TAMPA, Fla., July 21, 2025 /PRNewswire/ — Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the second quarter ended June 30, 2025.
Highlights
Second Quarter
Diluted earnings per share of $1.56 versus $1.45 in 2024
Adjusted diluted earnings per share increased 19% to $2.15 compared to $1.81 in 2024
Income from operations of $391 million versus $379 million in 2024
Segment income improved $39 million, or 9% to $476 million
2025 Outlook
Expect third quarter adjusted diluted earnings per share of $1.95 to $2.05
Full year guidance range for adjusted diluted earnings per share of $7.10 to $7.50 with adjusted free cash flow of approximately $900 million
Reaffirming long-term net leverage ratio target of 2.5x
Commenting on the quarter, Timothy J. Donahue, Chairman, President and Chief Executive Officer, stated, “During the second quarter, continued strong performance, led by Americas Beverage, European Beverage and the North American Tinplate businesses led to segment income growth of 9% over the prior year. In addition to shipment growth in Europe and the Middle East, the improvement also reflects favorable product mix and exceptional operational performance throughout global operations. Beverage can shipments in North America advanced 1% in line with expectations. Transit Packaging results remained firm to the prior year, despite a continued tepid industrial production environment, the result of continuing cost reduction efforts.
“We remain excited about the Company’s prospects in 2025 with trailing twelve-month adjusted EBITDA through June approaching $2.1 billion, an 11% increase from same prior period. Reflecting on the Company’s strong performance over the first six months, the Company has increased its full year 2025 expectations for adjusted earnings per share and adjusted free cash flow. The balance sheet is strong, and we are well on our way to achieving our long-term target leverage ratio of 2.5x of adjusted EBITDA. As a result, the Company is well positioned to increase its return of cash to shareholders.”
Net sales in the second quarter were $3,149 million compared to $3,040 million in the second quarter of 2024 reflecting increased shipments of both beverage and food cans in North America, as well as across European Beverage, the pass through of $120 million in higher material costs and favorable foreign currency translation of $23 million, partially offset by lower shipments in Asia Pacific and Transit Packaging.
Income from operations was $391 million in the second quarter compared to $379 million in the second quarter of 2024. Segment income in the second quarter of 2025 was $476 million compared to $437 million in the prior year second quarter and includes continuing improvements to operational performance.
Net income attributable to Crown Holdings in the second quarter was $181 million compared to $174 million in the second quarter of 2024. Reported diluted earnings per share were $1.56 in the second quarter of 2025 compared to $1.45 in 2024 and adjusted diluted earnings per share were $2.15 compared to $1.81 in 2024.
Six Month ResultsNet sales for the first six months of 2025 were $6,036 million compared to $5,824 million in the first six months of 2024, reflecting the pass through of $214 million in higher material costs and higher shipments in Americas Beverage, European Beverage and North America food can, partially offset by lower shipments in Asia Pacific and Transit Packaging.
Income from operations was $756 million in the first half of 2025 compared to $624 million in the first half of 2024. Segment income in the first half of 2025 was $874 million compared to $745 million in the prior year period and includes the benefits of improved manufacturing performance and savings from prior year restructuring actions in Asia Pacific.
Net income attributable to Crown Holdings in the first six months of 2025 was $374 million compared to $241 million in the first six months of 2024. Reported diluted earnings per share were $3.21 compared to $2.01 in 2024. Adjusted diluted earnings per share were $3.81 compared to $2.83 in 2024.
Outlook”In view of strong first half performance, the Company has increased its full year 2025 guidance range to $7.10 to $7.50 of adjusted diluted earnings per share while we continue to closely monitor the potential impacts of tariffs on consumers and industrial activity,” commented Kevin C. Clothier, Senior Vice President and Chief Financial Officer. The Company expects third quarter adjusted diluted earnings per share to be in the range of $1.95 to $2.05.
The Company expects to generate approximately $900 million in adjusted free cash flow in 2025 after capital spending of approximately $450 million with the adjusted effective tax rate expected to be approximately 25%.
Non-GAAP MeasuresSegment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA 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 income from operations, cash flow, leverage ratio, net income, effective tax rates, diluted earnings per share or interest expense and interest income 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 and adjusted net leverage ratio as the principal measures of its liquidity. The Company considers all 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 free cash flow and adjusted net leverage ratio provide meaningful measures 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 dividends. The Company believes that adjusted net income, segment income, the adjusted effective tax rate and adjusted diluted earnings per share are useful in evaluating the Company’s operations as these measures are adjusted for items that affect comparability between periods. Segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share, net interest expense, EBITDA and adjusted EBITDA are derived from the Company’s Consolidated Statements of Operations, Cash Flows and Consolidated Balance Sheets, as applicable, and reconciliations to segment income, adjusted free cash flow, net debt, adjusted net leverage ratio, adjusted net income, the adjusted effective tax rate, adjusted diluted earnings per share and adjusted EBITDA can be found within this release. Reconciliations of estimated adjusted diluted earnings per share, adjusted free cash flow, the adjusted effective tax rates and adjusted net leverage ratio for the third quarter and full year of 2025 to estimated diluted earnings per share, operating cash flow, the effective tax rate and income from operations on a GAAP basis are not provided in this release due to the unavailability of estimates of the following, the timing and magnitude of which the Company is unable to reliably forecast without unreasonable efforts, which are excluded from estimated adjusted diluted earnings per share, the adjusted effective tax rates and adjusted net leverage ratio, and could have a significant impact on earnings per share, the effective tax rate and income from operations on a GAAP basis: gains or losses on the sale of businesses or other assets, restructuring and other costs, asset impairment charges, asbestos-related charges, losses from early extinguishment of debt, pension settlement and curtailment charges, the tax and noncontrolling interest impact of the items above, and the impact of tax law changes or other tax matters.
