PHILADELPHIA,
July 19, 2017
/PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) today
announced its financial results for the second quarter ended
June 30, 2017.
Second Quarter Highlights
- Earnings per share $0.94
- Adjusted earnings per share $1.12
- $144 million of Q2 share
repurchases; $277 million Q2
YTD
- Beverage can growth projects on
schedule
Net sales in the second quarter were $2,161 million compared to $2,142 million in the second quarter of 2016,
reflecting increased global beverage can volumes and the pass
through of higher raw material costs, partially offset by
$48 million of unfavorable currency
translation.
Income from operations was $271
million in the second quarter of 2017. Segment income
increased to $297 million in the
quarter over the $288 million in the
second quarter of 2016, despite $5
million of unfavorable currency
translation.
Commenting on the quarter, Timothy
J. Donahue, President and Chief Executive Officer, stated,
"Our second quarter performance puts us well on our way to a strong
2017, as all businesses delivered solid results. Beverage can
volume growth was notable in Europe, Latin
America and Southeast
Asia.
"Importantly, our various global growth projects remain on
schedule. Both lines at our new beverage can facility in
Nichols, New York are commercially
operational and are progressing through their learning curve.
Our one-line beverage can plant in Monterrey, Mexico, which commenced production
in December 2016, is performing well
and meeting the rapidly expanding demand for beer in that
region. During June, we began commercial production at our
new beverage can plant in Jakarta,
Indonesia and completed our capacity expansion project in
Colombia. We are also on track to commence commercial
production on the second beverage can line at our Danang,
Vietnam facility during the third
quarter. A new beverage can plant in Yangon, Myanmar and a glass bottle facility in
Chihuahua, Mexico are both
scheduled for start-up in the first half of 2018.
"We are excited about the continued future opportunities
for global beverage can growth. This growth is being fueled
by rising per capita incomes, significant investments by our
customers in select emerging markets and the increasing preference
for cans compared to other packaging substrates by both customers
and consumers."
Interest expense was $61
million in the second quarter of 2017 compared to
$58 million in 2016 primarily due to
an increase in average borrowing rates.
Net income attributable to Crown Holdings in the second
quarter was $128 million compared to
$169 million in the second quarter of
2016. Reported diluted earnings per share were $0.94 in the second quarter of 2017 compared to
$1.21 in the 2016 second
quarter. Adjusted diluted earnings per share were
$1.12 compared to $1.19 in 2016.
Through June 30, the Company
repurchased a total of 5.1 million shares of its common stock for
$277 million. Subsequent to the
end of the second quarter, the Company repurchased an additional
0.3 million shares for $19
million.
A reconciliation from net income and diluted earnings per
share to adjusted net income and adjusted diluted earnings per
share is provided below.
Six Month Results
Net sales for the
first six months of 2017 were $4,062
million compared to $4,035
million in the first six months of 2016, primarily due to
increased global beverage can volumes and the pass through of
higher raw material costs, partially offset by $102 million of unfavorable currency
translation.
Income from operations was $508
million in the first half of 2017. Segment income in
the first half of 2017 increased to $525
million over the $509 million
in the first six months of 2016, despite $11 million of unfavorable currency
translation.
Interest expense was $123
million for the first six months of 2017 compared to
$122 million in the same period of
2016 primarily due to an increase in average borrowing
rates.
.
Net income attributable to Crown Holdings for the first
six months of 2017 was $235 million
compared to $248 million in the first
six months of 2016. Reported diluted earnings per share for
the first six months of 2017 were $1.71 compared to $1.78 in the first half of last year.
Adjusted diluted earnings per share were $1.83 compared to $1.88 in 2016.
Outlook
The Company currently
expects 2017 adjusted diluted earnings per share to be in the range
of $3.90 to $4.05, based on current
exchange rate levels. Adjusted diluted earnings per share for
the 2017 third quarter are expected to be in the range of
$1.35 to $1.45.
