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Crown Holdings 2Q Profit Up 6.7% As Global Volumes Grow

DOW JONES NEWSWIRES Crown Holdings Inc.'s (CCK) second-quarter profit grew 6.7% on higher sales and lower costs as global can volumes continued to increase. The can manufacturer's earnings matched Wall Street's expectations but revenue was below analysts' estimate. Chairman and Chief Executive John Conway said the results "were driven by improved global volumes across all product lines." Demand for Crown's products has held up well in the U.S. as more cash-strapped consumers turn to packaged foods they eat at home. And metal containers remain a growing business in many parts of the world. Crown, which has reduced its debt and extended maturities, has been expanding in emerging markets, especially Brazil and Southeast Asia, as it continues to diversify its geographic footprint and product mix. For the latest quarter, Crown reported a profit of $112 million, or 69 cents a share, up from $105 million, or 65 cents a share, a year earlier. Excluding items, earnings rose to 67 cents from 66 cents. Revenue slid 2.2% to $2.01 billion. Changes in currency values added $17 million to the total. Analysts estimated earnings of 67 cents on revenue of $2.1 billion, according to a poll by Thomson Reuters. Gross margin rose to 16.7% from 16.2% on higher sales volumes and cost-cutting. Beverage-can sales unit volumes rose 8% worldwide--growing for the second quarter in a row--and 10% in North America. Net sales decreased in every segment except the largest, Americas beverage, where they grew 15%. Earnings increased 18% in the Americas beverage segment and 14% in North America food but fell 15% in European beverage and 17% in European food. Crown's shares were down 0.3% at $25.78 in after-hours trading. The stock, which reached a 52-week low in May, was up 1% as of the close. -By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com

Stock News for Crown (CCK)
DateTimeHeadline
07/30/201516:04:32Quarterly Report (10-q)
07/29/201515:44:06Statement of Changes in Beneficial Ownership (4)
07/29/201515:44:06Statement of Changes in Beneficial Ownership (4)
07/29/201515:44:06Statement of Changes in Beneficial Ownership (4)
07/29/201515:43:39Statement of Changes in Beneficial Ownership (4)
07/29/201515:43:39Statement of Changes in Beneficial Ownership (4)
07/29/201515:43:39Statement of Changes in Beneficial Ownership (4)
07/29/201515:43:39Statement of Changes in Beneficial Ownership (4)
07/29/201515:43:39Statement of Changes in Beneficial Ownership (4)
07/29/201515:43:39Statement of Changes in Beneficial Ownership (4)
07/29/201515:43:38Statement of Changes in Beneficial Ownership (4)
07/24/201510:31:35Current Report Filing (8-k)
07/23/201516:30:00Crown Holdings Announces Leadership Transition
07/20/201517:06:23Current Report Filing (8-k)
07/20/201517:00:00Crown Holdings, Inc. Reports Second Quarter 2015 Results
07/15/201515:54:00CROWN Aerosol Plants Achieve SQF Certification
06/24/201515:46:00Crown Holdings Schedules Second Quarter 2015 Earnings Conference...
06/23/201512:36:00Crown Joins Barbasol In Commemorating New Jurassic World Film
06/19/201515:43:11Amended Annual Report of Employee Stock Plans (11-k/a)
06/19/201515:35:14Amended Annual Report of Employee Stock Plans (11-k/a)

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