Crown (CCK) Q4 2024 earnings summary

Executive summary

• Q4 2024 adjusted EPS was $1.59, up 28% year-over-year; reported EPS was $3.02, including a $2.32 gain from the Eviosys sale.

• Net sales for 2024 were $11,801 million, with 2% year-over-year growth driven by 5% higher global beverage can shipments and higher food can volumes, offset by lower Transit Packaging volumes and material costs.

• Record adjusted EBITDA for 2024 reached $1.942 billion, up from $1.882 billion in 2023, supported by 5% global beverage can growth.

• Free cash flow reached a record $814 million after pension contributions and tax payments; net debt reduced by $878 million, with net leverage at 2.7x.

• Net income for 2024 was $424 million, down from $450 million in 2023, due to non-recurring items.

Financial highlights

• Segment income for 2024 increased by $99 million to $1,645 million, mainly from global beverage operations.

• Adjusted EBITDA margin for 2024 was approximately 16.5%.

• Operating cash flow for 2024 was $1,192 million.

• Adjusted diluted EPS for 2024 was $6.41, up from $5.86 in 2023.

• Income from operations for 2024 was $1,419 million, up from $1,269 million in 2023.

Outlook and guidance

• 2025 adjusted diluted EPS expected in the range of $6.60–$7.00; Q1 2025 adjusted EPS projected at $1.20–$1.30.

• 2025 adjusted free cash flow projected at $800 million after $450 million in capital spending.

• North American beverage volumes expected to be flat in 2025, Brazil projected for mid-single-digit growth.

• European Beverage expected to deliver another record year in 2025; Asia-Pacific income forecasted to be flat to up.

• Non-reportable businesses income expected up 10% in 2025.