PHILADELPHIA, Oct. 19, 2015 /PRNewswire/ -- Crown Holdings,
Inc. (NYSE: CCK) today announced its financial results for the
third quarter ended September 30,
2015.
Third Quarter Highlights
- Earnings per share $1.01;
Before Certain Items $1.34, including
$0.21 of unfavorable currency
translation
- YTD earnings per share $2.35; Before Certain Items $2.89, including $0.41 of unfavorable currency
translation
- Earnings per share before certain items on a
constant-currency basis grew 14% in third quarter, 12% YTD
- On a constant-currency basis, Q3 revenue grew 6%, segment
income grew 13%
- Global beverage can volumes grew 13% in the quarter over
2014
Net sales in the third quarter were $2,460 million, including $281 million of unfavorable currency translation,
compared to $2,594 million in the
third quarter of 2014.
Segment income (a non-GAAP measure defined by the Company as
gross profit excluding the impact of fair value adjustments to
inventory acquired in an acquisition and the timing impact of hedge
ineffectiveness, less selling and administrative expense) was
$328 million in the third quarters of
both 2015 and 2014, and included $41
million of unfavorable currency translation in 2015 compared
to 2014.
Commenting on the quarter, John W.
Conway, Chairman and Chief Executive Officer, stated, "The
Company had an excellent performance during the seasonally very
important third quarter, as constant-currency net income per share
before certain items increased 14% over prior year and
constant-currency segment income rose 13% over prior
year.
"Global beverage can shipments increased 13% over 2014 during
the quarter largely as a result of the recent acquisition of
Empaque in Mexico. Excluding the impact from Empaque,
shipment volumes advanced 5% in the quarter compared to 2014 with
notable growth in the United
States, Southern and Eastern
Europe and in Southeast Asia. We again benefited from
our industry-leading geographic beverage can presence, which
includes strong regional platforms and an excellent and diverse
customer portfolio. In addition, segment income in European
Food grew over 8% on a constant-currency basis compared to last
year's third quarter, reflecting a good harvest and the successful
integration of the Mivisa facilities acquired in April of
2014."
Interest expense increased to $68
million in the third quarter of 2015 over the $64 million in 2014 primarily due to increased
borrowings to fund the Empaque acquisition.
During the third quarter of 2015, the Company recorded
restructuring and other charges of $40
million primarily for severance costs and asset write downs
related to projects in its North
America and European Food segments.
The Company's effective tax rate for the quarter was 23.1%, or
21.2% based on earnings before certain items. The adjusted
rate of 21.2% includes the favorable impact of tax benefits in
Brazil as the weaker Brazilian
real resulted in local tax deductions for foreign exchange losses
on U.S. dollar borrowings. The positive impact of these tax
benefits partially offset the negative impact of the weaker
Brazilian real on income before tax.
Net income attributable to Crown Holdings in the third quarter
was $141 million compared to
$244 million in the third quarter of
2014. Reported earnings per diluted share were $1.01 in the third quarter of 2015 and
$1.76 in the 2014 third
quarter. Net income per diluted share before certain items
was $1.34 compared to $1.36 in 2014.
A reconciliation from net income and income per diluted share to
net income before certain items and income per diluted share before
certain items is provided below.
Nine Month Results
Net sales for the first nine
months of 2015 were $6,735 million,
including $694 million of unfavorable
currency translation, compared to $6,970
million in the first nine months of 2014.
Segment income in the first nine months of 2015 was $792 million, including $87 million of unfavorable currency translation,
compared to $813 million in the same
period of 2014.
Interest expense for the first nine months of 2015 increased to
$202 million compared to $188 million in the prior year primarily due to
increased borrowings to fund the Mivisa and Empaque
acquisitions.
Net income attributable to Crown Holdings for the first nine
months of 2015 was $327 million
versus $374 million in the first nine
months of 2014. Income per diluted share for the first nine
months of 2015 was $2.35 compared to
$2.70 last year. Net income per
diluted share before certain items was $2.89 compared to $2.94 in 2014.
Non-GAAP Measures
Segment income and free cash flow
are not defined terms under U.S. generally accepted accounting
principles (non-GAAP measures). In addition, the information
presented excluding the impact of currency translation, regarding
revenue, segment income, net income before certain items, the
effective tax rate before certain items and income before certain
items per diluted share does not conform to GAAP and includes
non-GAAP measures. Non-GAAP measures should not be considered
in isolation or as a substitute for net income, the effective tax
rate, income per diluted share or cash flow data prepared in
accordance with U.S. GAAP and may not be comparable to calculations
of similarly titled measures by other companies.
