Packaging company Crown sees increased can volumes in Q1
US-headquartered packaging company Crown has announced net sales of $2.755 billion (€2.457 billion) in the first quarter of 2019.
Sales were up year-on-year from $2.197 billion in Q1 2018, thanks to increased beverage and can volumes, as well as the impact of the Signode acquisition in April last year, the company said.
Income from operations during the quarter was $262 million, while segment income increased to $315 million, from $245 million in Q1 2018.
"We started off the year as expected, as the fundamentals underlying our global businesses remain strong,” said president and CEO Timothy Donahue. “The company is on track for a solid 2019, and we reaffirm our free cash flow guidance of $775 million for the year. Global beverage can volume during the quarter increased 3%, driven by robust shipments in Brazil, Europe and Southeast Asia.”
“The Transit Packaging business continued to perform well and is an important strategic addition to Crown's portfolio. As expected, we were adversely impacted by currency translation and start-up costs related to the two new beverage can facilities in Europe,” Donahue added.
According to Crown, net income attributable to the company in the first quarter was $103 million, up from $90 million year-on-year.
In non-reportable segments, which includes Crown’s aerosol can business in North America and Europe, income of $36 million was reported, up from $31 million in the previous year’s corresponding quarter.
Earlier this month, Crown announced a partnership with cosmetics manufacturer Perio to launch new packaging for the latter’s Barbasol shaving product.