PHILADELPHIA, July 20, 2016 /PRNewswire/ -- Crown Holdings,
Inc. (NYSE: CCK) today announced its financial results for the
second quarter ended June 30,
2016.
Second Quarter Highlights
- Earnings per share $1.21
versus $1.02 in 2015, increase of
19%
- Adjusted earnings per share $1.19 versus $1.03
in 2015, increase of 16%
- Income from operations up 6% from $277 million to $295 million
- Segment income up 6% from $272
million to $288 million
- Beverage can growth projects on schedule to meet increasing
demand
Net sales in the second quarter were $2,142 million compared to $2,278 million in the second quarter of 2015,
primarily due to $60 million of
unfavorable currency translation in 2016 compared to 2015 and the
pass through of lower material costs.
Income from operations was $295
million in the second quarter of 2016. Segment income
was $288 million in the quarter
compared to $272 million in the
second quarter of 2015, and included $11
million of unfavorable currency translation.
Commenting on the quarter, Timothy J.
Donahue, President and Chief Executive Officer, stated, "Our
second quarter results, fueled by solid performances across all
businesses, particularly European Beverage, put us well on our way
to a very strong 2016. Underlying beverage can volume growth
was also notable in Brazil,
Canada, Colombia, Southeast
Asia and the United States.
"We also continue to focus on laying the groundwork to meet the
growth opportunities that lie ahead. Last month, we began
commercial production at our third Cambodian beverage can plant in
Phnom Penh, a market that
continues to experience strong demand. Our new beverage can
plant in Monterrey, Mexico as well
as the second production line at our Osmaniye, Turkey facility will 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 be focused primarily on expanding our
specialty can presence in North America. In Colombia, we will begin a major capacity
expansion later this year with the added production available for
shipment in the second quarter of 2017. Additionally, we will
begin installation of the second high speed aluminum
production line at our beverage can plant in Custines, France, completing that plant's conversion
from steel to aluminum. Commercial start-up of the second
line is scheduled for April 2017. With its many inherent
benefits, including being infinitely recyclable, the beverage can
continues to become the increasingly preferred package for
marketers and consumers around the world."
Interest expense was $58 million
in the second quarter of 2016 compared to $69 million in 2015 primarily due to lower
outstanding debt and interest rates.
Net income attributable to Crown Holdings in the second quarter
increased to $169 million over the
$142 million in the second quarter of
2015. Reported diluted earnings per share were $1.21 in the second quarter of 2016 compared to
$1.02 in the 2015 second
quarter. Adjusted diluted earnings per share increased to
$1.19 over the $1.03 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.
Six Month Results
Net sales for the first six months
of 2016 were $4,035 million compared
to $4,275 million in the first six
months of 2015, primarily due to $145
million of unfavorable currency translation in 2016 compared
to 2015 and the pass through of lower material costs.
Income from operations was $514
million in the first half of 2016. Segment income in
the first half of 2016 was $509
million compared to $464
million in the first six months of 2015, and included
$21 million of unfavorable currency
translation.
Interest expense was $122 million
for the first six months of 2016 compared to $134 million in the same period of 2015 primarily
due to lower outstanding
debt.
.
Net income attributable to Crown Holdings for the first six
months of 2016 increased to $248
million over the $186 million
in the first six months of 2015. Reported diluted earnings
per share for the first six months of 2016 were $1.78 compared to $1.34 in the first half of last year.
Adjusted diluted earnings per share were $1.88 compared to $1.55 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, July 21, 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 July 28. The telephone numbers for the replay are
(203) 369-0506 or toll free (866) 396-4180.
