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Crown Holdings CEO Discusses Q2 2012 Results - Earnings Call Transcript

In Americas Beverage, revenue increased 1.5% over the prior year with overall volume in the segment up by the same 1.5% figure. Volume in Brazil continued to be strong and was up 21% over the prior year second quarter offsetting a 1.9% decline in North America. The overall Brazilian market was up 5.5% in the second quarter over the prior year and our share gain is the result of capacity additions in both 12-ounce and specialty can sizes made in the first half of last year in the growing regions of the North East and in the South.

Sales units volume in North American food were down 5% in the quarter but for the six months remained 1.5% ahead of last year. As we discussed in April there was some customer pull ahead into the first quarter and we had expected the strong first quarter volume performance to balance out over the course of the year.

Cost reductions from last year’s restructuring activities helped plan operating performance productivity and profitability continue their improvement over the prior year. On a currency neutral basis, sales in European beverage were level to the prior year as unit volume growth in the United Kingdom, Dubai and Saudi Arabia offset weakness in France and Spain.

The result of ongoing economic uncertainty and adverse weather in North West Europe. Segment income was down 6 million in the quarter and reflects unfavorable currency translation of 2 million and lower production levels.

Sales in European food were down 5.5% ex-currency in the quarter. Volumes were down 1% as some crops were weather delayed and are now been packed in July notably piece in the UK. Currency translation reduced segment income by 5 million in the quarter with the operating shortfall, the result of lower production activity and unfavorable product and location mix. That is less large diameter cans, more small diameter cans and production activity been lower in our much larger more efficient plants notably in France and Italy.

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