USA – American metal packaging producer Crown Holdings has registered US$12.94 billion in full-year net sales for fiscal 2022 (FY22), compared with $11.39bn in fiscal 2021 (FY21).
The company’s sales were driven by higher raw material costs and increased beverage sales unit volumes.
In the 12 months to 31 December, Crown’s income from operations fell from US$1.36 billion to US$1.33 billion against the previous year.
Net income attributable to the firm was US$727 million, against a loss of US$560 million in FY21, while its reported earnings per diluted share (EPS) were US$5.99, compared with a diluted loss of US$4.30 for each share in FY21.
In the fourth quarter (Q4) of FY22, CROWN’s net sales declined from US$3.05 billion to US$3.01 billion against the same period of FY21.
Crown also saw its income from operations fall from US$303 million to US$229 million and its segment income drop from US$357 million to US$292 million year-on-year.
The company recorded a net income of US$89 million for Q4 2022, against a net loss of US$1.0 billion in the same period of last year.
Its reported diluted EPS for the quarter was US$0.74, having reported a diluted loss per share of US$7.95 in Q4 2021.
For the first quarter of fiscal 2023 (FY23), Crown expects its adjusted EPS to be between US$1.00 and US$1.10. The company expects adjusted EPS of US$6.20 to US$6.40 for the full year.
Crown chairman, president and CEO Timothy Donahue said: “The operating environment remained challenging in the fourth quarter, as the impacts from inflation and higher interest rates adversely affected the company’s income performance.
“Continued global volume growth across beverage cans coupled with the contractual recovery of raw material and other inflationary costs are expected to meaningfully improve segment income performance in 2023.
“The Transit business is expected to benefit from a much lower cost structure, the result of a significant overhead reduction program and the non-recurrence of steel cost headwinds that affected 2022 performance.”
Sonoco records 30% increase in sales in FY22
Meanwhile, US-based packaging company Sonoco has generated US$7.25 billion in full-year net sales for fiscal 2022 (FY22), up by 30% from US$5.59 billion in fiscal 2021 (FY21).
The company’s operating profit for the 12 months to 31 December increased by 39% from US$487m to US$675m year-on-year.
Net income attributable to Sonoco in FY22 was US$466 million, against a net loss of US$85 million in the prior year, while its earnings per diluted share (EPS) were US$4.72.
In the fourth quarter (Q4) of FY22, Sonoco recorded net sales of US$1.67 billion, up by 16% compared to the same period of the prior year.
The company’s operating profit also grew by 21% to US$127 million in the quarter, while its net income for Q4 was US$97 million, up by 49% from US$65 million a year earlier.
Sonoco president and CEO Howard Coker said: “2022 was a year of record performance and meaningful change at Sonoco. We are executing our focused portfolio strategy and are investing in our businesses to drive growth and profitability.
“We made further progress on our portfolio simplification strategy and invested in organic growth and accretive acquisitions in our larger, core businesses.
“This progress coupled with effective commercial excellence enabled a positive step change improvement in profitability for the company.”
Sonoco expects a base EPS of between US$1.15 and US$1.25 for the first quarter of FY23. For the full year, it expects this to be US$5.70 to US$5.90.
For all the latest packaging and printing industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook, and subscribe to our YouTube channel.
