Crown Holdings reports Q4 adjusted EPS 79c, consensus 79c
Reports Q4 revenue $2.17B, consensus $2.02B. Beverage can volumes grew 4.5% in quarter. CEO Timothy J. Donahue says: "Our solid fourth quarter and full year operating results were in line with expectations and reflect strong performances throughout the Company's global businesses. We exceeded our adjusted free cash flow projections due to another year of excellent working capital performance. Global beverage can volumes advanced three percent for the full year with particularly robust shipments in Europe, Latin America and Southeast Asia. In January 2018, ahead of schedule, the new glass facility in Chihuahua, Mexico commenced operations to serve the expanding beer market in the northern part of the country. Additional growth projects completed in 2017 included the start-up of a two-line beverage can plant in Nichols, New York, the conversion of a second beverage can line in Custines, France from steel to aluminum, a beverage can capacity expansion in Colombia, the commencement of a one-line beverage can facility in Jakarta, Indonesia and the addition of a second production line to our Danang, Vietnam beverage can plant. In 2018, we expect to begin production at our new one-line beverage can plant in Yangon, Myanmar during the second quarter and our new two-line beverage can facility in Valencia, Spain during the fourth quarter. The Valencia plant will commence our conversion from steel to aluminum for beverage cans in the growing Spanish market. Additionally, we will construct a third beverage can line at our existing plant in Phnom Penh, Cambodia".