upper shipments of each international beverage cans and meals cans in North The us, offset by means of decrease volumes in maximum alternative companies and damaging foreign currencies translation of $9 million.

Source of revenue from operations used to be $444 million within the 3rd quarter in comparison to $374 million within the 3rd quarter of 2023.  Department source of revenue within the 3rd quarter of 2024 used to be $472 million, up 10%, in comparison to the $430 million within the prior 12 months 3rd quarter pushed by means of progressed ends up in international beverage operations, partly offset by means of the affect of decrease volumes in Transit Packaging and the beverage can apparatus trade.

Commenting at the quarter, Timothy J. Donahue, Chairman, President and Government Officer, said, “The Company continued its strong 2024 performance during the third quarter, with results in each of its global beverage can businesses exceeding original expectations.   Global beverage shipments improved 5% during the quarter, with Brazil, Europe, Mexico and america all recording will increase of five% or extra.  Department source of revenue on a mixed foundation complicated 10% over the prior 12 months 3rd quarter, because the Corporate benefited from favorable production efficiency and publicity to a well-balanced portfolio of finish markets.  Transit Packaging carried out in form with expectancies moment international production job continues in contraction.

“Strong operating performance combined with lower capital expenditures resulted in the Company generating cash from operating activities of $897 million and adjusted free cash flow of $668 million for the nine months ended September 30, 2024.  In the first nine months of 2024, the Company repurchased $117 million of common stock and continued to reduce net debt, ending the quarter with a net leverage ratio of 3.0 times adjusted EBITDA and remains committed to the long-term target of 2.5 times adjusted EBITDA.”

All the way through the 3rd quarter, the Corporate transferred parts of its U.S. and Canadian 401-k responsibilities to insurers, to bring about general pension agreement fees of $517 million.  As a part of the U.S. transaction the Corporate contributed roughly $100 million into the 401-k and settled just about all pension responsibilities for retiree and deferred vested contributors.

Internet loss resulting from Crown Holdings within the 3rd quarter used to be $175 million, reflecting pension agreement fees of $517 million, in comparison to internet source of revenue of $159 million within the 3rd quarter of 2023. Reported diluted loss in line with proportion used to be $1.47 within the 3rd quarter of 2024 in comparison to diluted income in line with proportion of $1.33 in 2023.  Adjusted diluted income in line with proportion have been $1.99 in comparison to $1.73 in 2023.

9 Date Effects
Internet gross sales for the primary 9 months of 2024 have been $8,898 million in comparison to $9,152 million within the first 9 months of 2023, reflecting 5% upper international beverage can shipments, offset by means of the move thru of $214 million in decrease subject material prices, decrease volumes in maximum alternative companies and damaging foreign currencies translation of $12 million.

Source of revenue from operations used to be $1,068 million within the first 9 months of 2024 in comparison to $1,010 million within the first 9 months of 2023.  Department source of revenue within the first 9 months of 2024 used to be $1,217 million, up 5%, as opposed to the $1,164 million within the prior 12 months duration pushed by means of progressed ends up in international beverage operations, partly offset by means of the affect of decrease volumes in maximum alternative companies and better company prices.

Internet source of revenue resulting from Crown Holdings within the first 9 months of 2024 used to be $66 million, reflecting pension agreement fees of $519 million, in comparison to $418 million within the first 9 months of 2023.  Reported diluted income in line with proportion have been $0.55 in comparison to $3.49 in 2023.  Adjusted diluted income in line with proportion have been $4.82 in comparison to $4.61 in 2023.

Outlook
The Corporate now tasks full-year adjusted diluted income in line with proportion within the area of $6.25 to $6.35 in comparison to earlier steerage of $6.00 to $6.25.  Upcoming deducting the $100 million pension contribution made all through the 3rd quarter, adjusted unfastened money tide for the 12 months continues to be anticipated to be no less than $750 million with not more than $450 million of capital spending.

Fourth quarter adjusted diluted income in line with proportion are anticipated to be within the area of $1.45 to $1.55.

Non-GAAP Measures
Department source of revenue, adjusted unfastened money tide, adjusted internet leverage ratio, adjusted internet source of revenue, the adjusted efficient tax charge, adjusted diluted income in line with proportion, internet hobby expense, EBITDA and altered EBITDA aren’t outlined phrases underneath U.S. normally approved accounting rules (non-GAAP measures).  Non-GAAP measures will have to no longer be regarded as in isolation or as an alternative to source of revenue from operations, money tide, leverage ratio, internet source of revenue, efficient tax charges, diluted income in line with proportion or hobby expense and hobby source of revenue ready according to U.S. GAAP and will not be related to calculations of in a similar fashion titled measures by means of alternative firms.

