Crown benefitted from increased beverage can volumes across North America. Credit: rafapress via Shutterstock.

Crown Holdings has reported that its net sales in the third quarter (Q3) of 2023 was $3.069bn, compared to $3.259bn in the same period in 2022.

During the quarter ending 30 September 2023, the company’s income from operations was $374m against $297m in the same period a year ago.

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Driven by higher beverage can volumes in North America and other factors, segment income in Q3 2023 was $430m versus $336m in the prior year’s quarter.

Its interest expense grew to $111m in Q3 2023 compared to $76m in Q3 2022.

Net income attributable to Crown was $159m in the quarter against $127m in Q3 2022.

The reported diluted earnings per share (EPS) for the period was $1.33, versus $1.06 in Q3 2022.

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Crown chair, president, and CEO Timothy Donahue said: “Operating results for the third quarter were solid, and the company performed in line with expectations despite the cumulative effects of persistent inflation and challenging macroeconomic conditions in certain markets, such as Asia, which continue to adversely impact volumes. 

“Beverage can volumes in North America expanded by 13% and the can continues to be the preferred choice by both customers and consumers alike for new beverage product introductions.”

During the first nine months of 2023, net sales were registered at $9.152bn, compared to $9.931bn in the same period in 2022.

The company’s income from operations was $1.010bn during the nine-month period against $1.107bn in 2022.

Net income attributable to Crown for the first nine months of 2023 was $418m, compared to $638m in the corresponding period in 2022.

Its reported diluted EPS was $3.49 in the period compared to $5.23 in 2022.

In Q4 2023, Crown expects its adjusted diluted EPS to be in the range of $1.40 to $1.50. For full-year 2023, it expects adjusted diluted EPS to be in the range of $6.00 to $6.10.

Earlier this month, the company closed the acquisition of Helvetia Packaging, a beverage can manufacturing facility in Saarlouis, a town in Germany’s Saarland.