PR Newswire | Oct 19, 2020 04:16PM EDT

10/19 15:15 CDT

Crown Holdings, Inc. Reports Third Quarter 2020 Results YARDLEY, Pa., Oct. 19, 2020

YARDLEY, Pa., Oct. 19, 2020 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the third quarter ended September 30, 2020.

Third Quarter Highlights

* Earnings per share $1.59 versus $1.36 in prior year * Adjusted earnings per share $1.96 versus $1.56 in prior year * Increase in full year earnings and cash flow guidance * Beverage can volumes up 8% over prior year * Food can volumes up 9% over prior year * Announced intention to initiate dividend beginning Q1 2021 * Additional beverage can capacity announced in Brazil * Top ESG ranking from Sustainalytics * Launched Twentyby30 ESG initiative * Named top ten globally by WSJ for environmental issues management

Net sales in the third quarter were $3,167 million compared to $3,084 million in the third quarter of 2019, primarily reflecting increased beverage can and food can volumes partially offset by the pass through of lower material costs.

Income from operations was $406 million in the quarter compared to $352 million in the third quarter of 2019. Segment income improved to $461 million in the third quarter compared to $395 million in the prior year third quarter primarily due to higher sales unit volumes.

Commenting on the quarter, Timothy J. Donahue, President and Chief Executive Officer, stated, "The Company performed very well during the quarter, with strong results across our global operations. Despite various challenges posed by the global pandemic, segment income for the quarter increased 17% over the prior year, driven by robust beverage can and food can volumes, strong cost performance in Transit Packaging and exceptional manufacturing performance throughout the organization.

"Global beverage can shipments expanded 8% during the quarter, propelled by double-digit gains across the Western Hemisphere. We believe this accelerating growth demonstrates the increasing preference of both brand owners and consumers for beverage cans, the world's most sustainable and recycled beverage container. Global food can volumes advanced 9%, with notable increases in both Europe, where the harvest conditions and resulting crop yields, while below forecast, were considerably improved compared to the prior year, and North America, where demand has benefitted from more at-home meal preparation during the pandemic.

"I would like to express my appreciation to all of our employees and partners, whose dedication and commitment continue to be instrumental as we navigate through the challenges of the coronavirus pandemic. The health and safety of our employees, customers and partners is our highest priority.

"During the quarter, Sustainalytics, a global environmental, social and governance (ESG) ratings provider, ranked Crown as the number one low-risk organization of the 48 reviewed companies operating in the metal and glass packaging sector. Within Sustainalytics' total research universe of more than 12,500 companies, Crown placed in the top 1.4% of scores. On October 13, "The Wall Street Journal" named Crown as one of the world's 100 most sustainably managed companies and, notably, the highest rated packaging producer on the list. In addition, the WSJ ranked Crown among the world's top ten companies for environmental issues management - the only U.S.-based company to achieve that distinction.

"To elevate our industry-leading commitment to sustainability, the Company in July debuted Twentyby30, a robust program that outlines twenty measurable ESG goals to be completed by 2030 or sooner. The program identifies five distinct pillars of action - Climate Action, Resource Efficiency, Optimum Circularity, Working Together and Never Compromise - that represent areas of the business in which Crown can create notable impact.

"To meet accelerating demand, the Company continues to implement a number of beverage can capacity expansion projects. It should be noted that all new beverage can capacity has the ability to produce multiple sizes, often termed specialty cans. Early this year, we commenced production on the third line at the Toronto, Ontario facility to meet the increasing requirements of customers. During the second quarter, we completed the conversion of two lines in Seville, Spain from steel to aluminum and in June, we began commercial production on the third line at our Nichols, New York facility. In July, we commenced operations at a new one-line plant in Nong Khae, Thailand. Construction is also underway at our new greenfield facility in Bowling Green, Kentucky, an attractive location to effectively serve a number of diverse customers in the region. The first production line of the plant is targeted to start up during the second quarter of 2021, with the second line targeted for a late third quarter 2021 start up. To meet the expanding requirements of specialty cans in the Pacific Northwest, we will construct a third line in our Olympia, Washington plant which is scheduled to begin production during the third quarter of 2021. As the package mix for beer in Brazil continues to shift toward cans, we will add a second line to our recently constructed facility in Rio Verde. The line is targeted to commence operations during the third quarter of 2021."

Interest expense was $72 million in the third quarter of 2020 compared to $95 million in 2019 primarily due to a combination of lower outstanding debt and lower interest rates.

