Crown Holdings Inc. announced consolidated unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net sales of $1,973 million against $1,947 million a year ago, primarily driven by increased global beverage can sales unit volumes more than offsetting lower raw material costs. Income before income taxes was $93 million against $122 million a year ago. Net income was $67 million against $90 million a year ago. Net income attributable to Crown Holdings was $41 million against $69 million a year ago. Earnings per diluted share attributable to company common shareholders were $0.28 against $0.46 a year ago. Net cash used for operating activities was $432 million against $389 million a year ago. Capital expenditures were $63 million against $62 million a year ago. Adjusted net cash used for operating activities was $409 million against $389 million a year ago. Net income per diluted share before certain items was $0.50 compared to $0.46 in 2012. Adjusted net income was $72 million against $69 million a year ago. Net sales for the quarter was slightly ahead of 2012, since higher global beverage can volumes offset somewhat lower volumes in European Food cans operations and the pass-through of lower material costs. Second quarter 2013 comparable earnings are currently projected to be in the range of $0.88 to $0.98 per share. The company is reiterating free cash flow guidance of $500 million for the year 2013. The company gave guidance of $230 million for the year 2013. The company expected CapEx will be around $240 million in year 2014.

In the second quarter, Crown Holdings Inc. will be opening new beverage can plants in Danang, Vietnam and Bangkok, Thailand; and, in the third quarter, it will begin production at new plant in sihanoukville, cambodia. The company have begun construction of a new facility in northern brazil in the city of teresina and expect to begin commercial shipments early next year.

Crown Holdings Inc. Presents at Wells Fargo Industrial & Construction Conference, May-08-2013 02:30 PM. Venue: The New York Palace Hotel, 455 Madison Avenue, New York , NY 10022, United States. Speakers: Thomas A. Kelly, Chief Financial Officer and Senior Vice President.