PHILADELPHIA, Oct. 19, 2016 /PRNewswire/ -- Crown
Holdings, Inc. (NYSE: CCK) today announced its financial results
for the third quarter ended September 30,
2016.
Third Quarter Highlights
- Earnings per share $1.31 for
the quarter; $3.09 YTD versus
$2.35 in 2015
- Adjusted earnings per share $1.33 for the quarter; $3.21 YTD versus $2.89 in 2015
- Income from operations up 14% YTD, from $726 million to $829 million
- Segment income up 6% YTD, from $792
million to $842 million
- Beverage can growth projects on schedule
Net sales in the third quarter were $2,326 million compared to $2,460 million in the third quarter of 2015,
reflecting $55 million of unfavorable
currency translation in 2016 compared to 2015 and the pass through
of lower raw material costs.
Income from operations improved to $315
million in the quarter compared to $281 million in the third quarter of 2015.
Segment income improved to $333
million in the quarter compared to $328 million in 2015, and included $9 million of unfavorable currency
translation.
Commenting on the quarter, Timothy J.
Donahue, President and Chief Executive Officer, stated,
"Performance in the third quarter was solid across most businesses,
notably beverage cans where global sales volumes grew 4% during the
quarter.
"We are on schedule with our capacity expansion projects to meet
continuing growth in beverage can demand. In June, we
successfully commenced operations at our third Cambodian beverage
can plant in Phnom Penh. Our
new beverage can plant in Monterrey,
Mexico as well as the second production line at our
Osmaniye, Turkey facility are
scheduled to begin production during this year's fourth quarter.
In early 2017, we expect to start up our Nichols, New York beverage can plant, which
will expand our specialty can presence in North America. In Colombia, we have
begun a capacity expansion with the added production expected to be
available for shipment in the second quarter of 2017. We will
also begin installation of a second high speed aluminum production
line at our beverage can plant in Custines, France, which will complete that facility's
conversion from steel to aluminum. Commercial start-up of the
line is scheduled for April 2017.
"Looking ahead, we continue to see opportunities as we meet
growing customer and consumer demand."
Interest expense was $59 million
in the third quarter of 2016 compared to $68
million in 2015 primarily due to lower outstanding debt.
Net income attributable to Crown Holdings in the third quarter
increased to $183 million over the
$141 million in the third quarter of
2015. Reported diluted earnings per share were $1.31 in the third quarter of 2016 compared to
$1.01 in the 2015 third
quarter. Adjusted diluted earnings per share were
$1.33 compared to $1.34 in 2015.
A reconciliation from net income and diluted earnings per share
to adjusted net income and adjusted diluted earnings per share is
provided below.
Nine Month Results
Net sales for the first nine months
of 2016 were $6,361 million compared
to $6,735 million in the first nine
months of 2015, and included $200
million of unfavorable currency translation in 2016 compared
to 2015 and the pass through of lower raw material costs.
Income from operations improved to $829
million compared to $726
million in the first nine months of 2015. Segment
income improved to $842 million
compared to $792 million in the first
nine months of 2015, and included $30
million of unfavorable currency translation.
Interest expense was $181 million
for the first nine months of 2016 compared to $202 million in the same period of 2015 primarily
due to lower outstanding debt.
Net income attributable to Crown Holdings for the first nine
months of 2016 increased to $431
million over the $327 million
in the first nine months of 2015. Reported diluted earnings
per share for the first nine months of 2016 were $3.09 compared to $2.35 in the same period of last year.
Adjusted diluted earnings per share were $3.21 compared to $2.89 in 2015.
Non-GAAP Measures
Segment income, adjusted free cash
flow, adjusted net income, the adjusted effective tax rate,
adjusted earnings per share, and the information presented
excluding the impact of currency translation are not defined terms
under U.S. generally accepted accounting principles (non-GAAP
measures). Non-GAAP measures should not be considered in
isolation or as a substitute for net income, 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 as the principal measure of the
performance of its operations and adjusted free cash flow as the
principal measure of its liquidity. The Company considers
both of these measures in the allocation of resources.
Adjusted 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 adjusted net income, the
adjusted effective tax rate, adjusted diluted earnings per share,
and information excluding the impact of currency translation are
useful in evaluating the Company's operations as these measures are
adjusted for items that affect comparability between periods.