The Company views segment income and free cash flow as the
principal measures of performance of its operations and for the
allocation of resources. Free cash flow has certain
limitations, however, including that it does not represent the
residual cash flow available for discretionary expenditures since
other non-discretionary expenditures, such as mandatory debt
service requirements, are not deducted from the measure. The
amount of mandatory versus discretionary expenditures can vary
significantly between periods. The Company believes that net income
before certain items, the effective tax rate before certain items,
income before certain items per diluted share, and information
excluding the impact of currency translation are useful in
evaluating the Company's operations. Segment income, free
cash flow, the effective tax rate before certain items, net income
before certain items, income before certain items per diluted share
and information excluding the impact of currency translation are
derived from the Company's Consolidated Statements of Operations
and Cash Flows and Consolidated Balance Sheets, as applicable, and
reconciliations to segment income, free cash flow, the effective
tax rate before certain items, net income before certain items,
income before certain items per diluted share and information
unadjusted for currency translation can be found within this
release.
Conference Call
The Company will hold a conference
call tomorrow, October 20, 2015 at
9:00 a.m. (EDT) to discuss this news
release. Forward-looking and other material information may
be discussed on the conference call. The dial-in numbers for
the conference call are (517) 308-9237 or toll-free (888) 469-0976
and the access password is "packaging." A live webcast of the
call will be made available to the public on the internet at the
Company's web site, www.crowncork.com. A replay of the
conference call will be available for a one-week period ending at
midnight on October 27. The telephone numbers for the replay
are (203) 369-3131 or toll free (800) 688-3991.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this
press release consists of forward-looking statements. These
forward-looking statements involve a number of risks, uncertainties
and other factors, including the future impact of currency
translation, future demand for beverage cans, including in the
U.S., Southern and Eastern Europe
and Southeast Asia, weather and
its impact on the Company, the continued successful integration of
Mivisa and Empaque, and the Company's ability to increase profits
in the European Food segment and to successfully implement
restructuring projects that may cause actual results to be
materially different from those expressed or implied in the
forward-looking statements. Important factors that could
cause the statements made in this press release or the actual
results of operations or financial condition of the Company to
differ are discussed under the caption "Forward Looking Statements"
in the Company's Form 10-K Annual Report for the year ended
December 31, 2014 and in subsequent
filings made prior to or after the date hereof. The Company
does not intend to review or revise any particular forward-looking
statement in light of future events.
Crown Holdings, Inc., through its subsidiaries, is a leading
supplier of packaging products to consumer marketing companies
around the world. World headquarters are located in
Philadelphia, Pennsylvania.
For more information, contact:
Thomas A. Kelly, Senior Vice
President and Chief Financial Officer, (215) 698-5341
Thomas T. Fischer, Vice President,
Investor Relations and Corporate Affairs, (215) 552-3720
Ed Bisno, Bisno Communications,
(212) 717-7578
Unaudited Consolidated Statements of Operations, Balance
Sheets, Statements of Cash Flows, Segment Information and
Supplemental Data follow.
Consolidated
Statements of Operations (Unaudited)
|
(in millions, except
share and per share data)
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net sales
|
$2,460
|
|
$2,594
|
|
$6,735
|
|
$6,970
|
Cost of products
sold
|
1,984
|
|
2,119
|
|
5,487
|
|
5,740
|
Depreciation and
amortization
|
61
|
|
53
|
|
174
|
|
135
|
Gross profit
(1)
|
415
|
|
422
|
|
1,074
|
|
1,095
|
Selling and
administrative expense
|
94
|
|
95
|
|
291
|
|
302
|
Restructuring and
other
|
40
|
|
8
|
|
57
|
|
91
|
Loss from early
extinguishment of debt
|
|
|
34
|
|
9
|
|
34
|
Foreign
exchange
|
9
|
|
(2)
|
|
14
|
|
4
|
Interest
expense
|
68
|
|
64
|
|
202
|
|
188
|
Interest
income
|
(4)
|
|
(2)
|
|
(8)
|
|
(5)
|
Income before
income taxes
|
208
|
|
225
|
|
509
|
|
481
|
Provision
for/(benefit from) income taxes
|
48
|
|
(41)
|
|
134
|
|
42
|
Net
income
|
160
|
|
266
|
|
375
|
|
439
|
Net income
attributable to noncontrolling interests
|
(19)
|
|
(22)
|
|
(48)
|
|
(65)
|
Net income
attributable to Crown Holdings
|
$141
|
|
$244
|
|
$327
|
|
$374
|
Earnings per share
attributable to Crown Holdings
common shareholders:
|
|
|
|
|
|
|
|
Basic
|
$1.02
|
|
$1.78
|
|
$2.37
|
|
$2.73
|
Diluted
|
$1.01
|
|
$1.76
|
|
$2.35
|
|
$2.70
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
138,053,305
|
|
137,378,646
|
|
137,889,023
|
|
137,148,914
|
Diluted
|
139,081,472
|
|
138,662,223
|
|
139,002,264
|
|
138,435,783
|
Actual common shares
outstanding
|
139,404,268
|
|
138,907,411
|
|
139,404,268
|
|
138,907,411
|
|
(1) A reconciliation from
gross profit to segment income follows.
