Q4 highlights – Income per diluted share of $0.28 – Income per diluted share before certain items improved 56% to $0.42 from $0.27 – Gross profit increased 15%; segment income up 29% – Global beverage can sales unit volumes rose 13%; food can volumes up 5%
Commenting on the quarter, John W Conway, chairman and chief executive officer, said: “We are pleased to report that Crown’s improved performance for the quarter and 2010 demonstrates the ability of the company to stay focused on world class operating excellence and strict cost controls and to leverage our international manufacturing footprint, all while executing an aggressive expansion programme to meet demand in many of the fastest growing markets across the globe.
“Our operations continued to perform well driven by global beverage can volumes increasing 13% and global food can volumes improving 5% in the fourth quarter. Performance improvement accelerated in the fourth quarter in emerging markets reflecting growing demand and increasing output from recent capacity additions.”
Full year results
Net sales for 2010 were $7,941 million compared to $7,938 million in 2009 reflecting higher global sales unit volumes which offset the pass-through of lower raw material costs and $42 million in unfavorable foreign currency translation. Approximately 72% of net sales were generated outside the U.S. in both 2010 and 2009.
Gross profit for 2010 improved to $1,250 million, or 15.7% of net sales, compared to $1,193 million, or 15.0% of net sales in 2009. The increase reflects global sales unit volume growth and productivity improvements, more than offsetting the 2009 inventory repricing gains that did not recur in 2010 and $12 million of unfavourable foreign currency translation.
Outlook
“We expect a busy and promising 2011,” Mr Conway said. “Our expansion projects are on schedule and budget with three new plants and four new line additions at existing plants expected to be commercialised during the year in exciting growth markets around the world. We have also announced four new plants scheduled to begin production during 2012. As we look out over the next five years, we believe new growth opportunities will continue to arise. In pursuing these opportunities, we remain committed to conservative deployment of capital by growing with our customers to meet long term demand in promising emerging markets.”
Source: Crown Holdings Inc
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