The Company believes that adjusted free cash flow provides a
meaningful measure of liquidity and a useful basis for assessing
the Company's ability to fund its activities, including the
financing of acquisitions, debt repayments, share repurchases or
possible future dividends. Segment income, adjusted free cash
flow, the adjusted effective tax rate, adjusted net income,
adjusted diluted earnings per 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, adjusted free cash flow, the adjusted effective tax
rate, adjusted net income, adjusted diluted earnings per 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, 2016 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 (630) 395-0227 or toll-free (888) 606-8412
and the access passcode is 3799330. 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 (402) 998-0517 or toll free (888) 282-0034.
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; the continuation of performance
trends in 2016; the future growth in demand for beverage, food and
aerosol cans, including in regions where the Company is adding
capacity; the Company's ability to successfully complete and begin
production at beverage can capacity or conversion projects within
expected timelines and budgets in Mexico, Turkey, New
York, Colombia and
France; and the Company's ability
to continue to identify and successfully complete and operate
additional 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, 2015 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,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net sales
|
$2,326
|
|
$2,460
|
|
$6,361
|
|
$6,735
|
Cost of products
sold
|
1,838
|
|
1,984
|
|
5,050
|
|
5,487
|
Depreciation and
amortization
|
63
|
|
61
|
|
188
|
|
174
|
Selling and
administrative expense
|
90
|
|
94
|
|
275
|
|
291
|
Restructuring and
other
|
20
|
|
40
|
|
19
|
|
57
|
Income from
operations
|
315
|
|
281
|
|
829
|
|
726
|
Foreign
exchange
|
(5)
|
|
9
|
|
(22)
|
|
14
|
Interest
expense
|
59
|
|
68
|
|
181
|
|
202
|
Interest
income
|
(3)
|
|
(4)
|
|
(8)
|
|
(8)
|
Loss from early
extinguishment of debt
|
10
|
|
|
|
37
|
|
9
|
Income before
income taxes
|
254
|
|
208
|
|
641
|
|
509
|
Provision for income
taxes
|
48
|
|
48
|
|
151
|
|
134
|
Net income
|
206
|
|
160
|
|
490
|
|
375
|
Net income
attributable to noncontrolling interests
|
(23)
|
|
(19)
|
|
(59)
|
|
(48)
|
Net income
attributable to Crown Holdings
|
$183
|
|
$141
|
|
$431
|
|
$327
|
Earnings per share
attributable to Crown Holdings
common shareholders:
|
|
|
|
|
|
|
|
Basic
|
$1.32
|
|
$1.02
|
|
$3.11
|
|
$2.37
|
Diluted
|
$1.31
|
|
$1.01
|
|
$3.09
|
|
$2.35
|
|
|
Weighted average
common shares outstanding:
|
|
Basic
|
138,670,185
|
|
138,053,305
|
|
138,441,036
|
|
137,889,023
|
Diluted
|
139,502,082
|
|
139,081,472
|
|
139,379,726
|
|
139,002,264
|
Actual common shares
outstanding
|
139,770,059
|
|
139,404,268
|
|
139,770,059
|
|
139,404,268
|
|
Consolidated
Supplemental Financial Data (Unaudited)
|
(in
millions)
|
|
Reconciliation
from Income from Operations to Segment Income and Constant Currency
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 income
from operations adjusted to add back provisions for asbestos and
restructuring and other, the impact of fair value adjustments to
inventory acquired in an acquisition, and the timing impact of
hedge ineffectiveness.
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Income from
operations
|
$
|
315
|
|
$
|
281
|
|
$
|
829
|
|
$
|
726
|
|
Provision for
restructuring and other
|
|
20
|
|
|
40
|
|
|
19
|
|
|
57
|
|
Fair value adjustment
to inventory (1)
|
|
|
|
|
|
|
|
|
|
|
6
|
|
Impact of hedge
ineffectiveness (1)
|
|
(2)
|
|
|
7
|
|
|
(6)
|
|
|
3
|
|
Segment
income
|
|
333
|
|
|
328
|
|
|
842
|
|
|
792
|
|
Foreign currency
translation (2)
|
|
9
|
|
|
|
|
|
30
|
|
|
|
|
Constant currency
segment income
|
$
|
342
|
|
$
|
328
|
|
$
|
872
|
|
$
|
792
|
|
|
(1)
Included in cost of products sold
|
|
Segment Information
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
Net
Sales
|
|
2016 Actual
|
|
2016
at 2015 rates
(2)
|
|
2015 Actual
|
|
2016 Actual
|
|
2016
at 2015 rates
(2)
|
|
2015 Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Beverage
|
|
$
|
719
|
|
$
|
741
|
|
$
|
722
|
|
$
|
2,068
|
|
$
|
2,173
|
|
$
|
2,080
|
North America
Food
|
|
|
190
|
|
|
193
|
|
|
200
|
|
|
504
|
|
|
516
|
|
|
530
|
European
Beverage
|
|
|
413
|
|
|
427
|
|
|
427
|
|
|
1,129
|
|
|
1,163
|
|
|
1,173
|
European
Food
|
|
|
599
|
|
|
606
|
|
|
641
|
|
|
1,459
|
|
|
1,475
|
|
|
1,564
|
Asia
Pacific
|
|
|
281
|
|
|
284
|
|
|
300
|
|
|
839
|
|
|
861
|
|
|
920
|
Total reportable
segments
|
|
|
2,202
|
|
|
2,251
|
|
|
2,290
|
|
|
5,999
|
|
|
6,188
|
|
|
6,267
|
Non-reportable
segments
|
|
|
124
|
|
|
130
|
|
|
170
|
|
|
362
|
|
|
373
|
|
|
468
|
Total net
sales
|
|
$
|
2,326
|
|
$
|
2,381
|
|
$
|
2,460
|
|
$
|
6,361
|
|
$
|
6,561
|
|
$
|
6,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Beverage
|
|
$
|
119
|
|
$
|
123
|
|
$
|
116
|
|
$
|
329
|
|
$
|
345
|
|
$
|
300
|
North America
Food
|
|
|
25
|
|
|
26
|
|
|
25
|
|
|
57
|
|
|
59
|
|
|
72
|
European
Beverage
|
|
|
83
|
|
|
85
|
|
|
74
|
|
|
204
|
|
|
211
|
|
|
178
|
European
Food
|
|
|
96
|
|
|
97
|
|
|
98
|
|
|
212
|
|
|
214
|
|
|
208
|
Asia
Pacific
|
|
|
37
|
|
|
37
|
|
|
37
|
|
|
111
|
|
|
113
|
|
|
111
|
Total reportable
segments
|
|
|
360
|
|
|
368
|
|
|
350
|
|
|
913
|
|
|
942
|
|
|
869
|
Non-reportable
segments
|
|
|
19
|
|
|
21
|
|
|
25
|
|
|
52
|
|
|
55
|
|
|
62
|
Corporate and other
unallocated items
|
|
|
(46)
|
|
|
(47)
|
|
|
(47)
|
|
|
(123)
|
|
|
(125)
|
|
|
(139)
|
Total segment
income
|
|
$
|
333
|
|
$
|
342
|
|
$
|
328
|
|
$
|
842
|
|
$
|
872
|
|
$
|
792
|
|
|
(2)
|
Information presented
for 2016 at 2015 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, the
Company multiplies or divides,
as appropriate, the current year U.S. dollar results by the current
year average foreign exchange rates and then multiplies or divides,
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 Diluted Earnings Per Share to Adjusted Net
Income and Adjusted Diluted Earnings Per Share
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net income/diluted
earnings per share
attributable to Crown Holdings, as reported
|
|
$183
|
|
$1.31
|
|
$141
|
|
$1.01
|
|
$431
|
|
$3.09
|
|
$327
|
|
$2.35
|
Fair value adjustment to
inventory (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
.04
|
Impact of hedge
ineffectiveness (2)
|
|
(2)
|
|
(.01)
|
|
7
|
|
.05
|
|
(6)
|
|
(.04)
|
|
3
|
|
.02
|
Restructuring and
other (3)
|
|
20
|
|
.14
|
|
45
|
|
.33
|
|
19
|
|
.14
|
|
62
|
|
.45
|
Loss from early
extinguishment of debt (4)
|
|
10
|
|
.07
|
|
|
|
|
|
37
|
|
.27
|
|
9
|
|
.06
|
Income taxes
(5)
|
|
(25)
|
|
(.18)
|
|
(7)
|
|
(.05)
|
|
(33)
|
|
(.25)
|
|
(5)
|
|
(.03)
|
Adjusted net
income/diluted earnings per share
|
|
$186
|
|
$1.33
|
|
$186
|
|
$1.34
|
|
$448
|
|
$3.21
|
|
$402
|
|
$2.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate as
reported
|
|
18.9%
|
|
|
|
23.1%
|
|
|
|
23.6%
|
|
|
|
26.3%
|
|
|
Adjusted effective
tax rate (6)
|
|
25.9%
|
|
|
|
21.2%
|
|
|
|
26.6%
|
|
|
|
23.6%
|
|
|
(1)
|
In the first quarter
of 2015, the Company recorded a charge of $6 million ($4 million
net of tax) in cost of products sold for fair value adjustments
related to the sale of inventory acquired in its acquisition of
Empaque.
|
|
|
(2)
|
In the third quarter
and first nine months of 2016, the Company recorded benefits of $2
million ($2 million net of tax) and $6 million ($5 million net of
tax) in cost of products sold related to the timing impact of hedge
ineffectiveness. In the third quarter and first nine months
of 2015, the Company recorded charges of $7 million ($5 million net
of tax) and $3 million ($2 million net of tax).
|
|
|
(3)
|
In the third quarter
and first nine months of 2016, the Company recorded restructuring
and other charges of $19 million ($15 million net of tax) and $25
million ($20 million net of tax) including pension settlement
charges. In the third quarter and first nine months of 2015,
the Company recorded restructuring and other charges of $31 million
($29 million net of tax) and $48 million ($43 million net of tax),
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 2016, the Company recorded losses of $1
million ($1 million net of tax) and gains of $6 million ($4 million
net of tax) for asset sales and impairments. In both the
third quarter and first nine months of 2015, the Company recorded
losses of $14 million ($11 million net of tax for the quarter, $10
million for nine months) for asset sales and impairments primarily
related to the sale of four industrial specialty packaging plants
in Europe.
|
|
|
(4)
|
In the first quarter
of 2016, the Company recorded a charge of $27 million ($17 million
net of tax) for premiums paid and the write off of deferred
financing fees in connection with the redemption of its outstanding
$700 million notes due 2021. In the third quarter of 2016,
the Company recorded a charge of $10 million ($7 million net of
tax) for the write off of deferred financing fees in connection
with the early repayment of a portion of its Term Loan A
borrowings. In the second quarter of 2015, the Company
recorded a charge of $9 million ($6 million net of tax) for the
write off of deferred financing fees in connection with the
repayment of its Term Loan B borrowings.
|
|
|
(5)
|
In the third quarter
and first nine months of 2016, the Company recorded income tax
benefits of $7 million and $15 million related to the items
described above. Also in the third quarter of 2016, the
Company recorded charges of $13 million in connection with tax
contingencies related to the Mivisa acquisition and a corporate
restructuring, and benefits of $31 million to reverse tax valuation
allowances in Canada. In the third quarter and first nine
months of 2015, the Company recorded income tax benefits of $7
million and $15 million related to the items described above, and
charges of $10 million for the nine months to record the impact of
an unfavorable tax court ruling and tax rate change in
Spain.
|
|
|
(6)
|
Income tax effects on
adjusted net income were calculated using the applicable tax rates
of the underlying jurisdictions.
|
Consolidated
Balance Sheets (Condensed & Unaudited)
(in
millions)
|
September
30,
|
2016
|
|
2015
(1)
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
526
|
|
|
$
|
466
|
|
Receivables, net
|
|
|
1,047
|
|
|
|
1,183
|
|
Inventories
|
|
|
1,300
|
|
|
|
1,302
|
|
Prepaid expenses and other current assets
|
|
|
217
|
|
|
|
305
|
|
Total current assets
|
|
|
3,090
|
|
|
|
3,256
|
|
|
|
|
|
|
|
|
|
|
Goodwill and
intangible assets
|
|
|
3,450
|
|
|
|
3,664
|
|
Property, plant and
equipment, net
|
|
|
2,746
|
|
|
|
2,614
|
|
Other non-current
assets
|
|
|
677
|
|
|
|
631
|
|
Total
|
|
$
|
9,963
|
|
|
$
|
10,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
49
|
|
|
$
|
61
|
|
Current maturities of long-term debt
|
|
|
121
|
|
|
|
142
|
|
Accounts payable and
accrued liabilities
|
|
|
2,627
|
|
|
|
2,527
|
|
Total current liabilities
|
|
|
2,797
|
|
|
|
2,730
|
|
|
|
|
|
|
|
|
|
|
Long-term debt,
excluding current maturities
|
|
|
5,097
|
|
|
|
5,544
|
|
Other non-current
liabilities
|
|
|
1,290
|
|
|
|
1,458
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
|
310
|
|
|
|
293
|
|
Crown Holdings
shareholders' equity
|
|
|
469
|
|
|
|
140
|
|
Total
equity
|
|
|
779
|
|
|
|
433
|
|
Total
|
|
$
|
9,963
|
|
|
$
|
10,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Certain prior year
amounts have been reclassified in accordance with new
accounting
guidance regarding the presentation of debt issuance
costs.
|
Consolidated
Statements of Cash Flows (Condensed & Unaudited)
(in
millions)
|
Nine months ended
September 30,
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
490
|
|
|
$
|
375
|
|
Depreciation and
amortization
|
|
|
|
188
|
|
|
|
174
|
|
Provision for
restructuring and other
|
|
|
|
19
|
|
|
|
57
|
|
Pension
expense
|
|
|
|
21
|
|
|
|
35
|
|
Pension
contributions
|
|
|
|
(81)
|
|
|
|
(54)
|
|
Stock-based
compensation
|
|
|
|
15
|
|
|
|
22
|
|
Working capital
changes and other
|
|
|
|
(276)
|
|
|
|
(294)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
(A)
|
|
|
|
376
|
|
|
|
315
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
Purchase of
business
|
|
|
|
|
|
|
|
|
(1,207)
|
|
Capital
expenditures
|
|
|
|
(244)
|
|
|
|
(176)
|
|
Proceeds from sale of
business
|
|
|
|
|
|
|
|
|
33
|
|
Other
|
|
|
|
16
|
|
|
|
(24)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used for investing
activities
|
|
|
|
(228)
|
|
|
|
(1,374)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
Net change in
debt
|
|
|
|
(323)
|
|
|
|
689
|
|
Dividends paid to
noncontrolling interests
|
|
|
|
(43)
|
|
|
|
(21)
|
|
Debt issue
costs
|
|
|
|
(16)
|
|
|
|
(18)
|
|
Other, net
|
|
|
|
54
|
|
|
|
(39)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used for)
financing activities
|
|
|
|
(328)
|
|
|
|
611
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
|
(11)
|
|
|
|
(51)
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
|
(191)
|
|
|
|
(499)
|
|
Cash and cash
equivalents at January 1
|
|
|
|
717
|
|
|
|
965
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at September 30
|
|
|
$
|
526
|
|
|
$
|
466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Adjusted free cash flow is
defined by the Company as net cash from operating activities less
capital expenditures and certain other items. A
reconciliation from net cash from operating activities to adjusted
free cash flow for the three and nine months ended September 30,
2016 and 2015 follows:
|
|
|
Three Months
Ended
September
30,
|
|
Nine Months
Ended
September
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net cash from
operating activities
|
$313
|
|
$330
|
|
$376
|
|
$315
|
Capital
expenditures
|
(101)
|
|
(65)
|
|
(244)
|
|
(176)
|
Free cash
flow
|
212
|
|
265
|
|
132
|
|
139
|
Premiums paid to
retire debt early
|
|
|
|
|
22
|
|
|
Adjusted free cash
flow
|
$212
|
|
$265
|
|
$154
|
|
$139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/crown-holdings-inc-reports-third-quarter-2016-results-300347950.html
SOURCE Crown Holdings, Inc.