Crown Holdings(US:CCK)2025-02-05 21:18Financial Performance - Fourth quarter net sales reached $2,903 million, reflecting a 4% increase in global beverage can volumes[4]. - Segment income for the fourth quarter increased to $428 million, up from $382 million in the prior year, driven by improved results in global beverage operations[4][22]. - Full year net sales for 2024 were $11,801 million, with a 5% increase in global beverage can shipments[8]. - Full year segment income for 2024 was $1,645 million, a $99 million increase compared to 2023, primarily due to improved results in global beverage operations[9][22]. - Adjusted net income for the year ended December 31, 2024, was $765 million, or $6.41 per diluted share, compared to $701 million, or $5.86 per diluted share in 2023, indicating an increase of 9.1% in adjusted net income[28]. - Income from operations increased to $1,419 million in 2024 from $1,269 million in 2023, representing a growth of approximately 11.8%[39]. - Adjusted EBITDA rose to $1,942 million in 2024, up from $1,882 million in 2023, reflecting an increase of about 3.2%[39]. - Segment income increased to $1,645 million in 2024, up from $1,546 million in 2023, representing a growth of approximately 6.4%[39]. Cash Flow and Debt Management - The company generated record adjusted free cash flow of $814 million in 2024, supported by earnings growth and normalized capital expenditures[3]. - The company reduced net debt by $878 million in 2024, resulting in an adjusted net leverage ratio of 2.7x[6][10]. - The company anticipates adjusted free cash flow of approximately $800 million for 2025 after estimated capital spending of $450 million[10]. - The company recorded a total of $1,192 million in net cash provided by operating activities for the year ended December 31, 2024, down from $1,453 million in 2023, a decrease of 18%[32]. - Total debt decreased to $6,204 million in 2024, down from $7,474 million in 2023, indicating a reduction of approximately 17%[39]. - Net debt also declined to $5,286 million in 2024 from $6,164 million in 2023, showing a decrease of around 14.2%[39]. - The adjusted net leverage ratio improved to 2.7x in 2024 compared to 3.3x in 2023, indicating a stronger balance sheet[39]. Capital Expenditures and Investments - Capital expenditures for the year ended December 31, 2024, were $403 million, significantly lower than $793 million in 2023, a reduction of 49.1%[32]. - The company recorded charges of $513 million related to pension plan obligations for the year ended December 31, 2024[28]. Taxation - The adjusted effective tax rate for 2025 is expected to be approximately 25%[10]. - The effective tax rate as reported for the year ended December 31, 2024, was 24.6%, compared to 27.9% in 2023, showing a decrease of 3.3 percentage points[28]. Future Outlook - For 2025, the company expects adjusted diluted earnings per share to be in the range of $6.60 to $7.00, compared to $6.41 in 2024[10]. - The company continues to focus on improving operational efficiency and reducing debt levels to enhance financial stability[39]. Other Financial Metrics - Total assets decreased to $13,848 million as of December 31, 2024, from $15,034 million in 2023, a decline of 7.9%[31]. - The company experienced a foreign currency translation impact of $(11) million on net sales for the three months ended December 31, 2024[38]. - Restructuring and other costs reduced to $75 million in 2024 from $114 million in 2023, reflecting a decrease of approximately 34.2%[39]. - Depreciation expenses decreased to $297 million in 2024 from $336 million in 2023, indicating a reduction of about 11.6%[39]. - Intangibles amortization decreased slightly to $151 million in 2024 from $163 million in 2023[39].