The Corporate perspectives department source of revenue because the predominant measure of the efficiency of its operations and altered unfastened money tide and altered internet leverage ratio because the predominant measures of its liquidity.  The Corporate considers all of those measures within the allocation of sources.  Adjusted unfastened money tide has positive barriers, then again, together with that it does no longer constitute the residual money tide to be had for discretionary expenditures since alternative non-discretionary expenditures, equivalent to necessary debt carrier necessities, aren’t deducted from the measure.  The volume of necessary as opposed to discretionary expenditures can range considerably between sessions.  The Corporate believes that adjusted unfastened money tide and altered internet leverage ratio serve significant measures of liquidity and an invaluable foundation for assessing the Corporate’s skill to capitaltreasury its actions, together with the financing of acquisitions, debt repayments, proportion repurchases or dividends.  The Corporate believes that adjusted internet source of revenue, department source of revenue, the adjusted efficient tax charge and altered diluted income in line with proportion are helpful in comparing the Corporate’s operations as those measures are adjusted for pieces that impact comparison between sessions.  Department source of revenue, adjusted unfastened money tide, adjusted internet leverage ratio, adjusted internet source of revenue, the adjusted efficient tax charge, adjusted diluted income in line with proportion, internet hobby expense, EBITDA and altered EBITDA are derived from the Corporate’s Consolidated Statements of Operations, Money Flows and Consolidated Stability Sheets, as appropriate, and reconciliations to department source of revenue, adjusted unfastened money tide, adjusted internet leverage ratio, adjusted internet source of revenue, the adjusted efficient tax charge, adjusted diluted income in line with proportion and altered EBITDA will also be discovered inside this drop.  Reconciliations of estimated adjusted diluted income in line with proportion, adjusted efficient tax charge and altered internet leverage ratio for the fourth quarter and entire 12 months of 2024 to estimated diluted income in line with proportion, the efficient tax charge and source of revenue from operations on a GAAP foundation aren’t supplied on this drop because of the unavailability of estimates of please see, the timing and magnitude of which the Corporate is not able to reliably forecast with out unreasonable efforts, which might be excluded from estimated adjusted diluted income in line with proportion and can have a vital affect on income in line with proportion, adjusted efficient tax charges and altered internet leverage ratios on a GAAP foundation: positive aspects or losses at the sale of companies or alternative property, restructuring and alternative prices, asset fees, asbestos-related fees, losses from early extinguishment of debt, pension agreement and curtailment fees, the tax and noncontrolling hobby affect of the pieces above, and the affect of tax regulation adjustments or alternative tax issues.

Convention Name
The Corporate will accumulation a convention name the next day to come, October 18, 2024 at 9:00 a.m. (EDT) to talk about this information drop.  Ahead-looking and alternative subject material knowledge could also be mentioned at the convention name.  The dial-in numbers for the convention name are 630-395-0194 or toll-free 888-324-8108 and the get right of entry to password is “packaging.”  A reside webcast of the decision will probably be made to be had to the crowd on the net on the Corporate’s website online, www.crowncork.com.  A replay of the convention name will probably be to be had for a one-week duration finishing at the hours of darkness on October 25, 2024.  The phone numbers for the replay are 203-369-3268 or toll unfastened 800-391-9851.

Cautionary Observe Referring to Ahead-Having a look Statements
With the exception of for historic knowledge, all alternative knowledge on this press drop is composed of forward-looking statements.  Those forward-looking statements contain plenty of dangers, uncertainties and alternative elements, together with the Corporate’s skill to proceed to function its vegetation, distribute its merchandise, and  preserve its provide chain; the moment affect of forex translation; the continuation of efficiency and marketplace developments in 2024, together with client choice for beverage cans and international beverage can call for; the moment affect of inflation, together with the possibility of upper rates of interest and effort costs and the Corporate’s skill to get well uncooked subject material and alternative inflationary prices; moment call for for meals cans; the Corporate’s skill to bring steady operational development; moment call for within the Transit Packaging department; the timing and terminating of completion of the Eviosys sale and the Corporate’s skill to cut capital expenditures and building up money tide and to additional let fall internet leverage that can reason untouched effects to be materially other from the ones expressed or implied within the forward-looking statements.  Impressive elements that would reason the statements made on this press drop or the untouched result of operations or monetary status of the Corporate to range are mentioned underneath the caption “Forward Looking Statements” within the Corporate’s Mode 10-Ok Annual Record for the 12 months ended December 31, 2023 and in next filings made previous to or upcoming the presen hereof.  The Corporate does no longer intend to study or revise any specific forward-looking remark in bright of moment occasions.

Crown Holdings, Inc., thru its subsidiaries, is a world chief within the design, form and sale of packaging merchandise for client items and business merchandise.  Global headquarters are situated in Tampa, Florida.

For more info, touch:
Kevin C. Designer, Senior Vice President and Monetary Officer, (215) 698-5281
Thomas T. Fischer, Vice President, Investor Members of the family and Company Affairs, (215) 552-3720

Unaudited Consolidated Statements of Operations, Stability Sheets, Statements of Money Flows, Department Knowledge and Supplemental Information apply.

Consolidated Supplemental Monetary Information (Unaudited)
(in thousands and thousands)

Reconciliation from Source of revenue from Operations to Department Source of revenue
The Corporate perspectives department source of revenue, as outlined under, as a predominant measure of efficiency of its operations and for the allocation of sources.  Department source of revenue is outlined by means of the Corporate as source of revenue from operations adjusted to exclude intangibles amortization fees and provisions for restructuring and alternative.

Consolidated Supplemental Information (Unaudited)
(in thousands and thousands, apart from in line with proportion knowledge)

Reconciliation from Internet Source of revenue and Diluted Profits According to Percentage to Adjusted Internet Source of revenue and Adjusted Diluted Profits According to Percentage

Please see desk reconciles reported internet source of revenue and diluted income in line with proportion resulting from the Corporate to adjusted internet source of revenue and altered diluted income in line with proportion, as impaired in different places on this drop. 

Adjusted internet source of revenue, adjusted diluted income in line with proportion and the adjusted efficient tax charge are non-GAAP measures and aren’t intended to be regarded as in isolation or as an alternative to internet source of revenue, diluted income in line with proportion and efficient tax charges ambitious according to U.S. normally approved accounting rules.  The Corporate believes those non-GAAP measures serve helpful knowledge to guage the efficiency of the Corporate’s ongoing trade.

 Adjusted unfastened money tide is outlined by means of the Corporate as internet money from working actions much less capital expenditures and likely alternative pieces.  A reconciliation of internet money from working actions to adjusted unfastened money tide for the 3 and 9 months ended September 30, 2024 and 2023 follows.

SOURCE Crown Holdings, Inc.

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