|
|
Consolidated Supplemental Financial Data
(Unaudited)
(in millions)
Reconciliation from Gross Profit to Segment Income
The
Company views segment income, as defined below, as a principal
measure of performance of its operations and for the allocation of
resources. Segment income is defined by the Company as gross
profit excluding the impact of fair value adjustments to inventory
acquired in an acquisition and the timing impact of hedge
ineffectiveness, less selling and administrative expense.
|
Three Months
Ended
September
30,
|
|
Nine months
Ended
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Gross
profit
|
|
$415
|
|
|
$422
|
|
|
$1,074
|
|
|
$1,095
|
|
Fair value adjustment
to inventory (1)
|
|
|
|
|
4
|
|
|
6
|
|
|
19
|
|
Impact of hedge
ineffectiveness (1)
|
|
7
|
|
|
(3)
|
|
|
3
|
|
|
1
|
|
Selling and
administrative expense
|
|
(94)
|
|
|
(95)
|
|
|
(291)
|
|
|
(302)
|
|
Segment
income
|
|
$328
|
|
|
$328
|
|
|
$792
|
|
|
$813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Included in
cost of products sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Information
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
Net
Sales
|
|
2015
Actual
|
|
2015 at
2014 rates (1)
|
|
|
2014
Actual
|
|
|
2015
Actual
|
|
2015 at
2014 rates (1)
|
|
|
2014
Actual
|
|
|
Americas
Beverage
|
|
$722
|
|
$793
|
|
|
$570
|
|
|
$2,080
|
|
$2,227
|
|
|
$1,713
|
|
|
North America
Food
|
|
200
|
|
207
|
|
|
236
|
|
|
530
|
|
542
|
|
|
628
|
|
|
European
Beverage
|
|
427
|
|
483
|
|
|
474
|
|
|
1,173
|
|
1,328
|
|
|
1,358
|
|
|
European
Food
|
|
641
|
|
761
|
|
|
787
|
|
|
1,564
|
|
1,877
|
|
|
1,715
|
|
|
Asia
Pacific
|
|
300
|
|
313
|
|
|
310
|
|
|
920
|
|
943
|
|
|
924
|
|
|
Total reportable
segments
|
|
2,290
|
|
2,557
|
|
|
2,377
|
|
|
6,267
|
|
6,917
|
|
|
6,338
|
|
|
Non-reportable
segments
|
|
170
|
|
184
|
|
|
217
|
|
|
468
|
|
512
|
|
|
632
|
|
|
Total net
sales
|
|
$2,460
|
|
$2,741
|
|
|
$2,594
|
|
|
$6,735
|
|
$7,429
|
|
|
$6,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Beverage
|
|
$116
|
|
$129
|
|
|
$77
|
|
|
$300
|
|
$324
|
|
|
$241
|
|
|
North America
Food
|
|
25
|
|
25
|
|
|
40
|
|
|
72
|
|
72
|
|
|
107
|
|
|
European
Beverage
|
|
74
|
|
83
|
|
|
81
|
|
|
178
|
|
198
|
|
|
223
|
|
|
European
Food
|
|
98
|
|
116
|
|
|
107
|
|
|
208
|
|
250
|
|
|
196
|
|
|
Asia
Pacific
|
|
37
|
|
38
|
|
|
38
|
|
|
111
|
|
113
|
|
|
108
|
|
|
Total reportable
segments
|
|
350
|
|
391
|
|
|
343
|
|
|
869
|
|
957
|
|
|
875
|
|
|
Non-reportable
segments
|
|
25
|
|
27
|
|
|
26
|
|
|
62
|
|
65
|
|
|
72
|
|
|
Corporate and other
unallocated items
|
|
(47)
|
|
(49)
|
|
|
(41)
|
|
|
(139)
|
|
(143)
|
|
|
(134)
|
|
|
Total segment
income
|
|
$328
|
|
$369
|
|
|
$328
|
|
|
$792
|
|
$879
|
|
|
$813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Information
presented for 2015 at 2014 rates represents financial results
assuming constant foreign currency exchange rates used for
translation based on the rates in effect for the comparable
prior-year period. In order to compute constant-currency
results, we multiply or divide, as appropriate, our current year
U.S. dollar results by the current year average foreign exchange
rates and then multiply or divide, as appropriate, those amounts by
the applicable prior year average foreign exchange
rates.
|
Consolidated Supplemental Data
(Unaudited)
(in millions, except per share data)
Reconciliation from Net Income and Income Per Diluted Common
Share to Net Income before Certain Items and Income Per Diluted
Common Share before Certain Items
The following table reconciles reported net income and diluted
earnings per share attributable to the Company to net income before
certain items and income per diluted common share before certain
items, as used elsewhere in this release.
