Crown Holdings(US:CCK)2025-04-28 20:16Financial Performance - Net sales for Q1 2025 were $2,887 million, up from $2,784 million in Q1 2024, reflecting higher beverage can shipments and a $94 million pass-through of increased material costs[5]. - Income from operations increased to $365 million in Q1 2025, compared to $245 million in Q1 2024, driven by higher beverage can shipments and improved manufacturing performance[6]. - Net income attributable to Crown Holdings rose to $193 million in Q1 2025, compared to $67 million in Q1 2024, with diluted earnings per share increasing to $1.65 from $0.56[7]. - Adjusted diluted earnings per share increased by 64% to $1.67 in Q1 2025, compared to $1.02 in Q1 2024[8]. - Segment income improved by $90 million, or 29%, to $398 million in Q1 2025, up from $308 million in the prior year[8]. - The company expects second quarter adjusted diluted earnings per share to be in the range of $1.80 to $1.90[8]. - Full-year guidance for adjusted diluted earnings per share has been increased to a range of $6.70 to $7.10, with adjusted free cash flow expected to be approximately $800 million[9]. - The trailing twelve-month adjusted EBITDA exceeded $2 billion for the first time, $90 million higher than in 2024[4]. Segment Performance - Americas Beverage segment net sales increased to $1,320 million in Q1 2025 from $1,222 million in Q1 2024, while European Beverage segment net sales rose to $512 million from $482 million[22]. Shareholder Returns - The company returned $233 million to shareholders in Q1 2025, including $203 million in share repurchases[8]. Income and Cash Flow - For Q1 2025, Crown Holdings reported net income of $193 million ($1.65 per diluted share), compared to $67 million ($0.56 per diluted share) in Q1 2024, representing a 187% increase in net income[25]. - Adjusted net income for Q1 2025 was $195 million ($1.67 per diluted share), up from $122 million ($1.02 per diluted share) in Q1 2024, reflecting a 60% increase[25]. - Net cash provided by operating activities was $14 million in Q1 2025, a significant improvement from a net cash used of $102 million in Q1 2024[27]. - Adjusted free cash flow for Q1 2025 was $(6) million, compared to $(183) million in Q1 2024, indicating a substantial reduction in cash outflow[28]. Balance Sheet - Total assets decreased to $13.841 billion in Q1 2025 from $14.691 billion in Q1 2024, a decline of approximately 5.8%[26]. - Current liabilities increased to $4.838 billion in Q1 2025 from $3.864 billion in Q1 2024, an increase of 25.2%[26]. - Cash and cash equivalents at the end of Q1 2025 were $879 million, down from $1.218 billion at the end of Q1 2024, a decrease of 28%[27]. - The company recorded a total debt of $6.204 billion as of March 31, 2025, down from $6.436 billion in the previous year[31]. - The adjusted net leverage ratio improved to 2.7x in Q1 2025 from 2.8x in Q1 2024, indicating better debt management[31]. Foreign Currency Impact - Foreign currency translation had a negative impact of $31 million on net sales for Q1 2025, affecting various segments including Americas Beverage and Transit Packaging[30].