Strong Earnings Growth
Earnings for the quarter were $1.81 per share compared to $1.45 per share in the prior year quarter. Adjusted earnings per share were $2.15 compared to $1.81 in the prior year quarter.
Increase in Net Sales
Net sales were up 3.6% compared to the prior year quarter, primarily reflecting 1% higher shipments in North American beverage, a 7% increase across European beverage, and a 5% increase in North American food can volumes.
Record Free Cash Flow
Free cash flow improved to $387 million from $178 million in the prior year, reflecting higher income and lower capital spending.
Positive Segment Income
Segment income was $476 million in the quarter compared to $437 million in the prior year, reflecting increased volumes and improved operations across the global manufacturing footprint.
Raising Guidance
Crown Holdings raised its guidance for the full year adjusted EPS to $7.10 to $7.50 per share, projecting strong performance for the third quarter as well.
Strong Performance in European Beverage
Across European Beverage, unit volumes advanced 6%, following 7% growth in the prior year, leading to another quarter of record income.