2024-02-06 13:22:06 ET
Crown Holdings, Inc. (CCK)
Q4 2023 Earnings Conference Call
February 6, 2024 09:00 ET
Company Participants
Kevin Clothier - Senior Vice President and Chief Financial Officer
Tim Donahue - President and Chief Executive Officer
Conference Call Participants
George Staphos - Bank of America
Phil Ng - Jefferies
Mike Roxland - Truist Securities
Ghansham Panjabi - RW Baird
Adam Samuelson - Goldman Sachs
Arun Viswanathan - RBC Capital Markets
Anthony Pettinari - Citigroup
Gabe Hajde - Wells Fargo Securities
Edlain Rodriguez - Mizuho
Presentation
Operator
Good morning and welcome to Crown Holdings’ Fourth Quarter 2023 Conference Call. [Operator Instructions] 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, Bill 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’s 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 in our SEC filings, including our Form 10-K for 2022 and subsequent filings.
Earnings for the quarter were $0.27 per share compared to $0.74 per share in the prior year quarter. Adjusted earnings were $1.24 compared to $1.17 in the prior year quarter. Net sales in the quarter benefited from 5% higher volumes in North American beverage, which were offset by the pass-through of lower raw material costs and lower volumes across most other businesses. Segment income was $382 million in the quarter compared to $292 million in the prior year, reflecting higher beverage can volumes in Americas Beverage, the contractual recovery of prior year’s inflationary cost in European beverage more than offsetting the underabsorption of fixed costs....
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Crown Holdings, Inc. (CCK) Q4 2023 Earnings Call Transcript