PHILADELPHIA, Oct. 19, 2016 /PRNewswire/ -- Crown
Holdings, Inc. (NYSE: CCK) today announced its financial results for the third quarter ended September 30,
2016.
Third Quarter Highlights
- Earnings per share $1.31 for the quarter; $3.09 YTD versus
$2.35 in 2015
- Adjusted earnings per share $1.33 for the quarter; $3.21 YTD
versus $2.89 in 2015
- Income from operations up 14% YTD, from $726 million to $829 million
- Segment income up 6% YTD, from $792 million to $842 million
- Beverage can growth projects on schedule
Net sales in the third quarter were $2,326 million compared to $2,460
million in the third quarter of 2015, reflecting $55 million of unfavorable currency
translation in 2016 compared to 2015 and the pass through of lower raw material costs.
Income from operations improved to $315 million in the quarter compared to $281 million in the third quarter of 2015. Segment income improved to $333
million in the quarter compared to $328 million in 2015, and included $9 million of unfavorable currency translation.
Commenting on the quarter, Timothy J. Donahue, President and Chief Executive Officer, stated,
"Performance in the third quarter was solid across most businesses, notably beverage cans where global sales volumes grew 4%
during the quarter.
"We are on schedule with our capacity expansion projects to meet continuing growth in beverage can demand. In June, we
successfully commenced operations at our third Cambodian beverage can plant in Phnom Penh.
Our new beverage can plant in Monterrey, Mexico as well as the second production line at
our Osmaniye, Turkey facility are scheduled to begin production during this year's fourth
quarter. In early 2017, we expect to start up our Nichols, New York beverage can plant,
which will expand our specialty can presence in North America. In Colombia, we have begun
a capacity expansion with the added production expected to be available for shipment in the second quarter of 2017. We will
also begin installation of a second high speed aluminum production line at our beverage can plant in Custines, France, which will complete that facility's conversion from steel to aluminum. Commercial start-up of
the line is scheduled for April 2017.
"Looking ahead, we continue to see opportunities as we meet growing customer and consumer demand."
Interest expense was $59 million in the third quarter of 2016 compared to $68 million in 2015 primarily due to lower outstanding debt.
Net income attributable to Crown Holdings in the third quarter increased to $183 million over
the $141 million in the third quarter of 2015. Reported diluted earnings per share were
$1.31 in the third quarter of 2016 compared to $1.01 in the 2015
third quarter. Adjusted diluted earnings per share were $1.33 compared to $1.34 in 2015.
A reconciliation from net income and diluted earnings per share to adjusted net income and adjusted diluted earnings per share
is provided below.
Nine Month Results
Net sales for the first nine months of 2016 were $6,361 million compared to $6,735 million in the first nine months of 2015, and included $200 million of
unfavorable currency translation in 2016 compared to 2015 and the pass through of lower raw material costs.
Income from operations improved to $829 million compared to $726
million in the first nine months of 2015. Segment income improved to $842 million
compared to $792 million in the first nine months of 2015, and included $30
million of unfavorable currency translation.
Interest expense was $181 million for the first nine months of 2016 compared to $202 million in the same period of 2015 primarily due to lower outstanding debt.
Net income attributable to Crown Holdings for the first nine months of 2016 increased to $431
million over the $327 million in the first nine months of 2015. Reported diluted
earnings per share for the first nine months of 2016 were $3.09 compared to $2.35 in the same period of last year. Adjusted diluted earnings per share were $3.21 compared to $2.89 in 2015.
Non-GAAP Measures
Segment income, adjusted free cash flow, adjusted net income, the adjusted effective tax rate, adjusted earnings per
share, and the information presented excluding the impact of currency translation are not defined terms under U.S. generally
accepted accounting principles (non-GAAP measures). Non-GAAP measures should not be considered in isolation or as a
substitute for net income, income per diluted share or cash flow data prepared in accordance with U.S. GAAP and may not be
comparable to calculations of similarly titled measures by other companies.
The Company views segment income as the principal measure of the performance of its operations and adjusted free cash flow as
the principal measure of its liquidity. The Company considers both of these measures in the allocation of resources.