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 projects within expected timelines and
budgets in Colombia, Mexico, Turkey, New
York and France; and a
continuation of the shift by customers and consumers to beverage
cans from other forms of packaging 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
June
30,
|
|
Six Months
Ended
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net sales
|
$2,142
|
|
$2,278
|
|
$4,035
|
|
$4,275
|
Cost of products
sold
|
1,691
|
|
1,843
|
|
3,212
|
|
3,503
|
Depreciation and
amortization
|
65
|
|
62
|
|
125
|
|
113
|
Selling and
administrative expense
|
94
|
|
99
|
|
185
|
|
197
|
Restructuring and
other
|
(3)
|
|
(3)
|
|
(1)
|
|
17
|
Income from
operations (1)
|
295
|
|
277
|
|
514
|
|
445
|
Foreign
exchange
|
(11)
|
|
(1)
|
|
(17)
|
|
5
|
Interest
expense
|
58
|
|
69
|
|
122
|
|
134
|
Interest
income
|
(2)
|
|
(2)
|
|
(5)
|
|
(4)
|
Loss from early
extinguishment of debt
|
|
|
9
|
|
27
|
|
9
|
Income before
income taxes
|
250
|
|
202
|
|
387
|
|
301
|
Provision for income
taxes
|
65
|
|
49
|
|
103
|
|
86
|
Net
income
|
185
|
|
153
|
|
284
|
|
215
|
Net income
attributable to noncontrolling interests
|
(16)
|
|
(11)
|
|
(36)
|
|
(29)
|
Net income
attributable to Crown Holdings
|
$169
|
|
$142
|
|
$248
|
|
$186
|
Earnings per share
attributable to Crown Holdings
common shareholders:
|
|
|
|
|
|
|
|
Basic
|
$1.22
|
|
$1.03
|
|
$1.79
|
|
$1.35
|
Diluted
|
$1.21
|
|
$1.02
|
|
$1.78
|
|
$1.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
Basic
|
138,452,944
|
|
137,914,062
|
|
138,325,203
|
|
137,805,980
|
Diluted
|
139,338,412
|
|
139,319,455
|
|
139,214,555
|
|
139,175,449
|
Actual common shares
outstanding
|
139,669,710
|
|
139,400,803
|
|
139,669,710
|
|
139,400,803
|
|
|
(1)
|
A reconciliation from
income from operations to segment income follows.
|
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
June 30,
|
|
Six Months Ended
June 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Income from
operations
|
$
|
295
|
|
$
|
277
|
|
$
|
514
|
|
$
|
445
|
|
Provision for
restructuring and other
|
|
(3)
|
|
|
(3)
|
|
|
(1)
|
|
|
17
|
|
Fair value adjustment
to inventory (1)
|
|
|
|
|
|
|
|
|
|
|
6
|
|
Impact of hedge
ineffectiveness (1)
|
|
(4)
|
|
|
(2)
|
|
|
(4)
|
|
|
(4)
|
|
Segment
income
|
|
288
|
|
|
272
|
|
|
509
|
|
|
464
|
|
Foreign currency
translation (2)
|
|
11
|
|
|
|
|
|
21
|
|
|
|
|
Constant currency
segment income
|
$
|
299
|
|
$
|
272
|
|
$
|
530
|
|
$
|
464
|
|
|
|
|
|
|
(1)
|
Included in cost of
products sold
|
|
|
|
|
Segment
Information
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
Net
Sales
|
|
2016
Actual
|
|
|
2016
at 2015 rates
(2)
|
|
2015
Actual
|
|
2016
Actual
|
|
|
2016
at 2015 rates
(2)
|
|
2015
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Beverage
|
|
$
|
706
|
|
$
|
746
|
|
$
|
741
|
|
$
|
1,349
|
|
$
|
1,432
|
|
$
|
1,358
|
|
North America
Food
|
|
|
168
|
|
|
172
|
|
|
170
|
|
|
314
|
|
|
323
|
|
|
330
|
|
European
Beverage
|
|
|
401
|
|
|
409
|
|
|
422
|
|
|
716
|
|
|
736
|
|
|
746
|
|
European
Food
|
|
|
462
|
|
|
460
|
|
|
492
|
|
|
860
|
|
|
869
|
|
|
923
|
|
Asia
Pacific
|
|
|
