April 16: The world’s largest canmaking company, Crown Holdings, posted higher earnings in the first quarter of the year helped by demand for cans, cost control initiatives and improved operating efficiencies.
Chief executive John Conway said: “We are very pleased with the results of what is our seasonally smallest quarter. Overall, our businesses and demand for our products held up well and importantly, the quality of earnings was excellent. We were able to recover appropriate price increases for steel tinplate used in food and aerosol cans, improve operating efficiencies, expand margin to net sales and increase segment income.”
Segment income (gross profit less selling and administrative expense) increased 4 percent to US$156 million in the quarter ended on 31st March.