Adjusted free cash flow has certain limitations, however, including that it does not represent the residual cash flow available
for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not
deducted from the measure. The amount of mandatory versus discretionary expenditures can vary significantly between
periods. The Company believes that adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per
share, and information excluding the impact of currency translation are useful in evaluating the Company's operations as these
measures are adjusted for items that affect comparability between periods. The Company believes that adjusted free cash
flow provides a meaningful measure of liquidity and a useful basis for assessing the Company's ability to fund its activities,
including the financing of acquisitions, debt repayments, share repurchases or possible future dividends. Segment income,
adjusted free cash flow, the adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share and
information excluding the impact of currency translation are derived from the Company's Consolidated Statements of Operations and
Cash Flows and Consolidated Balance Sheets, as applicable, and reconciliations to segment income, adjusted free cash flow, the
adjusted effective tax rate, adjusted net income, adjusted diluted earnings per share and information unadjusted for currency
translation can be found within this release.
Conference Call
The Company will hold a conference call tomorrow, October 20, 2016 at 9:00 a.m. (EDT) to discuss this news release. Forward-looking and other material information may be
discussed on the conference call. The dial-in numbers for the conference call are (630) 395-0227 or toll-free (888)
606-8412 and the access passcode is 3799330. A live webcast of the call will be made available to the public on the
internet at the Company's web site, www.crowncork.com.
A replay of the conference call will be available for a one-week period ending at midnight on October 27. The
telephone numbers for the replay are (402) 998-0517 or toll free (888) 282-0034.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, all other information in this press release consists of forward-looking
statements. These forward-looking statements involve a number of risks, uncertainties and other factors, including the
future impact of currency translation; the continuation of performance trends in 2016; the future growth in demand for beverage,
food and aerosol cans, including in regions where the Company is adding capacity; the Company's ability to successfully complete
and begin production at beverage can capacity or conversion projects within expected timelines and budgets in Mexico, Turkey, New York, Colombia and France; and the Company's ability to continue to identify and
successfully complete and operate additional projects that may cause actual results to be materially different from those
expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this
press release or the actual results of operations or financial condition of the Company to differ are discussed under the caption
"Forward Looking Statements" in the Company's Form 10-K Annual Report for the year ended December 31,
2015 and in subsequent filings made prior to or after the date hereof. The Company does not intend to review or
revise any particular forward-looking statement in light of future events.
Crown Holdings, Inc., through its subsidiaries, is a leading supplier of packaging products to consumer marketing companies
around the world. World headquarters are located in Philadelphia, Pennsylvania.
For more information, contact:
Thomas A. Kelly, Senior Vice President and Chief Financial Officer, (215) 698-5341
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720
Ed Bisno, Bisno Communications, (212) 717-7578
Unaudited Consolidated Statements of Operations, Balance Sheets, Statements of Cash Flows, Segment Information and
Supplemental Data follow.
Consolidated Statements of Operations (Unaudited)
|
(in millions, except share and per share data)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net sales
|
$2,326
|
|
$2,460
|
|
$6,361
|
|
$6,735
|
Cost of products sold
|
1,838
|
|
1,984
|
|
5,050
|
|
5,487
|
Depreciation and amortization
|
63
|
|
61
|
|
188
|
|
174
|
Selling and administrative expense
|
90
|
|
94
|
|
275
|
|
291
|
Restructuring and other
|
20
|
|
40
|
|
19
|
|
57
|
Income from operations
|
315
|
|
281
|
|
829
|
|
726
|
Foreign exchange
|
(5)
|
|
9
|
|
(22)
|
|
14
|
Interest expense
|
59
|
|
68
|
|
181
|
|
202
|
Interest income
|
(3)
|
|
(4)
|
|
(8)
|
|
(8)
|
Loss from early extinguishment of debt
|
10
|
|
|
|
37
|
|
9
|
Income before income taxes
|
254
|
|
208
|
|
641
|
|
509
|
Provision for income taxes
|
48
|
|
48
|
|
151
|
|
134
|
Net income
|
206
|
|
160
|
|
490
|
|
375
|
Net income attributable to noncontrolling interests
|
(23)
|
|
(19)
|
|
(59)
|
|
(48)
|
Net income attributable to Crown Holdings
|
$183
|
|
$141
|
|
$431
|
|
$327
|
Earnings per share attributable to Crown Holdings
common shareholders:
|
|
|
|
|
|
|
|
Basic
|
$1.32
|
|
$1.02
|
|
$3.11
|
|
$2.37
|
Diluted
|
$1.31
|
|
$1.01
|
|
$3.09
|
|
$2.35
|
|
|
Weighted average common shares outstanding:
|
|
Basic
|
138,670,185
|
|
138,053,305
|
|
138,441,036
|
|
137,889,023
|
Diluted
|
139,502,082
|
|
139,081,472
|
|
139,379,726
|
|
139,002,264
|
Actual common shares outstanding
|
139,770,059
|
|
139,404,268
|
|
139,770,059
|
|
139,404,268
|
|
Consolidated Supplemental Financial Data (Unaudited)
|
(in millions)
|
|
Reconciliation from Income from Operations to Segment Income and
Constant Currency Segment Income
|
The Company views segment income, as defined below, as a principal measure
of performance of its operations and for the allocation of resources. Segment income is defined by the Company as
income from operations adjusted to add back provisions for asbestos and restructuring and other, the impact of fair value
adjustments to inventory acquired in an acquisition, and the timing impact of hedge ineffectiveness.
