European economic conditions “remain challenging”
Crown Holdings, Inc, the aerosol, beverage and food packaging supplier, has released its fourth quarter results for 2012, which saw net sales total $2,037m – a decrease on 2011’s Q4 net sales value of $2,058m, which the company says is “primarily due to the pass through of lower material costs”.
In 2012, Q4 gross profit totalled $281m compared to $289m in the same period the year before, and included an increase of $2m from foreign currency translation; meanwhile income per diluted share totalled $0.20. Fourth quarter selling and administrative expenses equalled $94m compared to $97m in the prior year quarter.
Meanwhile, for the full year, net sales were $8,470m compared to $8,644m in 2011, reflecting $243m of unfavorable foreign currency translation and the pass through of lower material costs, partially offset by 5% growth in global beverage can volumes. Income per diluted share came to $3.75, or $2.81 before certain items, and free cash flow equated to $345m.
John Conway, chairman and Chief Executive Officer, said: “While European economic conditions remain challenging, net income per share before certain items and free cash flow performance met or exceeded the prior year.
“We look confidently ahead to 2013 and expect higher free cash flow, increasing productivity and contribution from our 2012 beverage can capacity additions, and the realisation of benefits from our recent restructuring actions in Europe to continue to create increasing shareholder value.”