Crown Holdings announces favourable fourth quarter results

Published: 4-Feb-2010

Crown Holdings, the US supplier of packaging products, has announced it had an encouraging fourth quarter in 2009, with net sales increasing to $1.91bn from $1.87bn in the same quarter in 2008.


Crown Holdings, the US supplier of packaging products, has announced it had an encouraging fourth quarter in 2009, with net sales increasing to $1.91bn from $1.87bn in the same quarter in 2008.

The company’s fourth quarter gross profit also rose by 10.6% to $250m and, as a percentage of net sales, gross profit improved to 13% in the fourth quarter compared with 12% in 2008.

Meanwhile, selling and administrative expenses in the fourth quarter 2009 did rise to $107m compared with $87m in 2008 – though this was largely put down to a larger than expected free cash flow for the company which resulted in increased incentive compensation costs and $6m of foreign currency translation.

Commenting on the results, chairman and ceo, John W. Conway said: “We are particularly pleased given the very challenging environment around the world. These results indicate the benefits of restructuring measures taken over the course of the year, improving manufacturing efficiencies and material utilisation, and the ongoing growth of our emerging markets business.”

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