The effective income tax rate for the full year of 2017 is
expected to be approximately 26%, although it may vary from quarter
to quarter. Cash provided by operating activities is
currently expected to be approximately $875
million and management currently forecasts 2017 capital
expenditures of approximately $450
million.
Non-GAAP Measures
Segment income,
adjusted free cash flow, adjusted net income, the adjusted
effective tax rate, adjusted earnings per share, and the
information presented excluding the impact of currency translation
are not defined terms under U.S. generally accepted accounting
principles (non-GAAP measures). Non-GAAP measures should not
be considered in isolation or as a substitute for net income,
income per diluted share, effective tax rates or cash flow data
prepared in accordance with U.S. GAAP and may not be comparable to
calculations of similarly titled measures by other
companies.
The Company views segment income as the principal measure
of the performance of its operations and adjusted free cash flow as
the principal measure of its liquidity. The Company considers
both of these measures in the allocation of resources.
Adjusted free cash flow has certain limitations, however, including
that it does not represent the residual cash flow available for
discretionary expenditures since other non-discretionary
expenditures, such as mandatory debt service requirements, are not
deducted from the measure. The amount of mandatory versus
discretionary expenditures can vary significantly between
periods. The Company believes that adjusted net income, the
adjusted effective tax rate, adjusted diluted earnings per share,
and information excluding the impact of currency translation are
useful in evaluating the Company's operations as these measures are
adjusted for items that affect comparability between periods.
Reconciliations of estimated adjusted diluted earnings per share
for the third quarter and full year of 2017 to estimated diluted
earnings per share on a GAAP basis are not provided in this release
due to the unavailability of estimates of the following, the timing
and magnitude of which the Company is unable to reliably forecast
without unreasonable efforts, which are excluded from estimated
adjusted diluted earnings per share and could have a significant
impact on earnings per share on a GAAP basis: gains or losses on
the sale of businesses or other assets, restructuring costs, asset
impairment charges, acquisition related costs including fair value
adjustments to inventory, asbestos-related charges, losses from
early extinguishment of debt, the tax impact of the items above,
and the impact of tax law changes or other tax matters. The Company
believes that adjusted free cash flow provides a meaningful measure
of liquidity and a useful basis for assessing the Company's ability
to fund its activities, including the financing of acquisitions,
debt repayments, share repurchases or possible future
dividends. Segment income, adjusted free cash flow, the
adjusted effective tax rate, adjusted net income, adjusted diluted
earnings per share and information excluding the impact of currency
translation are derived from the Company's Consolidated Statements
of Operations and Cash Flows and Consolidated Balance Sheets, as
applicable, and reconciliations to segment income, adjusted free
cash flow, the adjusted effective tax rate, adjusted net income,
adjusted diluted earnings per share and information unadjusted for
currency translation can be found within this release.
Conference Call
The Company will
hold a conference call tomorrow, July 20,
2017 at 9:00 a.m. (EDT) to
discuss this news release. Forward-looking and other material
information may be discussed on the conference call. The
dial-in numbers for the conference call are (630) 395-0227 or
toll-free (888) 606-8412 and the access passcode is "packaging".
A live webcast of the call will be made available to the
public on the internet at the Company's web site,
www.crowncork.com. A replay of the
conference call will be available for a one-week period ending at
midnight on July 27. The telephone numbers for the replay are
(203) 369-1363 or toll free (866) 462-8977.
Cautionary Note Regarding Forward-Looking
Statements
Except for historical information,
all other information in this press release consists of
forward-looking statements. These forward-looking statements
involve a number of risks, uncertainties and other factors,
including the future impact of currency translation; the
continuation of performance trends in 2017; the Company's ability
to successfully complete and begin production at capacity expansion
projects within expected timelines and budgets in Vietnam, Myanmar and Mexico; continued global beverage can growth;
and customer and consumer preference for beverage cans that may
cause actual results to be materially different from those
expressed or implied in the forward-looking statements.
Important factors that could cause the statements made in this
press release or the actual results of operations or financial
condition of the Company to differ are discussed under the caption
"Forward Looking Statements" in the Company's Form 10-K Annual
Report for the year ended December 31,
2016 and in subsequent filings made prior to or after the
date hereof. The Company does not intend to review or revise
any particular forward-looking statement in light of future
events.