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Income from
operations
|
$
|
315
|
|
$
|
281
|
|
$
|
829
|
|
$
|
726
|
|
Provision for restructuring and other
|
|
20
|
|
|
40
|
|
|
19
|
|
|
57
|
|
Fair value adjustment to inventory (1)
|
|
|
|
|
|
|
|
|
|
|
6
|
|
Impact of hedge ineffectiveness (1)
|
|
(2)
|
|
|
7
|
|
|
(6)
|
|
|
3
|
|
Segment income
|
|
333
|
|
|
328
|
|
|
842
|
|
|
792
|
|
Foreign currency translation (2)
|
|
9
|
|
|
|
|
|
30
|
|
|
|
|
Constant currency segment income
|
$
|
342
|
|
$
|
328
|
|
$
|
872
|
|
$
|
792
|
|
|
(1) Included in
cost of products sold
|
|
Segment Information
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
Net Sales
|
|
2016
Actual
|
|
2016 at
2015 rates (2)
|
|
2015
Actual
|
|
2016
Actual
|
|
2016 at
2015 rates (2)
|
|
2015
Actual
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas Beverage
|
|
$
|
719
|
|
$
|
741
|
|
$
|
722
|
|
$
|
2,068
|
|
$
|
2,173
|
|
$
|
2,080
|
North America Food
|
|
|
190
|
|
|
193
|
|
|
200
|
|
|
504
|
|
|
516
|
|
|
530
|
European Beverage
|
|
|
413
|
|
|
427
|
|
|
427
|
|
|
1,129
|
|
|
1,163
|
|
|
1,173
|
European Food
|
|
|
599
|
|
|
606
|
|
|
641
|
|
|
1,459
|
|
|
1,475
|
|
|
1,564
|
Asia Pacific
|
|
|
281
|
|
|
284
|
|
|
300
|
|
|
839
|
|
|
861
|
|
|
920
|
Total reportable segments
|
|
|
2,202
|
|
|
2,251
|
|
|
2,290
|
|
|
5,999
|
|
|
6,188
|
|
|
6,267
|
Non-reportable segments
|
|
|
124
|
|
|
130
|
|
|
170
|
|
|
362
|
|
|
373
|
|
|
468
|
Total net sales
|
|
$
|
2,326
|
|
$
|
2,381
|
|
$
|
2,460
|
|
$
|
6,361
|
|
$
|
6,561
|
|
$
|
6,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas Beverage
|
|
$
|
119
|
|
$
|
123
|
|
$
|
116
|
|
$
|
329
|
|
$
|
345
|
|
$
|
300
|
North America Food
|
|
|
25
|
|
|
26
|
|
|
25
|
|
|
57
|
|
|
59
|
|
|
72
|
European Beverage
|
|
|
83
|
|
|
85
|
|
|
74
|
|
|
204
|
|
|
211
|
|
|
178
|
European Food
|
|
|
96
|
|
|
97
|
|
|
98
|
|
|
212
|
|
|
214
|
|
|
208
|
Asia Pacific
|
|
|
37
|
|
|
37
|
|
|
37
|
|
|
111
|
|
|
113
|
|
|
111
|
Total reportable segments
|
|
|
360
|
|
|
368
|
|
|
350
|
|
|
913
|
|
|
942
|
|
|
869
|
Non-reportable segments
|
|
|
19
|
|
|
21
|
|
|
25
|
|
|
52
|
|
|
55
|
|
|
62
|
Corporate and other unallocated items
|
|
|
(46)
|
|
|
(47)
|
|
|
(47)
|
|
|
(123)
|
|
|
(125)
|
|
|
(139)
|
Total segment income
|
|
$
|
333
|
|
$
|
342
|
|
$
|
328
|
|
$
|
842
|
|
$
|
872
|
|
$
|
792
|
|
|
(2)
|
Information presented for 2016 at 2015 rates represents financial results
assuming constant foreign currency exchange rates used for translation
based on the rates in effect for the comparable prior year period. In order to compute constant currency results,
the Company multiplies or divides,
as appropriate, the current year U.S. dollar results by the current year average foreign exchange rates and then
multiplies or divides, as appropriate,
those amounts by the applicable prior year average foreign exchange rates.