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Crown Holdings, as reported
|
$
|
141
|
|
|
$
|
244
|
|
|
$
|
327
|
|
|
$
|
374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value adjustment
to inventory (1)
|
|
|
|
|
|
4
|
|
|
|
6
|
|
|
|
19
|
|
Hedge ineffectiveness
(2)
|
|
7
|
|
|
|
(3)
|
|
|
|
3
|
|
|
|
1
|
|
Restructuring and
other (3)
|
|
45
|
|
|
|
8
|
|
|
|
62
|
|
|
|
91
|
|
Loss from early
extinguishment of debt (4)
|
|
|
|
|
|
34
|
|
|
|
9
|
|
|
|
34
|
|
Income taxes
(5)
|
|
(7)
|
|
|
|
(99)
|
|
|
|
(5)
|
|
|
|
(112)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before the
above items
|
$
|
186
|
|
|
$
|
188
|
|
|
$
|
402
|
|
|
$
|
407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per diluted
common share as reported
|
$
|
1.01
|
|
|
$
|
1.76
|
|
|
$
|
2.35
|
|
|
$
|
2.70
|
|
Income per diluted
common share before the above items
|
$
|
1.34
|
|
|
$
|
1.36
|
|
|
$
|
2.89
|
|
|
$
|
2.94
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate as
reported
|
|
23.1%
|
|
|
|
(18.2%)
|
|
|
|
26.3%
|
|
|
|
8.7%
|
|
Effective tax rate
before the above items
|
|
21.2%
|
|
|
|
21.6%
|
|
|
|
23.6%
|
|
|
|
24.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income before
certain items, income per diluted common share before certain items
and the effective tax rate before certain items are non-GAAP
measures and are not meant to be considered in isolation or as a
substitute for net income, income per diluted common share and
effective tax rates determined in accordance with U.S. generally
accepted accounting principles. The Company believes these
non-GAAP measures provide useful information to evaluate the
performance of the Company's ongoing business.
|
|
(1)
|
In the first
quarter of 2015, the Company recorded a charge of $6 million in
cost of products sold for fair value adjustments related to the
sale of inventory acquired in its acquisition of Empaque. In
the third quarter and first nine months of 2014, the Company
recorded charges of $4 million and $19 million related to the sale
of inventory acquired in its acquisition of Mivisa.
|
|
|
(2)
|
In the third
quarter and first nine months of 2015, the Company recorded charges
of $7 million and $3 million in cost of products sold related to
hedge ineffectiveness. In the third quarter and first nine
months of 2014, the Company recorded a benefit of $3 million and a
charge of $1 million for hedge ineffectiveness.
|
|
|
(3)
|
In the third quarter
and first nine months of 2015, the Company recorded restructuring
and other charges of $31 million and $48 million, including $5
million reported in cost of products sold for inventory write downs
in plants to be closed. In the third quarter and first nine
months of 2014, the Company recorded restructuring and other
charges of $11 million and $38 million.
|
|
|
|
In both the third
quarter and first nine months of 2015, the Company recorded a
charge of $14 million for asset sales and impairments. In the
third quarter and first nine months of 2014, the Company recorded
gains of $3 million and charges of $53 million primarily for asset
sales and impairments related to the divestment of certain
operations and transaction costs incurred in connection with its
acquisition of Mivisa.
|
|
|
(4)
|
In the second
quarter of 2015, the Company recorded a charge of $9 million for
the write off of deferred financing fees in connection with the
repayment of its Term Loan B borrowings. In the third quarter
of 2014, the Company recorded a charge of $34 million in connection
with the redemption of its €500 million notes due 2018.
|
|
|
(5)
|
In the third
quarter and first nine months of 2015, the Company recorded income
tax benefits of $7 million and $12 million related to the items
described above, and a charge of $7 million in the first quarter to
record a potential liability arising from a recent unfavorable tax
court ruling in Spain. In the third quarter and first nine
months of 2014, the Company recorded income tax benefits of $9
million and $22 million related to the items described above, and a
benefit of $90 million in the third quarter in connection with the
reversal of tax valuation allowances in France.
