CROWN HOLDINGS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS
Crown Holdings (NYSE: CCK) reported strong Q4 and full-year 2024 results. Q4 highlights include diluted EPS of $3.02 and adjusted diluted EPS up 28% to $1.59. Full-year performance showed diluted EPS of $3.55 and adjusted diluted EPS increasing 9% to $6.41.
The company achieved record adjusted free cash flow of $814 million and reduced net debt by $878 million, reaching an adjusted net leverage ratio of 2.7x. Global beverage can volumes grew 4% in Q4, with Europe and North America showing strong growth of 8% and 7% respectively. Q4 net sales were $2,903 million, while full-year net sales reached $11,801 million.
Looking ahead to 2025, Crown expects adjusted diluted EPS between $6.60-$7.00 and adjusted free cash flow of approximately $800 million, with planned capital spending of $450 million. Q1 2025 adjusted diluted EPS is projected at $1.20-$1.30.
Crown Holdings (NYSE: CCK) ha riportato risultati forti nel quarto trimestre e per l'intero anno 2024. I punti salienti del quarto trimestre includono un EPS diluito di $3,02 e un EPS diluito rettificato in aumento del 28% a $1,59. Le prestazioni annuali hanno mostrato un EPS diluito di $3,55 e un EPS diluito rettificato in crescita del 9% a $6,41.
L'azienda ha raggiunto un record di flusso di cassa libero rettificato di $814 milioni e ha ridotto il debito netto di $878 milioni, arrivando a un rapporto di leva finanziaria netto rettificato di 2,7x. I volumi globali delle lattine per bevande sono cresciuti del 4% nel quarto trimestre, con Europa e Nord America che hanno mostrato una forte crescita del 8% e del 7% rispettivamente. Le vendite nette del quarto trimestre sono state di $2.903 milioni, mentre le vendite nette per l'intero anno hanno raggiunto $11.801 milioni.
Guardando al 2025, Crown prevede un EPS diluito rettificato tra $6,60 e $7,00 e un flusso di cassa libero rettificato di circa $800 milioni, con una spesa in conto capitale pianificata di $450 milioni. L'EPS diluito rettificato del primo trimestre 2025 è previsto tra $1,20 e $1,30.
Crown Holdings (NYSE: CCK) informó resultados sólidos en el cuarto trimestre y para todo el año 2024. Los aspectos más destacados del cuarto trimestre incluyen un EPS diluido de $3.02 y un EPS diluido ajustado que subió un 28% a $1.59. El desempeño a lo largo del año mostró un EPS diluido de $3.55 y un EPS diluido ajustado que aumentó un 9% a $6.41.
La compañía logró un flujo de caja libre ajustado récord de $814 millones y redujo la deuda neta en $878 millones, alcanzando un ratio de apalancamiento neto ajustado de 2.7x. Los volúmenes globales de latas de bebidas crecieron un 4% en el cuarto trimestre, con Europa y América del Norte mostrando un fuerte crecimiento del 8% y 7% respectivamente. Las ventas netas del cuarto trimestre fueron de $2,903 millones, mientras que las ventas netas anuales alcanzaron los $11,801 millones.
De cara a 2025, Crown espera un EPS diluido ajustado entre $6.60 y $7.00 y un flujo de caja libre ajustado de aproximadamente $800 millones, con un gasto de capital planeado de $450 millones. Se proyecta que el EPS diluido ajustado para el primer trimestre de 2025 será de $1.20 a $1.30.
Crown Holdings (NYSE: CCK)는 2024년 4분기 및 연간 실적이 강력하다고 보고했습니다. 4분기 주요 내용은 희석 주당순이익(EPS)이 $3.02이고, 조정된 희석 EPS가 28% 증가한 $1.59입니다. 연간 실적은 희석 EPS가 $3.55이고 조정된 희석 EPS가 9% 증가한 $6.41를 기록했습니다.
