Crown Holdings reported strong fourth quarter and full year 2020 results.

Net sales in the fourth quarter were $2,962 million compared to $2,791 million in the fourth quarter of 2019, primarily reflecting increased beverage can and food can volumes and $46 million of favourable currency translation.

Income from operations was $337 million in the quarter compared to $199 million in the fourth quarter of 2019.  Segment income improved to $397 million in the fourth quarter compared to $285 million in the prior year fourth quarter primarily due to higher sales unit volumes.

Commenting on the quarter, Timothy Donahue, president and chief executive officer, said: “The company’s performance for both the fourth quarter and the full year was exceptional.

“Segment income during the quarter advanced 39% over the prior year. Driving the strong results were robust global beverage can volumes, particularly in North America, and food can volumes combined with excellent manufacturing performance throughout the organisation, including meaningful cost reduction initiatives within Transit Packaging.

“For the full year, we achieved record segment income in 2020, with a gain of 7% from the prior year. Operating cash flow exceeded $1.3 billion, reflecting a 13% increase over 2019.  The company generated a record $756 million in free cash flow allowing us to reduce our year-end 2020 net leverage ratio to 3.9x.

“With opportunities for profitable beverage can growth combined with significant growth in European Food and Transit earnings, Crown is well-positioned for an excellent 2021 and the years beyond.

“I would like to thank all of our employees and partners, whose dedication and commitment continue to be instrumental as we navigate through the unprecedented challenges presented by the pandemic. The health and safety of our employees, customers and partners is our highest priority.”

Read the full report here.

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