Crown Holding reports net sales of 2,197m in Q1 2018, plans to build third beverage can line in Q4

Crown Holdings, Inc. announced its financial results for the first quarter ended March 31, 2018. The company reported net sales of $2,197 million in Q1 2018, from $1,901 million in Q1 2017, reflecting increased beverage can volumes, the pass through of higher material costs to customers, and $121 million of favourable currency translation impact.

Income from operations was $221 million in Q1 2018, from $225 million in Q1 2017. Segment income increased to $245 million in the first quarter compared to $226 million in the prior year first quarter and included $12 million of favourable currency translation impact.

Timothy J. Donahue, President and Chief Executive Officer, said: "Global beverage can volume growth of 3% was fueled by notable gains in Brazil, Southeast Asia and the United States, as consumers in both emerging and developed markets continue to show a preference for cans over other packaging formats. To meet this expanding demand, our global beverage can projects remain on schedule.”

 The company also announced its plan to build a third beverage can line at its existing plant in Phnom Penh in the fourth quarter of 2018. “We will also construct a third beverage can line at the Company's existing plant in Phnom Penh, Cambodia to start production during the fourth quarter.”

“We expect to begin production at the new one-line beverage can plant in Yangon, Myanmar during the second quarter and the new two-line beverage can plant in Valencia, Spain during the fourth quarter. The Valencia plant will begin our conversion from steel to aluminium for beverage cans in the growing Spanish market.”