Crown Holdings raises earnings outlook as global beverage can volumes grow 6%

Crown Holdings has lifted its full-year earnings outlook following a 6 per cent increase in global beverage can shipments in the third quarter of 2026, as stronger demand helped offset rising input costs. The packaging manufacturer now expects adjusted diluted earnings per share of USD 8.35-8.45 for 2026, alongside adjusted free cash flow of at least USD 950 million.

The company reported third-quarter net sales of USD 3.711 billion, up from USD 3.202 billion in the same period of 2025. The increase reflected higher beverage can shipments and the pass-through of USD 405 million in additional material costs.

Adjusted diluted earnings per share rose 7 per cent year on year to USD 2.39, compared with USD 2.24 in the third quarter of 2025. Reported diluted earnings per share increased to USD 2.08 from USD 1.85, while net income attributable to Crown Holdings reached USD 225 million, up from USD 214 million.

Income from operations increased to USD 442 million from USD 423 million. However, segment income slipped to USD 484 million from USD 490 million as the benefit of higher shipment volumes was offset by input cost inflation.

Beverage can demand supports growth

Global beverage can shipments advanced by more than 6 per cent during the quarter, with Asia recording double-digit growth. Shipments increased 6 per cent in North America and 4 per cent in Europe, according to the company.

Crown chairman, president and CEO Timothy J. Donahue said stronger global beverage can volumes had helped offset most of the pressure from rising input costs. He also pointed to continued demand for cans across alcoholic and non-alcoholic beverages, including new product launches worldwide.

The company expects long-term beverage can demand to remain strong as customers and consumers increasingly recognise aluminium cans as a sustainable packaging option.

Capacity expansion projects in Brazil, Greece and Spain remain on schedule to support customer demand. Crown has also begun construction of a beverage can manufacturing plant in Uttar Pradesh, northern India, marking its entry into one of the world’s fastest-growing beverage markets. Commercial operations are expected to begin in the first quarter of 2028.

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Nine-month earnings rise

For the first nine months of 2026, Crown reported net sales of USD 10.638 billion, compared with USD 9.238 billion a year earlier. The increase reflected USD 1.034 billion in higher material costs passed through to customers, stronger beverage can shipments and a favourable foreign currency translation impact of USD 102 million.

Income from operations rose to USD 1.271 billion from USD 1.179 billion, while segment income increased to USD 1.390 billion from USD 1.364 billion. The company attributed the segment income improvement to 6 per cent higher global beverage can shipments, partly offset by input cost inflation.

Net income attributable to Crown Holdings reached USD 645 million, up from USD 588 million in the first nine months of 2025. Reported diluted earnings per share increased to USD 5.85 from USD 5.06, while adjusted diluted earnings per share climbed to USD 6.72 from USD 6.05.

Full-year guidance and capital allocation

Crown expects fourth-quarter adjusted diluted earnings per share of USD 1.63–1.73. Its full-year forecast remains at USD 8.35–8.45 per share, with adjusted free cash flow projected to reach at least USD 950 million after capital expenditure of approximately USD 550 million.

Chief financial officer Kevin C. Clothier said the company’s year-to-date performance and cash generation put it on track for another year of solid earnings and free cash flow.

Crown repurchased USD 81 million of its common stock during the third quarter and acquired nearly 6 per cent of its outstanding shares over the preceding 12 months. Its net leverage ratio stood at 2.5 times adjusted EBITDA.

The company said it would continue balancing investment in organic growth opportunities with shareholder returns, supported by its balance sheet and cash generation.

Crown Holdings supplies rigid packaging products to consumer marketing companies, alongside transit and protective packaging products, equipment and services across a range of end markets.

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