|
Consolidated Supplemental Data (Unaudited)
|
(in millions, except per share data)
|
|
Reconciliation from Net Income and Diluted Earnings Per Share to
Adjusted Net Income and Adjusted Diluted Earnings Per Share
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net income/diluted earnings per share
attributable to Crown Holdings, as reported
|
|
$183
|
|
$1.31
|
|
$141
|
|
$1.01
|
|
$431
|
|
$3.09
|
|
$327
|
|
$2.35
|
Fair value adjustment to inventory
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
.04
|
Impact of hedge ineffectiveness
(2)
|
|
(2)
|
|
(.01)
|
|
7
|
|
.05
|
|
(6)
|
|
(.04)
|
|
3
|
|
.02
|
Restructuring and other
(3)
|
|
20
|
|
.14
|
|
45
|
|
.33
|
|
19
|
|
.14
|
|
62
|
|
.45
|
Loss from early extinguishment of debt
(4)
|
|
10
|
|
.07
|
|
|
|
|
|
37
|
|
.27
|
|
9
|
|
.06
|
Income taxes (5)
|
|
(25)
|
|
(.18)
|
|
(7)
|
|
(.05)
|
|
(33)
|
|
(.25)
|
|
(5)
|
|
(.03)
|
Adjusted net income/diluted earnings per share
|
|
$186
|
|
$1.33
|
|
$186
|
|
$1.34
|
|
$448
|
|
$3.21
|
|
$402
|
|
$2.89
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate as reported
|
|
18.9%
|
|
|
|
23.1%
|
|
|
|
23.6%
|
|
|
|
26.3%
|
|
|
Adjusted effective tax rate (6)
|
|
25.9%
|
|
|
|
21.2%
|
|
|
|
26.6%
|
|
|
|
23.6%
|
|
|
(1)
|
In the first quarter of 2015, the Company recorded a charge of $6 million
($4 million net of tax) in cost of products sold for fair value adjustments related to the sale of inventory acquired in
its acquisition of Empaque.
|
|
|
(2)
|
In the third quarter and first nine months of 2016, the Company recorded
benefits of $2 million ($2 million net of tax) and $6 million ($5 million net of tax) in cost of products sold related to
the timing impact of hedge ineffectiveness. In the third quarter and first nine months of 2015, the Company
recorded charges of $7 million ($5 million net of tax) and $3 million ($2 million net of tax).
|
|
|
(3)
|
In the third quarter and first nine months of 2016, the Company recorded
restructuring and other charges of $19 million ($15 million net of tax) and $25 million ($20 million net of tax)
including pension settlement charges. In the third quarter and first nine months of 2015, the Company recorded
restructuring and other charges of $31 million ($29 million net of tax) and $48 million ($43 million net of tax),
including $5 million reported in cost of products sold for inventory write downs in plants to be
closed.
|
|
|
|
In the third quarter and first nine months of 2016, the Company recorded
losses of $1 million ($1 million net of tax) and gains of $6 million ($4 million net of tax) for asset sales and
impairments. In both the third quarter and first nine months of 2015, the Company recorded losses of $14 million
($11 million net of tax for the quarter, $10 million for nine months) for asset sales and impairments primarily related
to the sale of four industrial specialty packaging plants in Europe.
|
|
|
(4)
|
In the first quarter of 2016, the Company recorded a charge of $27 million
($17 million net of tax) for premiums paid and the write off of deferred financing fees in connection with the redemption
of its outstanding $700 million notes due 2021. In the third quarter of 2016, the Company recorded a charge of $10
million ($7 million net of tax) for the write off of deferred financing fees in connection with the early repayment of a
portion of its Term Loan A borrowings. In the second quarter of 2015, the Company recorded a charge of $9 million
($6 million net of tax) for the write off of deferred financing fees in connection with the repayment of its Term Loan B
borrowings.
|
|
|
(5)
|
In the third quarter and first nine months of 2016, the Company recorded
income tax benefits of $7 million and $15 million related to the items described above. Also in the third quarter
of 2016, the Company recorded charges of $13 million in connection with tax contingencies related to the Mivisa
acquisition and a corporate restructuring, and benefits of $31 million to reverse tax valuation allowances in
Canada. In the third quarter and first nine months of 2015, the Company recorded income tax benefits of $7 million
and $15 million related to the items described above, and charges of $10 million for the nine months to record the impact
of an unfavorable tax court ruling and tax rate change in Spain.
|
|
|
(6)
|
Income tax effects on adjusted net income were calculated using the
applicable tax rates of the underlying jurisdictions.
