DOW JONES NEWSWIRES Crown Holdings Inc.'s (CCK) third-quarter earnings rose a better-than-expected 25% despite the can maker's sales decline as margins improved. Like other food-packaging makers, Crown's sales held up well in the downturn as more consumers ate at home. Though revenue wasn't as robust as expected, volume increased across all product lines. The company also has been expanding in emerging markets to meet growing business in places like Brazil, China and Southeast Asia. Crown Holdings posted a profit of $135 million, or 84 cents a share, up from $108 million, or 67 cents a share, a year earlier. Both periods' results included restructuring charges from closing plants and a tax benefit and losses from the extinguishing of debt early, while the most recent period also included a gain from asset sales. Excluding items, profit rose to 85 cents a share from 81 cents. Revenue decreased 3.4% to $2.21 billion. Analysts surveyed by Thomson Reuters predicted earnings of 83 cents on revenue of $2.28 billion. Gross margin rose to 17.1% from 16%. Beverage-can sales unit volume was up 11% world-wide. Net sales fell in all segments except its largest, Americas beverage, where they rose 13%. Crown Holdings shares were up 0.5% at $29.90 after hours. The stock has risen 16% so far this year. -By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com
