Crown Holdings, a leading packaging products and equipment company, announced a decrease in sales for the second quarter of the year. The decline in sales was attributed to lower volumes across most of its businesses.
In the second quarter ended June 30, Crown Holdings reported a net income of $157 million, or $1.31 per share, compared to $295 million, or $2.43 per share, in the same period last year. Adjusted earnings per share came in at $1.68, surpassing analysts’ estimates of $1.63.
Sales for the quarter fell from $3.51 billion to $3.11 billion, according to FactSet analysts’ expectations of $3.46 billion.
The company stated that the decrease in sales was due to lower material costs and reduced volumes across various business sectors, despite higher beverage can volumes in its Americas beverage segment and favorable foreign currency translation of $11 million.
“Results in European Beverage and Transit Packaging offset softer than expected beverage can volumes in Asia and sluggish aerosol can demand in North America,” commented Chief Executive Timothy Donahue.