회사는 조정된 자유 현금 흐름이 $8억 1천 4백만에 달하는 신기록을 달성하고, 순부채를 $8억 7천 8백만 줄이며 조정된 순 레버리지 비율이 2.7배에 도달했습니다. 전 세계 음료 캔 물량은 4분기 동안 4% 증가했으며, 유럽과 북미는 각각 8%와 7%의 강력한 성장을 기록했습니다. 4분기 순매출은 $29억 3천만이었으며, 연간 순매출은 $118억 1천만에 달했습니다.
2025년을 바라보며, Crown은 조정된 희석 EPS를 $6.60-$7.00, 조정된 자유 현금 흐름을 약 $8억, 계획된 자본 지출을 $4억 5천만으로 예상하고 있습니다. 2025년 1분기 조정된 희석 EPS는 $1.20-$1.30으로 예상됩니다.
Crown Holdings (NYSE: CCK) a annoncé de solides résultats pour le quatrième trimestre et pour l'ensemble de l'année 2024. Les points forts du quatrième trimestre incluent un bénéfice par action (EPS) dilué de 3,02 $ et un EPS dilué ajusté en hausse de 28 % à 1,59 $. La performance annuelle a montré un EPS dilué de 3,55 $ et un EPS dilué ajusté en hausse de 9 % à 6,41 $.
La société a atteint un flux de trésorerie libre ajusté record de 814 millions de dollars et a réduit sa dette nette de 878 millions de dollars, atteignant un ratio de levier net ajusté de 2,7x. Les volumes globaux de canettes de boissons ont augmenté de 4 % au quatrième trimestre, l'Europe et l'Amérique du Nord affichant une forte croissance de 8 % et 7 % respectivement. Les ventes nettes du quatrième trimestre se sont élevées à 2 903 millions de dollars, tandis que les ventes nettes pour l'année ont atteint 11 801 millions de dollars.
En regardant vers 2025, Crown prévoit un EPS dilué ajusté compris entre 6,60 $ et 7,00 $ et un flux de trésorerie libre ajusté d'environ 800 millions de dollars, avec des dépenses d'investissement planifiées de 450 millions de dollars. L'EPS dilué ajusté pour le premier trimestre 2025 est projeté entre 1,20 $ et 1,30 $.
Crown Holdings (NYSE: CCK) hat starke Ergebnisse im vierten Quartal und für das gesamte Jahr 2024 gemeldet. Zu den Highlights des vierten Quartals gehören ein verwässerter Gewinn pro Aktie (EPS) von $3,02 und ein bereinigter verwässerter EPS, der um 28% auf $1,59 gestiegen ist. Die Leistungskennzahlen für das gesamte Jahr zeigten einen verwässerten EPS von $3,55 und einen um 9% auf $6,41 gestiegenen bereinigten EPS.
Das Unternehmen erzielte einen Rekord an bereinigtem Free Cashflow von $814 Millionen und reduzierte die Nettoverschuldung um $878 Millionen, wodurch das bereinigte Nettoverschuldungsverhältnis 2,7x erreichte. Die globalen Volumina von Getränkedosen wuchsen im vierten Quartal um 4%, wobei Europa und Nordamerika ein starkes Wachstum von 8% bzw. 7% verzeichneten. Die Nettoumsätze im vierten Quartal betrugen $2.903 Millionen, während die Nettoumsätze für das gesamte Jahr $11.801 Millionen erreichten.
Für 2025 erwartet Crown einen bereinigten verwässerten EPS zwischen $6,60 und $7,00 sowie einen bereinigten Free Cashflow von etwa $800 Millionen, mit geplanten Investitionen in Höhe von $450 Millionen. Der bereinigte verwässerte EPS für das erste Quartal 2025 wird auf $1,20 bis $1,30 geschätzt.