|
|
|
|
|
Consolidated
Balance Sheets (Condensed & Unaudited)
(in
millions)
|
September
30,
|
2015
|
|
2014
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
466
|
|
|
$
|
380
|
|
Receivables, net
|
|
|
1,183
|
|
|
|
1,385
|
|
Inventories
|
|
|
1,302
|
|
|
|
1,473
|
|
Prepaid expenses and other current assets
|
|
|
311
|
|
|
|
370
|
|
Total current assets
|
|
|
3,262
|
|
|
|
3,608
|
|
|
|
|
|
|
|
|
|
|
Goodwill and
intangible assets
|
|
|
3,664
|
|
|
|
3,067
|
|
Property, plant and
equipment, net
|
|
|
2,614
|
|
|
|
2,447
|
|
Other non-current
assets
|
|
|
689
|
|
|
|
695
|
|
Total
|
|
$
|
10,229
|
|
|
$
|
9,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
61
|
|
|
$
|
157
|
|
Current maturities of long-term debt
|
|
|
142
|
|
|
|
90
|
|
Accounts payable and
accrued liabilities
|
|
|
2,527
|
|
|
|
2,519
|
|
Total current liabilities
|
|
|
2,730
|
|
|
|
2,766
|
|
|
|
|
|
|
|
|
|
|
Long-term debt,
excluding current maturities
|
|
|
5,608
|
|
|
|
5,200
|
|
Other non-current
liabilities
|
|
|
1,458
|
|
|
|
1,303
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
|
293
|
|
|
|
278
|
|
Crown Holdings
shareholders' equity
|
|
|
140
|
|
|
|
270
|
|
Total
equity
|
|
|
433
|
|
|
|
548
|
|
Total
|
|
$
|
10,229
|
|
|
$
|
9,817
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows
(Condensed & Unaudited)
(in
millions)
|
Nine months ended
September 30,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
375
|
|
|
$
|
439
|
|
Depreciation and
amortization
|
|
|
|
174
|
|
|
|
135
|
|
Provision for
restructuring and other
|
|
|
|
57
|
|
|
|
91
|
|
Pension
expense
|
|
|
|
35
|
|
|
|
41
|
|
Pension
contributions
|
|
|
|
(54)
|
|
|
|
(63)
|
|
Stock-based
compensation
|
|
|
|
22
|
|
|
|
18
|
|
Working capital
changes and other
|
|
|
|
(294)
|
|
|
|
(652)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities (A)
|
|
|
|
315
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
Purchase of
business
|
|
|
|
(1,207)
|
|
|
|
(733)
|
|
Capital
expenditures
|
|
|
|
(176)
|
|
|
|
(212)
|
|
Proceeds from sale of
assets and divestitures
|
|
|
|
33
|
|
|
|
31
|
|
Other
|
|
|
|
(24)
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used for investing activities
|
|
|
|
(1,374)
|
|
|
|
(912)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
Net change in
debt
|
|
|
|
689
|
|
|
|
790
|
|
Dividends paid to
noncontrolling interests
|
|
|
|
(21)
|
|
|
|
(45)
|
|
Purchase of
noncontrolling interests
|
|
|
|
|
|
|
|
(93)
|
|
Debt issue
costs
|
|
|
|
(18)
|
|
|
|
(41)
|
|
Other, net
|
|
|
|
(39)
|
|
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities
|
|
|
|
611
|
|
|
|
606
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
|
(51)
|
|
|
|
(12)
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
|
(499)
|
|
|
|
(309)
|
|
Cash and cash
equivalents at January 1
|
|
|
|
965
|
|
|
|
689
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at September 30
|
|
|
$
|
466
|
|
|
$
|
380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Free
cash flow is defined by the Company as net cash from operating
activities less capital expenditures. A reconciliation of net
cash from operating activities to free cash flow for the three and
nine months ended September 30, 2015 and 2014 follows:
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net cash from
operating activities
|
$330
|
|
$126
|
|
$315
|
|
$9
|
Premiums paid to
retire debt early
|
|
|
28
|
|
|
|
28
|
Adjusted net cash from
operating activities
|
330
|
|
154
|
|
315
|
|
37
|
Capital
expenditures
|
(65)
|
|
(63)
|
|
(176)
|
|
(212)
|
Free cash
flow
|
$265
|
|
$91
|
|
$139
|
|
($175)
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/crown-holdings-inc-reports-third--quarter--2015--results-300162300.html
SOURCE Crown Holdings, Inc.