|
Consolidated Balance Sheets (Condensed & Unaudited)
(in millions)
|
September 30,
|
2016
|
|
2015 (1)
|
Assets
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
526
|
|
|
$
|
466
|
|
Receivables, net
|
|
|
1,047
|
|
|
|
1,183
|
|
Inventories
|
|
|
1,300
|
|
|
|
1,302
|
|
Prepaid expenses and other current assets
|
|
|
217
|
|
|
|
305
|
|
Total
current assets
|
|
|
3,090
|
|
|
|
3,256
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible assets
|
|
|
3,450
|
|
|
|
3,664
|
|
Property, plant and equipment, net
|
|
|
2,746
|
|
|
|
2,614
|
|
Other non-current assets
|
|
|
677
|
|
|
|
631
|
|
Total
|
|
$
|
9,963
|
|
|
$
|
10,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
49
|
|
|
$
|
61
|
|
Current maturities of long-term debt
|
|
|
121
|
|
|
|
142
|
|
Accounts payable and accrued
liabilities
|
|
|
2,627
|
|
|
|
2,527
|
|
Total
current liabilities
|
|
|
2,797
|
|
|
|
2,730
|
|
|
|
|
|
|
|
|
|
|
Long-term debt, excluding current maturities
|
|
|
5,097
|
|
|
|
5,544
|
|
Other non-current liabilities
|
|
|
1,290
|
|
|
|
1,458
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interests
|
|
|
310
|
|
|
|
293
|
|
Crown Holdings shareholders' equity
|
|
|
469
|
|
|
|
140
|
|
Total equity
|
|
|
779
|
|
|
|
433
|
|
Total
|
|
$
|
9,963
|
|
|
$
|
10,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Certain prior year amounts have been reclassified in accordance with new
accounting
guidance regarding the presentation of debt issuance costs.
|
Consolidated Statements of Cash Flows (Condensed &
Unaudited)
(in millions)
|
Nine months ended September 30,
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
490
|
|
|
$
|
375
|
|
Depreciation and
amortization
|
|
|
|
188
|
|
|
|
174
|
|
Provision for restructuring and
other
|
|
|
|
19
|
|
|
|
57
|
|
Pension expense
|
|
|
|
21
|
|
|
|
35
|
|
Pension contributions
|
|
|
|
(81)
|
|
|
|
(54)
|
|
Stock-based compensation
|
|
|
|
15
|
|
|
|
22
|
|
Working capital changes and
other
|
|
|
|
(276)
|
|
|
|
(294)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by operating activities (A)
|
|
|
|
376
|
|
|
|
315
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
|
Purchase of business
|
|
|
|
|
|
|
|
|
(1,207)
|
|
Capital expenditures
|
|
|
|
(244)
|
|
|
|
(176)
|
|
Proceeds from sale of business
|
|
|
|
|
|
|
|
|
33
|
|
Other
|
|
|
|
16
|
|
|
|
(24)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
used for investing activities
|
|
|
|
(228)
|
|
|
|
(1,374)
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
|
Net change in debt
|
|
|
|
(323)
|
|
|
|
689
|
|
Dividends paid to noncontrolling
interests
|
|
|
|
(43)
|
|
|
|
(21)
|
|
Debt issue costs
|
|
|
|
(16)
|
|
|
|
(18)
|
|
Other, net
|
|
|
|
54
|
|
|
|
(39)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash
provided by (used for) financing activities
|
|
|
|
(328)
|
|
|
|
611
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
(11)
|
|
|
|
(51)
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
|
|
|
(191)
|
|
|
|
(499)
|
|
Cash and cash equivalents at January 1
|
|
|
|
717
|
|
|
|
965
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at September 30
|
|
|
$
|
526
|
|
|
$
|
466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Adjusted free cash flow is defined by the Company as
net cash from operating activities less capital expenditures and certain other items. A reconciliation from net
cash from operating activities to adjusted free cash flow for the three and nine months ended September 30, 2016 and 2015
follows:
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
Net cash from operating activities
|
$313
|
|
$330
|
|
$376
|
|
$315
|
Capital expenditures
|
(101)
|
|
(65)
|
|
(244)
|
|
(176)
|
Free cash flow
|
212
|
|
265
|
|
132
|
|
139
|
Premiums paid to retire debt early
|
|
|
|
|
22
|
|
|
Adjusted free cash flow
|
$212
|
|
$265
|
|
$154
|
|
$139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/crown-holdings-inc-reports-third-quarter-2016-results-300347950.html
SOURCE Crown Holdings, Inc.