- Q4 adjusted diluted EPS increased 28% to $1.59
- Record adjusted free cash flow of $814 million in 2024
- Net debt reduction of $878 million
- Global beverage can segment income expanded 19% year-over-year
- Q4 global beverage can volumes up 4%
- Received $338 million and recorded $275 million gain from Eviosys equity investment sale
- Transit Packaging saw lower volume and profitability due to sluggish industrial activity
- Full-year net income declined to $424 million from $450 million in 2023
- Reported diluted EPS decreased to $3.55 from $3.76 in 2023
Insights
Crown Holdings' Q4 and FY2024 results demonstrate impressive operational execution and financial discipline. The standout achievement is the substantial deleveraging, reducing net debt by
The
Two key strategic developments warrant attention: First, the
The 2025 guidance of
- Normalized capital expenditure requirements following completion of expansion programs
- Operating leverage benefits from higher volumes
- Continued strong free cash flow generation projected at
$800 million
The improved leverage ratio and strong cash flow generation provide optionality for value-creating capital deployment, whether through organic investments, strategic M&A, or shareholder returns.
Highlights
Fourth Quarter
- Diluted earnings per share of
$3.02 - Adjusted diluted earnings per share increased
28% to$1.59
Full Year
- Diluted earnings per share of
$3.55 - Adjusted diluted earnings per share increased
9% to$6.41 - Operating cash flow of
$1,192 million - Adjusted free cash flow a record
$814 million - Net debt reduction of
$878 million
2025 Outlook
- Expect full year 2025 adjusted diluted earnings per share in the range of
$6.60 -$7.00 - Expect full year 2025 adjusted free cash flow of approximately
$800 million
"Crown delivered strong results in the fourth quarter, with segment income advancing
"2024 was an excellent year overall, exceeding previous expectations. Segment income advanced nearly
Fourth Quarter Results
Net sales in the fourth quarter were
Income from operations was
During the fourth quarter, the Company received gross proceeds of
Net income attributable to Crown Holdings improved in the fourth quarter to
Full Year Results
Net sales for 2024 were
Income from operations was
Net income attributable to Crown Holdings in 2024 was
Outlook
Kevin C. Clothier, Senior Vice President and Chief Financial Officer, stated, "Our multi-year global beverage can expansion program that commenced in 2019 has substantially been completed, resulting in a manufacturing platform that will allow us to meet existing and additional demand with significantly reduced levels of capital expenditures."
The Company currently estimates full year 2025 adjusted diluted earnings per share to be in the range of
First quarter adjusted diluted earnings per share is expected to be in the range of
Non-GAAP Measures
Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are not defined terms under
The Company views segment income as the principal measure of the performance of its operations and adjusted free cash flow and adjusted net leverage ratio as the principal measures 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. The Company believes that adjusted free cash flow and adjusted 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 dividends. The Company believes that adjusted net income, segment 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. Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are derived from the Company's Consolidated Statements of Operations, Cash Flows and Consolidated Balance Sheets, as applicable, and reconciliations to segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share and adjusted EBITDA can be found within this release. Reconciliations of estimated adjusted diluted earnings per share, adjusted free cash flow, adjusted effective tax rate and adjusted net leverage ratio for the first quarter and full year of 2025 to estimated diluted earnings per share, operating cash flow, the effective tax rate and income from operations 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, the adjusted effective tax rate and adjusted net leverage ratio and could have a significant impact on earnings per share, and the effective tax rate 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.
Conference Call
The Company will hold a conference call tomorrow, February 6, 2025 at 9:00 a.m. (EST) 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 February 13, 2025. The telephone numbers for the replay are 203-369-3997 or toll free 800-876-4955.