281
|
|
|
289
|
|
|
310
|
|
|
558
|
|
|
577
|
|
|
620
|
|
Total reportable
segments
|
|
|
2,018
|
|
|
2,076
|
|
|
2,135
|
|
|
3,797
|
|
|
3,937
|
|
|
3,977
|
|
Non-reportable
segments
|
|
|
124
|
|
|
126
|
|
|
143
|
|
|
238
|
|
|
243
|
|
|
298
|
|
Total net
sales
|
|
$
|
2,142
|
|
$
|
2,202
|
|
$
|
2,278
|
|
$
|
4,035
|
|
$
|
4,180
|
|
$
|
4,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
Beverage
|
|
$
|
106
|
|
$
|
112
|
|
$
|
99
|
|
$
|
210
|
|
$
|
222
|
|
$
|
184
|
|
North America
Food
|
|
|
20
|
|
|
21
|
|
|
23
|
|
|
32
|
|
|
33
|
|
|
47
|
|
European
Beverage
|
|
|
75
|
|
|
78
|
|
|
66
|
|
|
121
|
|
|
126
|
|
|
104
|
|
European
Food
|
|
|
67
|
|
|
67
|
|
|
68
|
|
|
116
|
|
|
117
|
|
|
110
|
|
Asia
Pacific
|
|
|
39
|
|
|
40
|
|
|
39
|
|
|
74
|
|
|
76
|
|
|
74
|
|
Total reportable
segments
|
|
|
307
|
|
|
318
|
|
|
295
|
|
|
553
|
|
|
574
|
|
|
519
|
|
Non-reportable
segments
|
|
|
20
|
|
|
21
|
|
|
20
|
|
|
33
|
|
|
34
|
|
|
37
|
|
Corporate and other
unallocated items
|
|
|
(39)
|
|
|
(40)
|
|
|
(43)
|
|
|
(77)
|
|
|
(78)
|
|
|
(92)
|
|
Total segment
income
|
|
$
|
288
|
|
$
|
299
|
|
$
|
272
|
|
$
|
509
|
|
$
|
530
|
|
$
|
464
|
|
|
|
|
|
|
|
(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
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Net income/diluted
earnings per share attributable to Crown Holdings, as
reported
|
|
$169
|
|
$1.21
|
|
$142
|
|
$1.02
|
|
$248
|
|
$1.78
|
|
$186
|
|
$1.34
|
|
Fair value adjustment to
inventory (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
.04
|
|
Impact of hedge
ineffectiveness (2)
|
|
(4)
|
|
(.03)
|
|
(2)
|
|
(.01)
|
|
(4)
|
|
(.03)
|
|
(4)
|
|
(.03)
|
|
Restructuring and
other (3)
|
|
(3)
|
|
(.02)
|
|
(3)
|
|
(.02)
|
|
(1)
|
|
(.01)
|
|
17
|
|
.13
|
|
Loss from early
extinguishment of debt (4)
|
|
|
|
|
|
9
|
|
.06
|
|
27
|
|
.19
|
|
9
|
|
.06
|
|
Income taxes
(5)
|
|
4
|
|
.03
|
|
(3)
|
|
(.02)
|
|
(8)
|
|
(.05)
|
|
2
|
|
.01
|
|
Adjusted net
income/diluted earnings per share
|
|
$166
|
|
$1.19
|
|
$143
|
|
$1.03
|
|
$262
|
|
$1.88
|
|
$216
|
|
$1.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate as
reported
|
|
26.0%
|
|
|
|
24.3%
|
|
|
|
26.6%
|
|
|
|
28.6%
|
|
|
|
Adjusted effective
tax rate (6)
|
|
25.1%
|
|
|
|
25.2%
|
|
|
|
27.1%
|
|
|
|
25.5%
|
|
|
|
|
|
(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 second quarter
of 2016, the Company recorded benefits of $4 million ($3 million
net of tax) in cost of products sold related to the timing impact
of hedge ineffectiveness. In the second quarter and
first six months of 2015, the Company recorded benefits of $2
million ($2 million net of tax) and $4 million ($3 million net of
tax).
|
|
|
(3)
|
In the second quarter
and first six months of 2016, the Company recorded restructuring
and other charges of $2 million ($3 million net of tax) and $6
million ($5 million net of tax) including pension settlement
charges. In the second quarter and first six months of 2015,
the Company recorded restructuring and other charges of $2 million
($2 million net of tax) and $17 million ($14 million net of tax)
primarily for costs related to its acquisition of
Empaque.
