This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Crown Holding's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Volume in the segment was up marginally in the third quarter reflecting strong gains in Brazil offset by a 3 ½ % decline in the much larger North American market.

Incremental pricing actions by some of our CSD customers and adverse weather both impacted North American volumes in the quarter. Importantly, our new two line plant in Ponta Grossa, Brazil and the second line in Estancia, Brazil are running extremely well and we are looking forward to a strong summer selling season in the southern hemisphere in the fourth quarter of 2011 and the first quarter of next year.

Third quarter revenues in the North American Food business were essentially flat, reflecting the pass-through of higher steel cost, which offset a 4 1/2% decline in unit sales. Poor weather conditions in the mid-west impacted yields across many products notably corn this harder season. However, as has been the case throughout 2011, we continue to benefit from lower costs primarily resulting from the closure of Canadian plants last year and also from the ongoing positive mix effect of increased vacuum closure sales with segment income increasing $7 million over the prior year.

Reported European Beverage revenues were up $50 million or 10% due to 3% sales unit volume increase, a pass-through of higher raw material costs and $14 million from currency translations.

The segment's income was down $9 million from the prior year, and reflects lower production activity than planned as we adjust to weaker consumer demand.

In our European Food business, revenues increased $65 million or 12% primarily due to $42 million in foreign currency translation and the pass-through of higher steel costs which offset a 4 ½ % volume decline. A result of the weakening economic conditionals and cool and damp weather across much of Northern Europe which depressed yields.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,084.49 +33.74 0.20%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,830.47 +19.6820 0.41%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs