Packaging company Crown Holdings has reported $67m net income attributable to the company for the first quarter (Q1) of financial year 2024 (FY24), compared with $102m in Q1 FY23.
This decline is reflected in the reported diluted earnings per share (EPS), which decreased from $0.85 in the first quarter of 2023 to $0.56 in the corresponding quarter of 2024.
The company’s adjusted diluted EPS also saw a decrease from $1.20 to $1.02.
Net sales for Crown during the quarter ending 31 March 2024 was $2.78bn, compared with $2.97bn reported in Q1 FY23.
This was despite higher beverage can shipments in its Americas and European Beverage segments and a favourable foreign currency impact of $10m.
The decrease was attributed to a $130m pass-through of lower material costs and reduced volumes in most other business segments.
The company’s income from operations also saw a decline, standing at $245m in Q1 FY24 compared to $269m in the same period a year ago.
Crown chair, president, and CEO Timothy Donahue said: “The company began the year with strong performances in each of the beverage can businesses. Americas Beverage, European Beverage and Asia Pacific combined segment incomes advanced 11% over the prior year’s first quarter.
“Global beverage shipments increased 2.5% over the prior year first quarter led by 7% growth in North America and 5% growth in Europe. Transit Packaging performed as expected during the period with demand anticipated to improve in the back half of the year.”
Looking ahead, Crown reaffirmed its full-year 2024 guidance, anticipating adjusted diluted EPS to be between $5.80 and $6.20.
For Q2 2024, adjusted diluted EPS is projected to be in the range of $1.55 to $1.65.
Last month, Crown signed a 15-year agreement to purchase renewable electricity from a new solar power project in Spain.