|
|
|
|
In the second quarter
and first six months of 2016, the Company recorded gains of $5
million ($3 million net of tax) and $7 million ($5 million net of
tax) for asset sales and impairments. In the first and second
quarters of 2015, the Company recorded a charge of $5 million ($5
million net of tax) and a gain of $5 million ($6 million net of
tax) 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 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 second quarter
and first six months of 2016, the Company recorded income tax
charges of $4 million and benefits of $8 million related to the
items described above. In the second quarter and first six
months of 2015, the Company recorded income tax benefits of $6
million and $8 million related to the items described above, and
charges of $3 million and $10 million 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)
|
June
30,
|
2016
|
|
2015
(1)
|
Assets
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
370
|
|
|
$
|
288
|
|
Receivables, net
|
|
|
929
|
|
|
|
1,098
|
|
Inventories
|
|
|
1,419
|
|
|
|
1,454
|
|
Prepaid expenses and other current assets
|
|
|
240
|
|
|
|
338
|
|
Total current assets
|
|
|
2,958
|
|
|
|
3,178
|
|
|
|
|
|
|
|
|
|
|
Goodwill and
intangible assets
|
|
|
3,472
|
|
|
|
3,790
|
|
Property, plant and
equipment, net
|
|
|
2,700
|
|
|
|
2,672
|
|
Other non-current
assets
|
|
|
646
|
|
|
|
653
|
|
Total
|
|
$
|
9,776
|
|
|
$
|
10,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
equity
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
37
|
|
|
$
|
56
|
|
Current maturities of long-term debt
|
|
|
236
|
|
|
|
152
|
|
Accounts payable and
accrued liabilities
|
|
|
2,554
|
|
|
|
2,525
|
|
Total current liabilities
|
|
|
2,827
|
|
|
|
2,733
|
|
|
|
|
|
|
|
|
|
|
Long-term debt,
excluding current maturities
|
|
|
5,011
|
|
|
|
5,611
|
|
Other non-current
liabilities
|
|
|
1,315
|
|
|
|
1,545
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling
interests
|
|
|
305
|
|
|
|
278
|
|
Crown Holdings
shareholders' equity
|
|
|
318
|
|
|
|
126
|
|
Total
equity
|
|
|
623
|
|
|
|
404
|
|
Total
|
|
$
|
9,776
|
|
|
$
|
10,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
Six months ended
June 30,
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
284
|
|
|
$
|
215
|
|
Depreciation and
amortization
|
|
|
|
125
|
|
|
|
113
|
|
Provision for
restructuring and other
|
|
|
|
(1)
|
|
|
|
17
|
|
Pension
expense
|
|
|
|
14
|
|
|
|
22
|
|
Pension
contributions
|
|
|
|
(41)
|
|
|
|
(34)
|
|
Stock-based
compensation
|
|
|
|
10
|
|
|
|
17
|
|
Working capital
changes and other
|
|
|
|
(328)
|
|
|
|
(365)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used for) operating
activities (A)
|
|
|
|
63
|
|
|
|
(15)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
Purchase of
business
|
|
|
|
|
|
|
|
(1,207)
|
|
Capital
expenditures
|
|
|
|
(143)
|
|
|
|
(111)
|
|
Proceeds from sale of
business
|
|
|
|
|
|
|
|
30
|
|
Other
|
|
|
|
18
|
|
|
|
(14)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used for investing
activities
|
|
|
|
(125)
|
|
|
|
(1,302)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
Net change in
debt
|
|
|
|
(283)
|
|
|
|
765
|
|
Dividends paid to
noncontrolling interests
|
|
|
|
(26)
|
|
|
|
(17)
|
|
Debt issue
costs
|
|
|
|
(2)
|
|
|
|
(17)
|
|
Other, net
|
|
|
|
30
|
|
|
|
(52)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used for)
financing activities
|
|
|
|
(281)
|
|
|
|
679
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
|
(4)
|
|
|
|
(39)
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash
and cash equivalents
|
|
|
|
(347)
|
|
|
|
(677)
|
|
Cash and cash
equivalents at January 1
|
|
|
|
717
|
|
|
|
965
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at June 30
|
|
|
$
|
370
|
|
|
$
|
288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 six months ended June 30,
2016 and 2015 follows:
|
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net cash from
operating activities
|
$471
|
|
$275
|
|
$63
|
|
($15)
|
Capital
expenditures
|
(92)
|
|
(59)
|
|
(143)
|
|
(111)
|
Free cash
flow
|
379
|
|
216
|
|
(80)
|
|
(126)
|
Premiums paid to
retire debt early
|
|
|
|
|
22
|
|
|
Adjusted free cash
flow
|
$379
|
|
$216
|
|
($58)
|
|
($126)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/crown-holdings-inc-reports-second-quarter-2016-results-300301733.html
SOURCE Crown Holdings, Inc.