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 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

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
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs