Crown - Solid start with 1Q18 results, reiterate our Buy reco
Crown, the US can producer, has made a very good start to the year, disclosing 1Q18 sales of $2,197m, up 15% yoy (9% excluding $121m of favorable currency translation impact), and EBITDA of $310m, up 8% yoy. The strong organic performance mainly came from an increase in prices (contributed 6%) to pass through higher costs (tinplate steel and aluminum) to customers, and more marginally from volumes (contributed 3%).
Crown Holdings is engaged in the design, manufacture and sale of packaging products and equipment for consumer goods and industrial products. The company's packaging for consumer goods include steel and aluminum cans for food, beverage, household and other consumer products, glass bottles for beverage products, metal vacuum closures and steel crowns. The company's packaging for industrial products includes steel and plastic strap consumables and equipment, paper-based protective packaging, and plastic film consumables and equipment. The company's products include the SuperEnd? and 360 End? beverage can ends, its Easylift? aperture steel food can ends, and PeelSeam? and PeelFit? aluminum foil laminated ends.
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