Crown Holdings reports Q1 sales growth to US$3.26B as global beverage can volumes advance 5%

GLOBAL – Crown Holdings has reported net sales of US$3.26 billion in the first quarter of 2026, up from US$2.89 billion a year earlier, driven by higher global beverage can shipments, the pass-through of US$234 million in higher material costs, and favourable foreign currency of US$74 million, while net income attributable to Crown was US$175 million.

Net income attributable to Crown Holdings was US$175 million in the quarter, down from US$193 million in the first quarter of 2025. 

Reported diluted earnings per share were US$1.56 compared to US$1.65 in the prior year, while adjusted diluted earnings per share climbed to US$1.86 from US$1.67. Income from operations was US$365 million, in line with the year-ago period.

Beverage Can Volumes Lead the Quarter

Global beverage can volumes advanced 5 percent, led by robust shipments throughout Europe and Asia-Pacific. 

North American shipments advanced 1 percent in the quarter as a strong March, up 8 percent over the prior year, helped overcome a slow start to the year due to widespread winter storms in January. 

The pass-through of US$234 million in higher material costs indicates that raw material inflation, likely aluminium, has continued, but Crown’s contractual pass-through mechanisms protected margins.

Segment Performance and Outlook

Timothy J Donahue, chairman, president and CEO of Crown Holdings, explained that the company got off to a solid start for the year, driven by strong results in its European and Asian beverage can businesses, beverage can equipment, and its North American food can and closures businesses. 

Management reaffirmed its full-year 2026 guidance, projecting adjusted diluted EPS of US$7.90 to US$8.30 and US$900 million in adjusted free cash flow, after approximately US$550 million in capital expenditures.

The Spread Between Reported and Adjusted Earnings

The difference between reported net income (US$175 million) and adjusted net income (US$209 million) suggests that Crown booked restructuring or other one-time charges in the quarter.

For investors, adjusted earnings often provide a clearer picture of underlying operational performance. 

The 11 percent increase in adjusted EPS (from US$1.67 to US$1.86) outpaced the 5 percent volume growth, indicating that pricing and mix improvements contributed to profitability.

When Higher Material Costs Become a Pass-Through

US$234 million in higher material costs is a headwind. Passing those costs through to customers is a capability. 

Crown’s Q1 results show that beverage can contracts are structured to insulate the company from aluminium price swings. For investors, that predictability matters as much as volume growth.

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