Crown Holdings, Inc., through its subsidiaries, is a
leading supplier of packaging products to consumer marketing
companies around the world. World headquarters are located in
Philadelphia,
Pennsylvania.
For more information,
contact:
Thomas A.
Kelly, Senior Vice President and Chief Financial Officer,
(215) 698-5341
Thomas T.
Fischer, Vice President, Investor Relations and Corporate
Affairs, (215) 552-3720
Ed
Bisno, Bisno Communications, (212) 717-7578
Unaudited Consolidated Statements of Operations,
Balance Sheets, Statements of Cash Flows, Segment Information and
Supplemental Data follow.
Consolidated Statements of Operations
(Unaudited)
(in millions, except share and per share
data)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
Net sales
|
$2,161
|
|
$2,142
|
|
$4,062
|
|
$4,035
|
Cost of products sold
|
1,719
|
|
1,691
|
|
3,238
|
|
3,212
|
Depreciation and amortization
|
61
|
|
65
|
|
120
|
|
125
|
Selling and administrative expense
|
92
|
|
94
|
|
182
|
|
185
|
Restructuring and other
|
18
|
|
(3)
|
|
14
|
|
(1)
|
Income from operations
(1)
|
271
|
|
295
|
|
508
|
|
514
|
Foreign exchange
|
5
|
|
(11)
|
|
4
|
|
(17)
|
Interest expense
|
61
|
|
58
|
|
123
|
|
122
|
Interest income
|
(3)
|
|
(2)
|
|
(6)
|
|
(5)
|
Loss from early extinguishment of
debt
|
7
|
|
|
|
7
|
|
27
|
Income before income taxes
|
201
|
|
250
|
|
380
|
|
387
|
Provision for income
taxes
|
53
|
|
65
|
|
99
|
|
103
|
Net income
|
148
|
|
185
|
|
281
|
|
284
|
Net income attributable to noncontrolling
interests
|
(20)
|
|
(16)
|
|
(46)
|
|
(36)
|
Net income attributable to Crown
Holdings
|
$128
|
|
$169
|
|
$235
|
|
$248
|
Earnings per share attributable to Crown
Holdings
common
shareholders:
|
|
|
|
|
|
|
|
Basic
|
$0.95
|
|
$1.22
|
|
$1.72
|
|
$1.79
|
Diluted
|
$0.94
|
|
$1.21
|
|
$1.71
|
|
$1.78
|
|
|
|
|
Weighted average common shares
outstanding:
|
|
Basic
|
135,273,342
|
|
138,452,944
|
|
136,865,333
|
|
138,325,203
|
Diluted
|
135,717,734
|
|
139,338,412
|
|
137,364,459
|
|
139,214,555
|
Actual common shares outstanding
|
135,322,212
|
|
139,669,710
|
|
135,322,212
|
|
139,669,710
|
|
|
(1)
|
A reconciliation from income from operations to
segment income follows.
