WASHINGTON (dpa-AFX) - Packaging products company Crown Holdings Inc (CCK) Wednesday reported first-quarter net earnings of $24 million or $0.17 per share compared with $41 million or $0.28 per share last year.
Results for the recent quarter included restructuring charges of $50 million.
Excluding items, adjusted earnings for the quarter were $79 million or $0.57 per share compared with $72 million or $0.50 per share a year ago.
Revenues for the quarter were $1.99 billion compared with $1.97 billion in the prior year, led mainly by increased global beverage can sales unit volumes.
Analysts polled by Thomson Reuters estimated earnings of $0.51 per share on revenues of $2.02 billion for the quarter. Analysts' estimates typically exclude special items.
Sales growth was seen in Asia Pacific and European Beverage segments, while Americas Beverage, North America Food and European Food businesses declined.
CEO John Conway said, 'We started off the year well and on target and look forward to a promising 2014. Global beverage can volumes were up 6%, which follows first quarter volume growth of 6% and 7% in 2013 and 2012, respectively. The gains were driven primarily by strong shipments in Asia Pacific and Brazil.'
In October, Philadelphia, Pennsylvania-based Crown agreed to acquire Mivisa Envases, SAU, Spanish manufacturer of two- and three-piece food cans and ends, from certain investment funds managed by affiliates of The Blackstone Group L.P., N+1 Mercapital and management, for 1.2 billion euros. The deal is expected to close during 2014 and to be earnings accretive. Recently, the European Commission formally approved the deal.
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