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 Company's ability to continue to operate its plants, distribute its products and maintain its supply chain; the future impact of currency translation; the continuation of performance and market trends in 2025, including consumer preference for beverage cans and global beverage can demand; the future impact of inflation, including the potential for higher interest rates and energy prices and the Company's ability to recover raw material and other inflationary costs; future demand for food cans; the Company's ability to deliver continuous operational improvement; future demand in the Transit Packaging segment and the Company's ability to decrease capital expenditures and increase cash flow and to further reduce net leverage, 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, 2023 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 worldwide leader in the design, manufacture and sale of packaging products for consumer goods and industrial products. World headquarters are located in
For more information, contact:
Kevin C. Clothier, Senior Vice President and Chief Financial Officer, (215) 698-5281
Thomas 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 December 31, | Year Ended December 31, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Net sales | $ 2,903 | $ 2,858 | $ 11,801 | $ 12,010 | |||
Cost of products sold | 2,253 | 2,245 | 9,262 | 9,546 | |||
Depreciation and amortization | 104 | 127 | 448 | 499 | |||
Selling and administrative expense | 147 | 145 | 597 | 582 | |||
Restructuring and other | 48 | 82 | 75 | 114 | |||
Income from operations (1) | 351 | 259 | 1,419 | 1,269 | |||
Loss on debt extinguishment | 1 | 1 | 1 | 1 | |||
Other pension and postretirement | (1) | 11 | 546 | 49 | |||
(Gain) on sale of equity method investment | (275) | (275) | |||||
Foreign exchange | 19 | 10 | 34 | 41 | |||
Earnings before interest and taxes | 607 | 237 | 1,113 | 1,178 | |||
Interest expense | 108 | 113 | 452 | 436 | |||
Interest income | (22) | (19) | (82) | (53) | |||
Income from operations before income taxes | 521 | 143 | 743 | 795 | |||
Provision for income taxes | 128 | 59 | 183 | 222 | |||
Equity earnings | (1) | (6) | 14 | ||||
Net income | 392 | 78 | 560 | 587 | |||
Net income attributable to noncontrolling interests | 34 | 46 | 136 | 137 | |||
Net income attributable to Crown Holdings | $ 358 | $ 32 | $ 424 | $ 450 | |||
Earnings per share attributable to Crown Holdings common shareholders: | |||||||
Basic | $ 3.03 | $ 0.27 | $ 3.56 | $ 3.77 | |||
Diluted | $ 3.02 | $ 0.27 | $ 3.55 | $ 3.76 | |||
Weighted average common shares outstanding: | |||||||
Basic | 118,295,008 | 119,507,491 | 119,195,009 | 119,408,789 | |||
Diluted | 118,599,513 | 119,743,953 | 119,426,593 | 119,666,669 | |||
Actual common shares outstanding | 118,503,631 | 120,644,313 | 118,503,631 | 120,644,313 | |||
(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 restructuring and other.
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
Income from operations | $ | 351 | $ | 259 | $ | 1,419 | $ | 1,269 | |||||
Intangibles amortization | 29 | 41 | 151 | 163 | |||||||||
Restructuring and other | 48 | 82 | 75 | 114 | |||||||||
Segment income | $ | 428 | $ | 382 | $ | 1,645 | $ | 1,546 | |||||
Segment Information | |||||||||||||
Net Sales | Three Months Ended | Year Ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||
Americas Beverage | $ | 1,325 | $ | 1,299 | $ | 5,240 | $ | 5,147 | |||||
European Beverage | 456 | 392 | 2,071 | 1,939 | |||||||||
308 | 320 | 1,161 | 1,297 | ||||||||||
Transit Packaging | 511 | 541 | 2,107 | 2,256 | |||||||||
Other (1) | 303 | 306 | 1,222 | 1,371 | |||||||||
Total net sales | $ | 2,903 | $ | 2,858 | $ | 11,801 | $ | 12,010 | |||||
Segment Income | |||||||||||||
Americas Beverage | $ | 275 | $ | 255 | $ | 987 | $ | 876 | |||||
European Beverage | 51 | 18 | 276 | 199 | |||||||||