|
Consolidated Supplemental Financial Data
(Unaudited)
(in millions)
|
|
|
Reconciliation from Income from Operations to Segment
Income and Constant Currency Segment Income
|
The Company views segment income, as defined below,
as a principal measure of performance of its operations and for the
allocation of resources. Segment income is defined by the
Company as income from operations adjusted to add back provisions
for asbestos and restructuring and other, and the timing impact of
hedge ineffectiveness.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Income from
operations
|
$
|
271
|
|
$
|
295
|
|
$
|
508
|
|
$
|
514
|
|
Provision for restructuring and
other
|
|
18
|
|
|
(3)
|
|
|
14
|
|
|
(1)
|
|
Impact of hedge ineffectiveness
(1)
|
|
8
|
|
|
(4)
|
|
|
3
|
|
|
(4)
|
|
Segment income
|
|
297
|
|
|
288
|
|
|
525
|
|
|
509
|
|
Foreign currency translation
(2)
|
|
5
|
|
|
|
|
|
11
|
|
|
|
|
Constant currency segment
income
|
$
|
302
|
|
$
|
288
|
|
$
|
536
|
|
$
|
509
|
|
|
(1) Included in cost of products
sold
|
|
Segment Information
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
Net Sales
|
|
2017 Actual
|
|
|
2017 at 2016 rates
(2)
|
|
2016 Actual
|
|
2017 Actual
|
|
|
2017 at 2016 rates
(2)
|
|
2016 Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas Beverage
|
|
$
|
729
|
|
$
|
739
|
|
$
|
706
|
|
$
|
1,403
|
|
$
|
1,427
|
|
$
|
1,349
|
|
North America Food
|
|
|
167
|
|
|
168
|
|
|
168
|
|
|
320
|
|
|
322
|
|
|
314
|
|
European Beverage
|
|
|
402
|
|
|
415
|
|
|
401
|
|
|
705
|
|
|
731
|
|
|
716
|
|
European Food
|
|
|
459
|
|
|
474
|
|
|
462
|
|
|
838
|
|
|
871
|
|
|
860
|
|
Asia Pacific
|
|
|
287
|
|
|
291
|
|
|
281
|
|
|
565
|
|
|
572
|
|
|
558
|
|
Total reportable
segments
|
|
|
2,044
|
|
|
2,087
|
|
|
2,018
|
|
|
3,831
|
|
|
3,923
|
|
|
3,797
|
|
Non-reportable segments
|
|
|
117
|
|
|
122
|
|
|
124
|
|
|
231
|
|
|
241
|
|
|
238
|
|
Total net
sales
|
|
$
|
2,161
|
|
$
|
2,209
|
|
$
|
2,142
|
|
$
|
4,062
|
|
$
|
4,164
|
|
$
|
4,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas Beverage
|
|
$
|
109
|
|
$
|
110
|
|
$
|
106
|
|
$
|
214
|
|
$
|
217
|
|
$
|
210
|
|
North America Food
|
|
|
22
|
|
|
22
|
|
|
20
|
|
|
38
|
|
|
38
|
|
|
32
|
|
European Beverage
|
|
|
72
|
|
|
74
|
|
|
75
|
|
|
123
|
|
|
126
|
|
|
121
|
|
European Food
|
|
|
67
|
|
|
69
|
|
|
67
|
|
|
114
|
|
|
118
|
|
|
116
|
|
Asia Pacific
|
|
|
45
|
|
|
45
|
|
|
39
|
|
|
84
|
|
|
84
|
|
|
74
|
|
Total reportable
segments
|
|
|
315
|
|
|
320
|
|
|
307
|
|
|
573
|
|
|
583
|
|
|
553
|
|
Non-reportable segments
|
|
|
17
|
|
|
18
|
|
|
20
|
|
|
32
|
|
|
34
|
|
|
33
|
|
Corporate and other unallocated
items
|
|
|
(35)
|
|
|
(36)
|
|
|
(39)
|
|
|
(80)
|
|
|
(81)
|
|
|
(77)
|
|
Total segment
income
|
|
$
|
297
|
|
$
|
302
|
|
$
|
288
|
|
$
|
525
|
|
$
|
536
|
|
$
|
509
|
|
|
|
|
(2)
|
Information presented for 2017 at 2016 rates
represents financial results assuming constant foreign currency
exchange rates used for translation
based on the rates in effect for the comparable prior year
period. In order to compute constant currency results, the
Company multiplies or divides, as
appropriate, the current year U.S. dollar results by the current
year average foreign exchange rates and then multiplies or divides,
as appropriate, those
amounts by the applicable prior year average foreign exchange
rates.