Net income attributable to Crown Holdings in the third quarter was $214 million compared to $183 million in the third quarter of 2019. Reported diluted earnings per share were $1.59 in the third quarter of 2020 compared to $1.36 in 2019. Adjusted diluted earnings per share were $1.96 compared to $1.56 in 2019.

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 ResultsNet sales for the first nine months of 2020 were $8,613 million compared to $8,874 million in the first nine months of 2019, primarily due to the pass through of lower material costs and $105 million of unfavorable currency translation, partially offset by increased sales unit volumes.

Income from operations was $927 million in the first nine months of 2020 compared to $997 million in the first nine months of 2019. Segment income in the first nine months of 2020 was $1,081 million versus $1,096 million in the prior year period. In addition to $18 million of unfavorable currency translation and the impact of the coronavirus pandemic on the Company's operations in 2020, the results for the European Food and the nonreportable segments included unfavorable impacts of $18 million and $16 million, respectively, in the first quarter of 2020 versus 2019 arising from the carryover of tinplate costs from the prior year end inventory.

Interest expense was $228 million for the first nine months of 2020 compared to $290 million in 2019 primarily due to lower outstanding debt and lower interest rates.

Net income attributable to Crown Holdings in the first nine months of 2020 was $428 million compared to $423 million in the first nine months of 2019. Reported diluted earnings per share were $3.18 compared to $3.14 in 2019. Adjusted diluted earnings per share were $4.43 compared to $4.07 in 2019.

Capital Allocation and Portfolio ReviewAs part of its ongoing capital allocation review, the Company announced today that it intends to initiate a regular quarterly dividend of at least $0.20 per share beginning with a payment in the first quarter of 2021. The actual amount and timing of any dividend will be provided in future communications after due authorization by the Company's Board of Directors. The Company also anticipates opportunistically repurchasing shares of its common stock during 2021 upon authorization of a share repurchase program by its Board.

The Company's previously announced portfolio review is ongoing and a further update will be provided in due course.

OutlookThe Company currently expects fourth quarter and full year 2020 adjusted diluted earnings to be in the ranges of $1.22 to $1.27 and $5.65 to $5.70 per share, respectively.

The adjusted effective income tax rate for the full year of 2020 is expected to be approximately 26%.

Adjusted free cash flow, as defined below, is currently expected to be approximately $550 million for 2020 with approximately $600 million of capital spending.

The projections above represent management's best estimates at this time. The uncertainty of the impact and duration of the coronavirus pandemic makes it inherently difficult for the Company to estimate the projected performance of its business, particularly over the near term. Please see "Cautionary Note Regarding Forward-Looking Statements" below for further information.

In direct response to the pandemic, the Company has taken specific actions to ensure the safety of its employees. Following the implementation of travel and visitor restrictions in February, Crown continues to update its policies as new information becomes available. The Company has taken increased safety measures in its manufacturing facilities to ensure the safety of its employees and the products they produce. In addition, as many Crown employees as possible are working remotely.

The Company's products are a vital part of the support system to its customers and consumers. In addition to manufacturing containers that provide protection for food and beverages, Crown also produces closures for baby food, aerosol containers for cleaning and sanitizing products and numerous products that provide for the safe and secure transportation of goods in transit.

The Company is working to ensure that its manufacturing facilities around the world remain operational and are equipped with the resources required to meet continually evolving customer demand by delivering high quality products in a safe and timely manner. Crown is actively monitoring and managing supply chain challenges, including coordinating with the Company's suppliers to identify and mitigate potential areas of risk and manage inventories.

Non-GAAP MeasuresSegment income, adjusted free cash flow, net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share and adjusted EBITDA 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 income from operations, net income, diluted earnings per share, effective tax rates, cash flow or leverage ratio 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 and net leverage ratio as the principal measure of its liquidity. The Company considers all 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. Reconciliations of estimated adjusted diluted earnings per share for the fourth quarter and full year of 2020 to estimated diluted earnings per share on a GAAP basis are not provided in this release due to the unavailability of estimates of the following, the timing and magnitude of which the Company is unable to reliably forecast without unreasonable efforts, which are excluded from estimated adjusted diluted earnings per share and could have a significant impact on earnings per share on a GAAP basis: gains or losses on the sale of businesses or other assets, restructuring and other costs, asset impairment charges, asbestos-related charges, losses from early extinguishment of debt, pension settlement and curtailment charges, the tax and noncontrolling interest impact of the items above, and the impact of tax law changes or other tax matters. The Company believes that adjusted net income, the adjusted effective tax rate and adjusted diluted earnings per share 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 and net leverage ratio provide meaningful measures 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, net leverage ratio, the adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share and adjusted EBITDA 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, net leverage ratio, the adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share and adjusted EBITDA can be found within this release.

Conference CallThe Company will hold a conference call tomorrow, October 20, 2020 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 630-395-0194 or toll-free 888-324-8108 and the access password is "packaging." A live webcast of the call will be made available to the public on the internet at the Company's website, www.crowncork.com. A replay of the conference call will be available for a one-week period ending at midnight on October 27, 2020. The telephone numbers for the replay are 402-220-4720 or toll free 800-879-4284.

Cautionary Note Regarding Forward-Looking StatementsExcept 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 the coronavirus pandemic on the Company's operations, the Company's ability to continue to operate its plants, distribute its products, and maintain its supply chain; the impact of the coronavirus pandemic on demand for the Company's products; the future impact of currency translation; the continuation of performance and market trends in 2020, including consumer preference for beverage cans and increasing global beverage can demand; future demand for food cans; the Company's ability to successfully complete its previously announced capacity expansion projects and begin production within expected timelines, including any delays related to the pandemic; the Company's ability to meet its sustainability targets; the Company's plans for dividends and share repurchases; and the Company's ability to generate expected earnings and cash flow in 2020, 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, 2019 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 global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Yardley, Pennsylvania.

For more information, contact:Thomas A. Kelly, Senior Vice President and Chief Financial Officer, (215) 698-5341Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720

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 Nine Months Ended September 30, September 30,

2020 2019 2020 2019

Net sales $3,167 $3,084 $8,613 $8,874

Cost of products sold 2,478 2,455 6,853 7,082

Depreciation and amortization 121 121 360 366

Selling and administrative expense 152 156 453 470

Restructuring and other 10 20 (41)

Income from operations ^(1) 406 352 927 997

Pension settlements and curtailments 5 6 61 23

Other pension and postretirement (6) (5) (18) (11)

Foreign exchange 2 4 (15) 6

Earnings before interest and taxes 405 347 899 979

Interest expense 72 95 228 290

Interest income (2) (5) (7) (12)

Loss from early extinguishment of debt 6

Income before income taxes 335 257 678 695

Provision for income taxes 91 54 182 190

Equity earnings 1 1 4 4

Net income 245 204 500 509

Net income attributable to noncontrolling interests (31) (21) (72) (86)

Net income attributable to Crown Holdings $214 $183 $428 $423

Earnings per share attributable to Crown Holdings common shareholders:

Basic $1.61 $1.37 $3.20 $3.16

Diluted $1.59 $1.36 $3.18 $3.14



Weighted average common shares outstanding:

Basic 133,300,255133,906,820133,546,285 133,854,275

Diluted 134,355,476134,981,636134,456,274 134,768,003

Actual common shares outstanding at quarter end134,763,007135,526,922134,763,007 135,526,922





^(1) Reconciliation from income from operations to segment income follows.

Consolidated Supplemental Financial Data (Unaudited) (in millions)



Reconciliation from Income from Operations to 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 exclude intangibles amortization charges, and provisions for asbestos and restructuring and other.



Three Months Ended September 30,Nine Months Ended September 30,

2020 2019 2020 2019

Income from $ 406 $ 352 $ 927 $ 997 operations

Intangibles amortization ^(1) 45 43 134 140

Restructuring and other 10 20 (41)

Segment income $ 461 $ 395 $ 1,081 $ 1,096



^(1) In addition to intangibles amortization charges, the amounts for 2019 also include $1 and $4 of accelerated depreciation related to the closure of a steel beverage can operation in Spain.

Segment Information

Net Sales Three Months Ended Nine Months Ended September 30, September 30,

2020 2019 2020 2019

Americas Beverage $ 960 $ 835 $ 2,608 $ 2,513

European Beverage 418 416 1,094 1,165

European Food 623 581 1,524 1,487

Asia Pacific 281 319 852 959

Transit Packaging 511 564 1,495 1,725

Total reportable segments 2,793 2,715 7,573 7,849

Non-reportable segments ^(2) 374 369 1,040 1,025

Total net sales $ 3,167 $ 3,084 $ 8,613 $ 8,874

Segment Income^

Americas Beverage $ 193 $ 134 $ 456 $ 386

European Beverage 76 64 152 163

European Food 90 79 191 189

Asia Pacific 41 47 125 143

Transit Packaging 72 74 189 227

Total reportable segments 472 398 1,113 1,108

Non-reportable segments ^(2) 36 34 86 103

Corporate and other unallocated items (47) (37) (118) (115)

Total segment income $ 461 $ 395 $ 1,081 $ 1,096

Includes the Company's food can and closures businesses in North America,^ aerosol can businesses in North America and Europe, the promotional(2) packaging business in Europe, and tooling and equipment operations in the U.S. and United Kingdom.

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



The following table reconciles reported net income and diluted earnings per share attributable to the Company to adjusted net income and adjusted diluted earnings per share, as used elsewhere in this release.



Three Months Ended September 30,Nine Months Ended September 30,

2020 2019 2020 2019

Net income/diluted earnings per share attributable to Crown Holdings, as reported $214 $1.59 $183 $1.36 $428 $3.18 $423 $3.14

Intangibles amortization ^(1) 45 0.33 43 0.32 134 1.00 140 1.04

Restructuring and other[ ]^(2) 10 0.07 20 0.15 (41) (0.30)

Pension settlements and curtailments ^(3) 5 0.04 6 0.04 61 0.45 23 0.17

Loss from early extinguishment of debt ^ 6 0.04 (4)

Income taxes ^(5) (10) (0.07) (22) (0.16) (48) (0.35) (20) (0.15)

Noncontrolling interests ^(6) 17 0.13

Adjusted net income/diluted earnings per share $264 $1.96 $210 $1.56 $595 $4.43 $548 $4.07



Effective tax rate as reported 27.2% 21.0% 26.8% 27.3%

Adjusted effective tax rate ^(7) 25.6% 24.8% 25.8% 25.5%

Adjusted net income, adjusted diluted earnings per share and the adjustedeffective tax rate are non-GAAP measures and are not meant to be considered inisolation or as a substitute for net income, diluted earnings per share andeffective tax rates determined in accordance with U.S. generally acceptedaccounting principles. The Company believes these non-GAAP measures provideuseful information to evaluate the performance of the Company's ongoingbusiness.

In the third quarter and first nine months of 2020, the Company recorded charges of $45 million ($33 million net of tax) and $134 million ($101 million net of tax) for intangibles amortization arising from prior acquisitions. In the third quarter and first nine months of 2019, the^ Company recorded charges of $42 million ($31 million net of tax) and $136(1) million ($101 million net of tax) for intangibles amortization. Also in the third quarter and first nine months of 2019, the Company recorded charges of $1 million ($0 million net of tax) and $4 million ($3 million net of tax) for accelerated depreciation related to the planned shutdown of a steel beverage can operation in Spain.

In the third quarter and first nine months of 2020, the Company recorded net restructuring and other charges of $10 million ($8 million net of tax) and $20 million ($16 million net of tax) primarily related to business reorganization activities. In the first nine months of 2019, the Company^ recorded net restructuring and other gains of $41 million ($26 million net(2) of tax). The first nine months of 2019 included gains of $50 million arising from favorable court rulings in lawsuits brought by the Company's Brazilian subsidiaries claiming they were overcharged by the local tax authorities for indirect taxes paid in prior years, offset by other net charges of $9 million primarily related to restructuring actions.

In the third quarter and first nine months of 2020, the Company recorded charges of $5 million ($4 million net of tax) and $61 million ($49 million net of tax) arising from pension plan settlements. In the third quarter^ and first nine months of 2019, the Company recorded charges of $6 million(3) ($5 million net of tax) and $37 million ($31 million net of tax) arising from pension plan settlements. In the first quarter of 2019, the Company recorded a curtailment gain of $14 million ($12 million net of tax) in connection with the closure of a defined pension plan to future accrual for active members.

^ In the first quarter of 2019, the Company recorded a charge of $6 million(4) ($5 million net of tax) for the write off of deferred financing fees in connection with the repayment of a portion of its term loan.

In the third quarter and first nine months of 2020, the Company recorded income tax benefits of $15 million and $49 million related to the items described above. Also in the third quarter of 2020, the Company recorded tax charges of $5 million primarily related to tax law changes in the U.K. In the first quarter of 2020, the Company recorded a tax benefit of $4^ million related to tax law changes in India. In the third quarter and(5) first nine months of 2019, the Company recorded income tax benefits of $13 million and $26 million related to the items described above. Also in the third quarter of 2019, the Company recorded a tax benefit of $9 million arising from tax law changes. In the second quarter of 2019, the Company recorded a charge of $15 million to settle a tax contingency arising from a transaction that occurred prior to its acquisition of Signode.

^ In the first nine months of 2019, the Company recorded noncontrolling(6) interest expense of $17 million related to the items described above.

