Crown Holdings(US:CCK)2025-10-20 20:19Financial Performance - Net sales for Q3 2025 were $3,202 million, up from $3,074 million in Q3 2024, driven by increased shipments in European Beverage and higher material costs of $104 million[3]. - Adjusted diluted earnings per share increased 13% to $2.24 in Q3 2025 compared to $1.99 in Q3 2024, while reported diluted earnings per share were $1.85 compared to a loss of $1.47 in the prior year[5]. - Segment income for Q3 2025 was $490 million, up from $472 million in Q3 2024, primarily due to stronger results in European Beverage and North American tinplate businesses[4]. - Net income attributable to Crown Holdings in Q3 2025 was $214 million, compared to a loss of $175 million in Q3 2024[5]. - For the first nine months of 2025, net sales were $9,238 million, up from $8,898 million in the same period of 2024, reflecting higher shipments in European Beverage and North American food can[6]. - Income from operations for the first nine months of 2025 was $1,179 million, compared to $1,068 million in the first nine months of 2024[7]. - Total net sales for Q3 2025 reached $3,202 million, a 4.2% increase from $3,074 million in Q3 2024[22]. - Segment income for Q3 2025 was $490 million, up 3.8% from $472 million in Q3 2024[22]. - Adjusted net income for Q3 2025 was $259 million, or $2.24 per diluted share, compared to $238 million, or $1.99 per diluted share in Q3 2024[24]. Cash Flow and Capital Expenditures - Cash flows from operating activities for the first nine months of 2025 totaled $1,043 million, an increase from $897 million in the same period of 2024[27]. - Capital expenditures for the first nine months of 2025 were $181 million, compared to $254 million in the same period of 2024[27]. - The company expects to generate approximately $1.0 billion in adjusted free cash flow in 2025 after capital spending of about $400 million[11]. Debt and Leverage - The company achieved a long-term adjusted net leverage target of 2.5x as of September 30, 2025, and returned over $400 million to shareholders through share repurchases and dividends[3]. - Total debt decreased to $6,204 million as of September 30, 2025, from $6,389 million a year earlier, showing a reduction of 2.9%[31]. - Net debt stood at $5,286 million for the twelve months ended September 30, 2025, compared to $5,217 million for the same period in 2024, representing a slight increase of 1.3%[31]. - The adjusted net leverage ratio improved to 2.7x for the twelve months ended September 30, 2025, down from 3.0x a year prior, indicating a stronger balance sheet[31]. Tax and Other Costs - The adjusted effective tax rate for 2025 is expected to be approximately 25%[11]. - The effective tax rate as reported for Q3 2025 was 26.1%, compared to 22.0% in Q3 2024[24]. - Restructuring and other costs increased to $75 million for YTD 2025, compared to $27 million in YTD 2024, marking a significant rise of 177.8%[31]. Assets and Amortization - Total assets decreased to $14,553 million as of September 30, 2025, down from $15,095 million in 2024[26]. - Intangibles amortization decreased to $110 million for YTD 2025 from $122 million in YTD 2024, a decline of 9.8%[31]. - The company reported a total of $918 million in cash as of September 30, 2025, down from $1,172 million a year earlier, a decrease of 21.6%[31]. Other Financial Metrics - Adjusted EBITDA for the twelve months ended September 30, 2025, was $1,942 million, up from $1,907 million for the same period in 2024, indicating an increase of 1.8%[31]. - The company recorded a net restructuring charge of $30 million in Q3 2025, primarily related to asset impairment and severance costs[24]. - Depreciation expenses were $230 million for YTD 2025, slightly up from $222 million in YTD 2024, an increase of 3.6%[31]. - The company experienced a favorable impact of foreign currency translation of $34 million on net sales in Q3 2025[30].