|
Consolidated Supplemental Data
(Unaudited)
(in millions, except per share
data)
|
|
Reconciliation from Net Income and Diluted Earnings
Per Share to Adjusted Net Income and Adjusted Diluted Earnings Per
Share
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Net income/diluted earnings per
share
attributable to Crown Holdings, as
reported
|
|
$128
|
|
$0.94
|
|
$169
|
|
$1.21
|
|
$235
|
|
$1.71
|
|
$248
|
|
$1.78
|
|
Impact of hedge
ineffectiveness (1)
|
|
8
|
|
.06
|
|
(4)
|
|
(.03)
|
|
3
|
|
.02
|
|
(4)
|
|
(.03)
|
|
Restructuring and
other (2)
|
|
18
|
|
.13
|
|
(3)
|
|
(.02)
|
|
14
|
|
.10
|
|
(1)
|
|
(.01)
|
|
Loss from early
extinguishment of debt (3)
|
|
7
|
|
.05
|
|
|
|
|
|
7
|
|
.05
|
|
27
|
|
.19
|
|
Income taxes
(4)
|
|
(9)
|
|
(.06)
|
|
4
|
|
.03
|
|
(7)
|
|
(.05)
|
|
(8)
|
|
(.05)
|
|
Adjusted net income/diluted earnings per
share
|
|
$152
|
|
$1.12
|
|
$166
|
|
$1.19
|
|
$252
|
|
$1.83
|
|
$262
|
|
$1.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate as reported
|
|
26.4%
|
|
|
|
26.0%
|
|
|
|
26.1%
|
|
|
|
26.6%
|
|
|
|
Adjusted effective tax rate
(5)
|
|
26.5%
|
|
|
|
25.1%
|
|
|
|
26.2%
|
|
|
|
27.1%
|
|
|
|
(1)
|
In the second quarter and first six months of 2017,
the Company recorded charges of $8 million ($6 million net of
tax) and $3 million ($2 million net of tax) in cost of products
sold related to the timing impact of hedge
ineffectiveness caused primarily by volatility in the metal premium
component of aluminum prices. In the second
quarter of 2016, the Company recorded a benefit of $4 million ($3
million net of tax).
|
|
|
(2)
|
In the second quarter and first six months of 2017,
the Company recorded restructuring and other charges of $18 million
($13 million net of tax) and $20 million ($15 million net of tax)
primarily due to the settlement of a litigation matter related to
Mivisa that arose prior to its acquisition by Crown in 2014. In the
second quarter and first six months of 2016, the Company recorded
restructuring and other charges of $2 million ($3 million net of
tax) and $6 million ($5 million net of tax) including pension
settlement charges.
|
|
|
|
In the first quarter
of 2017, the Company recorded gains of $6 million ($5 million net
of tax) for asset sales and impairments. In the second quarter and
first six months of 2016, the Company recorded gains of $5 million
($3 million net of tax) and $7 million ($5 million net of tax) for
asset sales and impairments.
|
|
|
(3)
|
In the second quarter of 2017, the Company recorded a
charge of $7 million ($5 million net of tax) for the write off of
deferred financing fees in connection with the refinancing of its
term loan and revolving credit facilities. In the first
quarter of 2016, the Company recorded a charge of $27 million ($17
million net of tax) for premiums paid and the write off of deferred
financing fees in connection with the redemption of its $700
million notes due 2021.
|
|
|
(4)
|
In the second quarter and first six months of 2017,
the Company recorded income tax benefits of $9 million and $7
million related to the items described above. In the second
quarter and first six months of 2016, the Company recorded income
tax charges of $4 million and benefits of $8 million related to the
items described above.
|
|
|
(5)
|
Income tax effects on adjusted net income were
calculated using the applicable tax rates of the underlying
jurisdictions.
