Crown Holdings(US:CCK)2025-10-30 18:43Financial Performance - Net sales for the three months ended September 30, 2025, increased to $3,202 million, up from $3,074 million in 2024, representing a growth of 4.2%[145] - For the nine months ended September 30, 2025, net sales rose to $9,238 million, compared to $8,898 million in 2024, an increase of 3.8%[145] - The Americas Beverage segment reported net sales of $1,417 million for Q3 2025, up from $1,368 million in Q3 2024, with segment income decreasing to $255 million from $280 million[151] - The European Beverage segment saw net sales increase to $658 million in Q3 2025, up from $573 million in Q3 2024, with segment income rising to $109 million from $86 million[156] - The Asia Pacific segment experienced a decline in net sales to $259 million in Q3 2025 from $284 million in Q3 2024, with segment income decreasing to $44 million from $50 million[161] - The Transit Packaging segment reported net sales of $517 million for Q3 2025, down from $526 million in Q3 2024, with segment income remaining flat at $70 million[166] - Other segments reported net sales of $351 million in Q3 2025, an increase from $323 million in Q3 2024, with segment income rising to $51 million from $27 million[171] Capital Expenditures and Investments - The company plans to invest approximately $400 million in capital spending for 2025 to meet expected demand growth[134] - The Company expects capital expenditures in 2025 to be approximately $400 million[197] Stock and Financial Management - The company has authorized a stock repurchase program of $2,000 million, with approximately $1,500 million remaining as of July 2024[135] - Corporate and unallocated expenses were relatively flat at $(39) million for Q3 2025 compared to $(41) million in Q3 2024, with a total of $(126) million for the nine months ended September 30, 2025, compared to $(127) million in the same period of 2024[177] - Restructuring and other net charges amounted to $30 million for Q3 2025 and $75 million for the nine months ended September 30, 2025, primarily due to asset impairment charges in Myanmar and China[178] - Interest expense decreased from $119 million to $101 million for Q3 2025 and from $344 million to $303 million for the nine months ended September 30, 2025, attributed to lower borrowings and interest rates[183] Cash Flow and Liquidity - Cash from operating activities increased from $897 million for the nine months ended September 30, 2024, to $1,043 million for the same period in 2025, driven by higher income from operations[191] - Cash used for investing activities decreased from $208 million for the nine months ended September 30, 2024, to $121 million for the same period in 2025, mainly due to lower capital expenditures[196] - Cash used for financing activities increased from $260 million to $680 million for the nine months ended September 30, 2025, primarily due to the repayment of $875 million in senior notes[198] - As of September 30, 2025, the Company had $935 million of cash and cash equivalents located outside the U.S., with $446 million held by subsidiaries for which earnings are considered indefinitely reinvested[199] Debt and Leverage - The Company's total net leverage ratio was 2.4 to 1.0 at September 30, 2025, compliant with the covenant requiring a ratio no greater than 4.5 to 1.0[202] - As of September 30, 2025, the Company had $1.9 billion in principal floating interest rate debt and $1.5 billion in securitization and factoring[223] - A change of 0.25% in floating interest rates would result in an annual interest expense change of approximately $9 million before tax[223] Risk Management - The Company manages market risks through derivative financial instruments, primarily swaps and forwards, to limit the impact on earnings and cash flow[222] - The Company is exposed to risks from adverse fluctuations in foreign exchange, interest rates, and commodity prices[222] - Management's estimates and assumptions in financial reporting could lead to actual results differing from reported outcomes[216] Forward-Looking Statements - The Company does not intend to review or revise forward-looking statements in light of future events[220] - Important factors affecting actual results are discussed in the Annual Report on Form 10-K for the year ended December 31, 2024[221] - Forward-looking statements are based on management's expectations and involve risks and uncertainties[219] Accounting Policies - The Company’s accounting policies are updated in accordance with new accounting pronouncements as applicable[216] - The Company’s financial statements are prepared in accordance with U.S. generally accepted accounting principles[215] Sustainability Initiatives - The company continues to focus on sustainability, having introduced the Twentyby30 program with 20 measurable goals to be completed by 2030[136]