48 | 47 | 195 | 154 | ||||||||||
Transit Packaging | 59 | 75 | 270 | 331 | |||||||||
Other (1) | 33 | 17 | 82 | 117 | |||||||||
Corporate and other unallocated items | (38) | (30) | (165) | (131) | |||||||||
Total segment income | $ | 428 | $ | 382 | $ | 1,645 | $ | 1,546 | |||||
(1) | Includes the Company's food can, aerosol can and closures businesses in |
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 December 31, | Year Ended December 31, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Net income/diluted earnings per share attributable to Crown Holdings, as reported |
|
|
|
|
|
|
|
| |||||||||
Intangibles amortization (1) | 29 | 0.24 | 41 | 0.35 | 151 | 1.27 | 163 | 1.37 | |||||||||
Restructuring and other (2) | 48 | 0.41 | 82 | 0.69 | 75 | 0.62 | 114 | 0.95 | |||||||||
Loss on debt extinguishment | 1 | 0.01 | 1 | 1 | 0.01 | 1 | |||||||||||
Other pension and postretirement (3) | (6) | (0.05) | 513 | 4.30 | 6 | 0.05 | |||||||||||
(Gain) on sale of equity method investment (4) | (275) | (2.32) | (275) | (2.30) | |||||||||||||
Income taxes (5) | 40 | 0.34 | (7) | (0.07) | (131) | (1.10) | (40) | (0.33) | |||||||||
Equity earnings (6) | 2 | 0.02 | 3 | 0.03 | 16 | 0.13 | 10 | 0.09 | |||||||||
Noncontrolling interests (7) | (9) | (0.08) | (3) | (0.03) | (9) | (0.07) | (3) | (0.03) | |||||||||
Adjusted net income/diluted earnings per share | |||||||||||||||||
Effective tax rate as reported | 24.6 % | 41.3 % | 24.6 % | 27.9 % | |||||||||||||
Adjusted effective tax rate | 27.7 % | 24.7 % | 26.0 % | 24.3 % | |||||||||||||
Adjusted net income, adjusted diluted earnings per share and the adjusted effective tax rate are non-GAAP measures and are not meant to be considered in isolation or as a substitute for net income, diluted earnings per share and effective tax rates determined in accordance with
(1) | In the fourth quarter and full year of 2024, the Company recorded charges of |
(2) | In the fourth quarter and full year of 2024, the Company recorded net restructuring and other charges of |
(3) | For the full year of 2024, the Company recorded charges of |
(4) | In the fourth quarter of 2024, the Company recorded a gain of |
(5) | The Company recorded an income tax charge of |
(6) | In the fourth quarters and full year of 2024 and 2023, the Company recorded its proportional share of intangible amortization and restructuring charges, net of tax, recorded by its European tinplate equity method investment, in the line Equity earnings. |
(7) | In the fourth quarter and full year of 2024 and 2023, the Company recorded noncontrolling interest benefits related to the items described above. |
| Consolidated Balance Sheets (Condensed & Unaudited) (in millions) | ||||||||
December 31, | 2024 | 2023 | ||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 918 | $ | 1,310 | ||||
Receivables, net | 1,656 | 1,719 | ||||||
Inventories | 1,440 | 1,613 | ||||||
Prepaid expenses and other current assets | 197 | 191 | ||||||
Total current assets | 4,211 | 4,833 | ||||||
Goodwill and intangible assets, net | 3,998 | 4,375 | ||||||
Property, plant and equipment, net | 4,927 | 5,062 | ||||||
Other non-current assets | 712 | 764 | ||||||
Total assets | $ | 13,848 | $ | 15,034 | ||||
Liabilities and equity | ||||||||
Current liabilities | ||||||||
Short-term debt | $ | 66 | $ | 16 | ||||
Current maturities of long-term debt | 80 | 759 | ||||||
Accounts payable and accrued liabilities | 3,319 | 3,426 | ||||||
Total current liabilities | 3,465 | 4,201 | ||||||
Long-term debt, excluding current maturities | 6,058 | 6,699 | ||||||
Other non-current liabilities | 1,097 | 1,270 | ||||||
Noncontrolling interests | 472 | 454 | ||||||
Crown Holdings shareholders' equity | 2,756 | 2,410 | ||||||
Total equity | 3,228 | 2,864 | ||||||
Total liabilities and equity | $ | 13,848 | $ | 15,034 | ||||
Consolidated Statements of Cash Flows (Condensed & Unaudited) (in millions) | |||||||||