|
Consolidated Balance Sheets (Condensed &
Unaudited)
(in millions)
|
June 30,
|
2017
|
|
2016(1)
|
Assets
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
301
|
|
|
$
|
370
|
|
Receivables, net
|
|
|
1,005
|
|
|
|
929
|
|
Inventories
|
|
|
1,490
|
|
|
|
1,419
|
|
Prepaid expenses and other current
assets
|
|
|
224
|
|
|
|
240
|
|
Total current assets
|
|
|
3,020
|
|
|
|
2,958
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets
|
|
|
3,512
|
|
|
|
3,472
|
|
Property, plant and equipment, net
|
|
|
3,020
|
|
|
|
2,700
|
|
Other non-current assets
|
|
|
714
|
|
|
|
676
|
|
Total
|
|
$
|
10,266
|
|
|
$
|
9,806
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
39
|
|
|
$
|
37
|
|
Current maturities of long-term
debt
|
|
|
58
|
|
|
|
236
|
|
Accounts payable and accrued
liabilities
|
|
|
2,697
|
|
|
|
2,554
|
|
Total current liabilities
|
|
|
2,794
|
|
|
|
2,827
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, excluding current
maturities
|
|
|
5,262
|
|
|
|
5,011
|
|
Other non-current liabilities
|
|
|
1,275
|
|
|
|
1,395
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests
|
|
|
313
|
|
|
|
305
|
|
Crown Holdings shareholders' equity
|
|
|
622
|
|
|
|
268
|
|
Total equity
|
|
|
935
|
|
|
|
573
|
|
Total
|
|
$
|
10,266
|
|
|
$
|
9,806
|
|
(1)
|
At December 31, 2016,
prior period balance sheets were revised from previously reported
amounts
to correct how the Company calculates its estimated asbestos
liability.
|
|
|
|
|
|
|
|
|
|
Consolidated Statements of Cash Flows (Condensed
& Unaudited)
(in millions)
|
Six months ended June 30,
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
Cash flows from operating
activities
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
281
|
|
|
$
|
284
|
|
Depreciation and amortization
|
|
|
|
120
|
|
|
|
125
|
|
Provision for restructuring and
other
|
|
|
|
14
|
|
|
|
(1)
|
|
Pension expense
|
|
|
|
11
|
|
|
|
14
|
|
Pension contributions
|
|
|
|
(28)
|
|
|
|
(41)
|
|
Stock-based compensation
|
|
|
|
10
|
|
|
|
10
|
|
Working capital changes and other
|
|
|
|
(394)
|
|
|
|
(328)
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities
(A)
|
|
|
|
14
|
|
|
|
63
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities
|
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
|
|
|
(200)
|
|
|
|
(143)
|
|
Other
|
|
|
|
10
|
|
|
|
18
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used for investing
activities
|
|
|
|
(190)
|
|
|
|
(125)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities
|
|
|
|
|
|
|
|
|
|
Net change in
debt
|
|
|
|
217
|
|
|
|
(283)
|
|
Dividends paid to noncontrolling
interests
|
|
|
|
(37)
|
|
|
|
(26)
|
|
Common stock repurchased
|
|
|
|
(277)
|
|
|
|
(8)
|
|
Debt issue costs
|
|
|
|
(15)
|
|
|
|
(2)
|
|
Other, net
|
|
|
|
19
|
|
|
|
38
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used for financing
activities
|
|
|
|
(93)
|
|
|
|
(281)
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash
equivalents
|
|
|
|
11
|
|
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash
equivalents
|
|
|
|
(258)
|
|
|
|
(347)
|
|
Cash and cash equivalents at January
1
|
|
|
|
559
|
|
|
|
717
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at June
30
|
|
|
$
|
301
|
|
|
$
|
370
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A)
|
Adjusted free cash
flow is defined by the Company as net cash from operating
activities less capital expenditures and certain other items.
A reconciliation from net cash from operating activities to
adjusted free cash flow for the three and six months ended June 30,
2017 and 2016 follows:
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|
Net cash from operating
activities
|
$334
|
|
$471
|
|
$14
|
|
$63
|
|
|
Capital expenditures
|
(93)
|
|
(92)
|
|
(200)
|
|
(143)
|
|
|
Free cash flow
|
241
|
|
379
|
|
(186)
|
|
(80)
|
|
|
Premiums paid to retire debt early
|
|
|
|
|
|
|
22
|
|
|
Adjusted free cash flow
|
$241
|
|
$379
|
|
($186)
|
|
($58)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/crown-holdings-inc-reports-second-quarter-2017-results-300491103.html
SOURCE Crown Holdings, Inc.