^ Income tax effects on adjusted net income were calculated using the(7) applicable tax rates of the underlying jurisdiction.

Consolidated Balance Sheets (Condensed & Unaudited)

(in millions)

September 30, 2020 2019

Assets

Current assets

Cash and cash equivalents $ 613 $ 339

Receivables, net 1,821 1,795

Inventories 1,642 1,740

Prepaid expenses and other current assets 254 208

Total current assets 4,330 4,082

Goodwill and intangible assets, net 6,280 6,367

Property, plant and equipment, net 3,889 3,739

Other non-current assets 1,130 1,149

Total $ $ 15,629 15,337

Liabilities and equity

Current liabilities

Short-term debt $ 132 $ 134

Current maturities of long-term debt 72 87

Accounts payable and accrued liabilities 3,420 3,411

Total current liabilities 3,624 3,632

Long-term debt, excluding current maturities 8,039 8,042

Other non-current liabilities 1,648 1,642

Noncontrolling interests 409 402

Crown Holdings shareholders' equity 1,909 1,619

Total equity 2,318 2,021

Total $ $ 15,337 15,629

Consolidated Statements of Cash Flows (Condensed & Unaudited) (in millions)

Nine months ended September 30, 2020 2019



Cash flows from operating activities

Net income $500 $509

Depreciation and amortization 360 366

Restructuring and other 20 (41)

Pension expense 80 52

Pension contributions (16) (14)

Stock-based compensation 23 23

Working capital changes and other (658) (694)



Net cash provided by operating activities ^ 309 201 (1)



Cash flows from investing activities

Capital expenditures (333) (242)

Acquisition of business, net of cash acquired (11)

Proceeds from sale of assets 8 17

Other 16 20



Net cash used for investing activities (309) (216)



Cash flows from financing activities

Net change in debt 92 (192)

Dividends paid to noncontrolling interests (43) (36)

Common stock repurchased (58) (2)

Other, net 35 (15)



Net cash provided by/(used for) financing 26 (245)activities



Effect of exchange rate changes on cash and cash (1) (1) equivalents



Net change in cash and cash equivalents 25 (261)

Cash and cash equivalents at January 1 663 659



Cash and cash equivalents at September 30 ^(2) $688 $398





Adjusted free cash flow is defined by the Company as net cash used for^ operating activities less capital expenditures and certain other items. A(1) reconciliation from net cash used for operating activities to adjusted free cash flow for the three and nine months ended September 30, 2020 and 2019 follows.

^ Cash and cash equivalents includes $75 and $59 of restricted cash at(2) September 30, 2020 and 2019.

Three Months Nine Months Ended Ended

September 30, September 30,

2020 2019 2020 2019

Net cash from operating activities $547 $428 $309 $201

Interest included in investing activities 13 15 28 21^(3)

Capital expenditures (134) (88) (333) (242)

Adjusted free cash flow $426 $355 $4 $(20)

^(3) Interest benefit of cross currency swap included in investing activities.

Consolidated Supplemental Data (Unaudited)

(in millions)

Impact of Foreign Currency Translation by Segment - Favorable/(Unfavorable)^(1)

Three Months Ended Nine Months Ended

September 30, 2020 September 30, 2020

Segment Segment Income Income Net Sales Net Sales

Americas Beverage $(27) $(7) $(70) $(15)

European Beverage 13 1 1

European Food 20 3 (5)

Asia Pacific (1) (5)

Transit Packaging 3 1 (18) (2)

Corporate and Non-Reportable (1) (8) (1)

$8 $(3) $(105) $(18)

The impact of foreign currency translation represents the difference between actual current year U.S. dollar results and pro forma amounts assuming constant foreign currency exchange rates for translation in both^ periods. In order to compute the difference, the Company compares actual(1) U.S. dollar results to an amount calculated by multiplying or dividing, as appropriate, the current U.S. dollar results by current year average foreign exchange rates and then multiplying or dividing, as appropriate, those amounts by the applicable prior year average foreign exchange rates.

Reconciliation of Adjusted EBITDA

September September Full Year Twelve Months Ended YTD 2019 2019 September 30, 2020 YTD 2020

Income from operations $927 $997 $1,196 $1,126

Add:

Intangibles amortization 134 140 186 180

Provision for restructuring and other 20 (41) (1) 60

Segment income 1,081 1,096 1,381 1,366

Other pension and postretirement 18 11 17 24

Depreciation 226 226 304 304

Adjusted EBITDA $1,325 $1,333 $1,702 $1,694

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SOURCE Crown Holdings, Inc.