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Crown Holdings, Inc. Reports Strong Performance for Q4 and Full Year 2024

Crown Holdings, Inc. (NYSE: CCK), a leading global manufacturer of packaging products for consumer and industrial goods, has recently disclosed its financial results for the fourth quarter and the entirety of the 2024 fiscal year. The report highlights strong earnings and cash flow, reinforcing the company's position in the packaging sector.

Fourth Quarter Highlights

For the fourth quarter ending December 31, 2024, Crown Holdings achieved a diluted earnings per share (EPS) of $3.02, a significant increase from $0.27 reported in the same period the previous year. Adjusted diluted EPS also rose by 28% to $1.59, demonstrating the company’s strong operational performance. Net sales for the quarter were reported at $2.903 billion, a 4% increase driven by higher global beverage can volumes and rising shipments in North America’s food can segment.

Timothy J. Donahue, the company’s Chairman, President, and CEO, expressed satisfaction with the results, noting that the combined global beverage can sector demonstrated a 17% increase in segment income, buoyed by a robust 4% volume uptick, with Europe and North America leading growth. This uptick has positioned Crown Holdings favorably amidst rising demand within the beverage sector.

Annual Performance Overview

In the full year of 2024, Crown Holdings reported diluted EPS of $3.55, slightly down from $3.76 in 2023 but seeing adjusted diluted EPS growth from $5.86 to $6.41. Total net sales for 2024 amounted to $11.801 billion, slightly lower than the previous year’s total, reflecting shifts in market dynamics and economic conditions. However, income from operations increased to $1.419 billion, supported by a substantial reduction in net debt, which saw a decrease of $878 million throughout the year.

Significantly, the company generated an adjusted free cash flow of $814 million, marking a record for Crown Holdings, thereby strengthening its balance sheet.

Insights for 2025

Looking ahead, the company is forecasting adjusted diluted EPS to be between $6.60 and $7.00 for the full year 2025. Additionally, adjusted free cash flow is anticipated to be around $800 million. This optimistic outlook can be attributed to the completed global beverage can expansion program that began in 2019, positioning Crown strategically to meet escalating demand while reducing future capital expenditures.

Kevin C. Clothier, Senior Vice President and CFO, highlighted that the company's well-optimized manufacturing footprint and a broad portfolio of products would facilitate continued strong growth in the years to come. During the conference call scheduled for February 6, 2025, the management will explore these results further and discuss upcoming strategic initiatives.

Conclusion

Crown Holdings, Inc. continues to demonstrate resilience and robust performance in the packaging industry, with promising financial results for 2024 and an optimistic outlook for the future. As the company navigates challenges and capitalizes on opportunities in the market, stakeholders can remain confident in its strategic direction and growth potential in the coming years.