Third Quarter Highlights
- Earnings per share
$1.01 ; Before Certain Items$1.34 , including$0.21 of unfavorable currency translation -
YTD earnings per share
$2.35 ; Before Certain Items$2.89 , including$0.41 of unfavorable currency translation - Earnings per share before certain items on a constant-currency basis grew 14% in third quarter, 12% YTD
- On a constant-currency basis, Q3 revenue grew 6%, segment income grew 13%
- Global beverage can volumes grew 13% in the quarter over 2014
Net sales in the third quarter were
Segment income (a non-GAAP measure defined by the Company as gross profit excluding the impact of fair value adjustments to inventory acquired in an acquisition and the timing impact of hedge ineffectiveness, less selling and administrative expense) was
Commenting on the quarter,
'Global beverage can shipments increased 13% over 2014 during the quarter largely as a result of the recent acquisition of Empaque in Mexico. Excluding the impact from Empaque, shipment volumes advanced 5% in the quarter compared to 2014 with notable growth in
Interest expense increased to
During the third quarter of 2015, the Company recorded restructuring and other charges of
The Company's effective tax rate for the quarter was 23.1%, or 21.2% based on earnings before certain items. The adjusted rate of 21.2% includes the favorable impact of tax benefits in
Net income attributable to
A reconciliation from net income and income per diluted share to net income before certain items and income per diluted share before certain items is provided below.
Nine Month Results
Net sales for the first nine months of 2015 were
Segment income in the first nine months of 2015 was
Interest expense for the first nine months of 2015 increased to
Net income attributable to
Non-GAAP Measures
Segment income and free cash flow are not defined terms under U.S. generally accepted accounting principles (non-GAAP measures). In addition, the information presented excluding the impact of currency translation, regarding revenue, segment income, net income before certain items, the effective tax rate before certain items and income before certain items per diluted share does not conform to GAAP and includes non-GAAP measures. Non-GAAP measures should not be considered in isolation or as a substitute for net income, the effective tax rate, 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 and free cash flow as the principal measures of performance of its operations and for the allocation of resources. 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 net income before certain items, the effective tax rate before certain items, income before certain items per diluted share, and information excluding the impact of currency translation are useful in evaluating the Company's operations. Segment income, free cash flow, the effective tax rate before certain items, net income before certain items, income before certain items per diluted 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, free cash flow, the effective tax rate before certain items, net income before certain items, income before certain items per diluted share and information unadjusted for currency translation can be found within this release.
Conference Call
The Company will hold a conference call tomorrow,
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, future demand for beverage cans, including in the U.S., Southern and
For more information, contact:
Unaudited Consolidated Statements of Operations, Balance Sheets, Statements of Cash Flows, Segment Information and Supplemental Data follow.
Consolidated Supplemental Financial Data (Unaudited)
(in millions)
Reconciliation from Gross Profit 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 gross profit excluding the impact of fair value adjustments to inventory acquired in an acquisition and the timing impact of hedge ineffectiveness, less selling and administrative expense.
Consolidated Supplemental Data (Unaudited)
(in millions, except per share data)
Reconciliation from Net Income and Income Per Diluted Common Share to Net Income before Certain Items and Income Per Diluted Common Share before Certain Items
The following table reconciles reported net income and diluted earnings per share attributable to the Company to net income before certain items and income per diluted common share before certain items, as used elsewhere in this release.
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