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
TheStreet Open House

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.

3 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,067.56 -30.89 -0.18%
S&P 500 2,002.28 -1.09 -0.05%
NASDAQ 4,598.1880 +17.9170 0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs