Growth in the emerging markets remains on track, says Crown Holdings

Crown Holdings has announced its financial results for the second quarter ended June 30, 2010.

Second quarter highlights include:

- Income per diluted share increased to $0.69,

- Income per diluted share before certain items grew to $0.67, and

- Global beverage can sales unit volumes rose 8%.

Net sales in the second quarter were $2,010 million compared to $2,055 million in the second quarter of 2009, primarily due to the pass-through of lower raw material costs and $17 million from foreign currency translation, partially offset by increased global sales unit volumes.

Second quarter gross profit improved to $335 million over the $333 million in the 2009 second quarter, reflecting an increase in global sales unit volumes and cost reductions, which more than offset inventory repricing gains recognized in Q2 of 2009, which did not recur in 2010 and $4 million from foreign currency translation.

"Our growth in the emerging markets remains on track. Beverage and food can capacity additions in Thailand will begin production in this year's third quarter, and the second beverage can line in our Dong Nai, Vietnam plant will begin operations in the fourth quarter," says John W. Conway, chairman and CEO.

"Over the first two quarters of 2011, three additional beverage can lines in Brazil are expected to begin commercial production and the new Hangzhou, China plant is expected to become operational in the third quarter of 2011."

"We further expect that recently opened plants in Brazil, Slovakia and Vietnam will continue to contribute as they improve productivity and operating efficiencies."