2024-04-30 12:50:09 ET
Crown Holdings, Inc. (CCK)
Q1 2024 Earnings Conference Call
April 30, 2024, 09:00 AM ET
Company Participants
Timothy Donahue - President and Chief Executive Officer
Kevin Clothier - Senior Vice President and Chief Financial Officer
Conference Call Participants
Ghansham Panjabi - Robert W. Baird
Anthony Pettinari - Citigroup
George Staphos - Bank of America
Philip Ng - Jefferies
Mike Leithead - Barclays
Adam Samuelson - Goldman Sachs
Gabe Hajde - Wells Fargo Securities
Arun Viswanathan - RBC Capital Markets
Niccolo Piccini - Truist Securities
Presentation
Operator
Good morning and welcome to Crown Holdings' First Quarter 2024 Conference Call. You lines have been placed in a listen-only mode until the question-and-answer session. Please be advised that this conference is being recorded.
I would now like to turn the call over to Mr. Kevin Clothier, Senior Vice President and Chief Financial Officer. Sir, you may begin.
Kevin Clothier
Thank you, Elle and good morning. With me on today’s call is Tim Donahue, President and Chief Executive Officer. If you don’t already have the earnings release, it is available on our website at crowncork.com.
On this call, as in the earnings release, we will be making a number of forward-looking statements. Actual results could vary materially from such statements. Additional information concerning factors that could cause actual results to vary is contained in the press release and our SEC filings, including Form 10-K for 2023 and subsequent filings.
Earnings for the quarter were $0.56 per diluted share compared to $0.85 per diluted share in the prior year quarter. Adjusted diluted earnings per share were $1.02 compared to $1.20 in the prior year quarter. Net sales for the quarter were $2.8 billion compared to $3 billion in the prior year, reflecting higher beverage can shipments in Americas and European beverage offset by the pass through of lower raw materials and lower volumes in most other businesses.
Segment income was $308 million for the quarter compared to $320 million in the prior year, reflecting improved results in global beverage offset by lower volumes in the other business and $12 million higher corporate costs, which include $8 million of costs related to a facility fire....
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Crown Holdings, Inc. (CCK) Q1 2024 Earnings Call Transcript