Year ended December 31, | 2024 | 2023 | |||||||
Cash flows from operating activities | |||||||||
Net income | $ | 560 | $ | 587 | |||||
Depreciation and amortization | 448 | 499 | |||||||
Restructuring and other | 75 | 114 | |||||||
Pension and postretirement expense | 568 | 70 | |||||||
Pension contributions | (122) | (19) | |||||||
Gain on sale of equity method investment | (275) | ||||||||
Stock-based compensation | 42 | 31 | |||||||
Deferred income taxes | (168) | (53) | |||||||
Working capital changes and other | 64 | 224 | |||||||
Net cash provided by operating activities | 1,192 | 1,453 | |||||||
Cash flows from investing activities | |||||||||
Capital expenditures | (403) | (793) | |||||||
Acquisition and divestitures, net | (126) | ||||||||
Equity method investment distribution | 338 | 68 | |||||||
Asset sales | 28 | 17 | |||||||
Other | 25 | 30 | |||||||
Net cash used for investing activities | (12) | (804) | |||||||
Cash flows from financing activities | |||||||||
Net change in debt | (1,056) | 386 | |||||||
Dividends paid to shareholders | (119) | (115) | |||||||
Common stock repurchased | (217) | (12) | |||||||
Dividends paid to noncontrolling interests | (119) | (126) | |||||||
Other, net | (15) | (17) | |||||||
Net cash provided by/(used for) financing activities | (1,526) | 116 | |||||||
Effect of exchange rate changes on cash and cash equivalents | (38) | (4) | |||||||
Net change in cash and cash equivalents | (384) | 761 | |||||||
Cash and cash equivalents at January 1 | 1,400 | 639 | |||||||
Cash, cash equivalents and restricted cash at December 31 (1) | $ | 1,016 | $ | 1,400 | |||||
(1) | Cash and cash equivalents include |
Adjusted free cash flow is defined by the Company as net cash from operating activities less capital expenditures and certain other items. A reconciliation of net cash from operating activities to adjusted free cash flow for the three months and year ended December 31, 2024 and 2023 follows.
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Net cash provided by operating activities | $ 295 | $ 621 | $ 1,192 | $ 1,453 | |||||||
Interest included in investing activities (2) | 25 | 25 | |||||||||
Capital expenditures | (149) | (179) | (403) | (793) | |||||||
Other (3) | (24) | ||||||||||
Adjusted free cash flow | $ 146 | $ 442 | $ 814 | $ 661 | |||||||
(2) | Interest benefit of cross currency swaps included in investing activities. |
(3) | Includes |
Consolidated Supplemental Data (Unaudited) (in millions) | ||||||||||||||||
Impact of Foreign Currency Translation – Favorable/(Unfavorable) (1) | ||||||||||||||||
Three Months Ended December 31, 2024 | Year Ended December 31, 2024 | |||||||||||||||
Net Sales | Segment |
Net Sales | Segment | |||||||||||||
Americas Beverage | $ | (9) | $ | $ | (15) | $ | 1 | |||||||||
European Beverage | (1) | 9 | (1) | |||||||||||||
4 | (6) | (1) | ||||||||||||||
Transit Packaging | (8) | (2) | (14) | (2) | ||||||||||||
Other | 2 | (1) | 3 | (1) | ||||||||||||
$ | (11) | $ | (4) | $ | (23) | $ | (4) | |||||||||
(1) | The impact of foreign currency translation represents the difference between actual current year |
Reconciliation of Adjusted EBITDA and Adjusted Net Leverage Ratio | |||||||
2024 | 2023 | ||||||
Income from operations | $ | 1,419 | $ | 1,269 | |||
Add: | |||||||
Intangibles amortization | 151 | 163 | |||||
Restructuring and other | 75 | 114 | |||||
Segment income | 1,645 | 1,546 | |||||
Depreciation | 297 | 336 | |||||
Adjusted EBITDA | $ | 1,942 | $ | 1,882 | |||
Total debt | $ | 6,204 | $ | 7,474 | |||
Less cash | 918 | 1,310 | |||||
Net debt | $ | 5,286 | $ | 6,164 | |||
Adjusted net leverage ratio | 2.7x | 3.3x | |||||
View original content:https://www.prnewswire.com/news-releases/crown-holdings-inc-reports-fourth-quarter-and-full-year-2024-results-302369334.html
SOURCE Crown Holdings, Inc.
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