Crown Q3 sales and profits slow down

Metal packaging technology company Crown Holdings Inc has announced net sales of $2.3bn in the quarter ended 30 September 2012, a $106m decrease on Q3 2011 when net sales topped $2.4bn. Third quarter gross profit was $369m compared with the prior year figure of $396m, reflecting $16m of unfavourable foreign currency translation, according to the company. Net sales in the first nine months of 2012 were $6.4bn, down from $6.6bn in the same period of 2011, while gross profit was down £33m.

Commenting on the quarter, John W Conway, Crown’s chairman and ceo, said: “We are pleased with the company’s overall operating performance and financial results in light of the continuing sluggish economic conditions and unfavourable weather in many of our markets. The company continued to benefit from the strength of the developing markets in which we prudently expanded over the last several years, the diversification of our product offerings and geographic footprint, and our constant focus on cost containment.”

In the coming year, the company intends to grow markets in Cambodia, China, Malaysia, Thailand and Vietnam, but chiefly through increasing its beverage can production capabilities.