Crown Holdings reports Q2 adjsuted EPS $1.81, consensus $1.58

Reports Q2 revenue $3.04B, consensus $3.06B. Commenting on the quarter, Timothy J. Donahue, Chairman, President and CEO, stated, “The Company performed well during the quarter, led by strong results in each of the global beverage businesses. Benefitting from our broad geographic presence and strategic customer alliances, beverage segment income improved by 21% in the Q2 on a combined global basis. Beverage can shipments improved 6% globally in the Q2, including 9% in North America. Beverage can shipments in Europe and Latin America were also strong and exceeded longer-term expectations of low-to mid-single digit volume growth. Cash generated in our non-beverage businesses combined with tightly managed working capital and lower capital expenditures resulted in the Company delivering cash from operating activities of $343M and record first half year free cash flow of $178M. Net leverage ended the quarter at 3.2 times down from 4.0 times a year earlier.