Crown (CCK) Q1 2025 earnings summary

Executive summary

• Q1 2025 diluted EPS was $1.65, up from $0.56; adjusted EPS reached $1.67, with net income rising to $193 million from $67 million year-over-year.

• Net sales increased to $2,887 million, driven by higher beverage can volumes in the Americas and Europe, and improved manufacturing performance.

• Segment income rose 29% to $398 million, led by strong Americas and Europe beverage performance, while Transit Packaging declined.

• EBITDA for the trailing 12 months surpassed $2 billion for the first time, with EBITDA margins up 260 basis points.

• Over $200 million was returned to shareholders in Q1, mainly through share repurchases.

Financial highlights

• Net sales grew by $103 million year-over-year, primarily from higher material costs and beverage can volumes.

• Operating income increased to $365 million from $245 million year-over-year.

• Adjusted segment income for reportable segments was $410 million, up from $350 million year-over-year.

• Cash and cash equivalents at quarter-end were $779 million, with $650 million held outside the U.S.

• Adjusted EBITDA for the trailing twelve months exceeded $2 billion, $90 million higher than 2024.

Outlook and guidance

• Full-year adjusted EPS guidance raised to $6.70–$7.10; Q2 EPS projected at $1.80–$1.90.

• Full-year adjusted free cash flow estimated at $800 million after $450 million in capital spending.

• Net interest expense expected at $360 million; non-controlling interest expense at $160 million.

• Net leverage targeted at 2.5x by year-end 2025.

• Management does not expect the OECD Pillar II global minimum tax to materially impact 2025 results.