Conference CallThe Company will hold a conference call tomorrow, July 22, 2025, 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 630-395-0194 or toll-free 888-324-8108 and the access password is “packaging.” A live webcast of the call will be made available to the public on the internet at the Company’s website, www.crowncork.com. A replay of the conference call will be available for a one-week period ending at midnight on July 29, 2025. The telephone numbers for the replay are 203-369-1942 or toll free 866-510-4834.
Cautionary Note Regarding Forward-Looking StatementsExcept 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 Company’s ability to continue to operate its plants, distribute its products, and maintain its supply chain; the future impact of currency translation; the continuation of performance and market trends in 2025, including consumer preference for beverage cans and global beverage can demand; the future impact of inflation, including the potential for higher interest rates and energy prices and the Company’s ability to recover raw material and other inflationary costs, including tariffs and retaliatory trade measures; future demand for food cans; the Company’s ability to deliver continuous operational improvement; future demand in the Transit Packaging segment; and the Company’s ability to increase cash flow and to further reduce net leverage, 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, 2024 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 global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. World headquarters are located in Tampa, Florida.
For more information, contact:
Kevin C. Clothier, Senior Vice President and Chief Financial Officer, (215) 698-5281
Thomas T. Fischer, Vice President, Investor Relations and Corporate Affairs, (215) 552-3720
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 June 30, |
Six Months Ended June 30, |
||||||
|
2025 |
2024 |
2025 |
2024 |
||||
|
Net sales |
$ 3,149 |
$ 3,040 |
$ 6,036 |
$ 5,824 |
|||
|
Cost of products sold |
2,436 |
2,379 |
4,698 |
4,626 |
|||
|
Depreciation and amortization |
114 |
115 |
224 |
230 |
|||
|
Selling and administrative expense |
161 |
150 |
313 |
304 |
|||
|
Restructuring and other |
47 |
17 |
45 |
40 |
|||
|
Income from operations (1) |
391 |
379 |
756 |
624 |
|||
|
Loss on debt extinguishment |
1 |
1 |
|||||
|
Other pension and postretirement |
(1) |
13 |
4 |
24 |
|||
|
Foreign exchange |
9 |
5 |
11 |
12 |
|||
|
Earnings before interest and taxes |
382 |
361 |
740 |
588 |
|||
|
Interest expense |
103 |
112 |
202 |
225 |
|||
|
Interest income |
(14) |
(16) |
(27) |
(36) |
|||
|
Income from operations before income taxes |
293 |
265 |
565 |
399 |
|||
|
Provision for income taxes |
78 |
54 |
124 |
94 |
|||
|
Equity earnings |
1 |
(4) |
2 |
(5) |
|||
|
Net income |
216 |
207 |
443 |
300 |
|||
|
Net income attributable to noncontrolling interests |
35 |
33 |
69 |
59 |
|||
|
Net income attributable to Crown Holdings |
$ 181 |
$ 174 |
$ 374 |
$ 241 |
|||
|
Earnings per share attributable to Crown Holdings common shareholders: |
|||||||
|
Basic |
$ 1.57 |
$ 1.45 |
$ 3.22 |
$ 2.02 |
|||
|
Diluted |
$ 1.56 |
$ 1.45 |
$ 3.21 |
$ 2.01 |
|||
|
Weighted average common shares outstanding: |
|||||||
|
Basic |
115,329,354 |
119,652,273 |
115,997,384 |
119,613,319 |
|||
|
Diluted |
115,841,544 |
119,846,707 |
116,462,524 |
119,811,187 |
|||
|
Actual common shares outstanding at quarter end |
116,393,989 |
120,867,675 |
116,393,989 |
120,867,675 |
|||
|
(1) Reconciliation from income from operations to segment income follows.
|
|||||||
Consolidated Supplemental Financial Data (Unaudited)(in millions)
Reconciliation from Income from Operations to Segment IncomeThe 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 exclude intangibles amortization charges and provisions for restructuring and other.
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||
|
2025 |
2024 |
2025 |
2024 |
||||||||||
|
Income from operations |
$ |
391 |
$ |
379 |
$ |
756 |
$ |
624 |
|||||
|
Intangibles amortization |
38 |
41 |
73 |
81 |
|||||||||
|
Restructuring and other |
47 |
17 |
45 |
40 |
|||||||||
|
Segment income |
$ |
476 |
$ |
437 |
$ |
874 |
$ |
745 |
|||||
|
Segment Information
|
|||||||||||||
|
Net Sales |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||
|
2025 |
2024 |
2025 |
2024 |
||||||||||
|
Americas Beverage |
$ |
1,405 |
$ |
1,325 |
$ |
2,725 |
$ |
2,547 |
|||||
|
European Beverage |
635 |
560 |
1,147 |
1,042 |
|||||||||
|
Asia Pacific |
256 |
290 |
535 |
569 |
|||||||||
|
Transit Packaging |
526 |
550 |
1,008 |
1,070 |
|||||||||
|
Other (1) |
327 |
315 |
621 |
596 |
|||||||||
|
Total net sales |
$ |
3,149 |
$ |
3,040 |
$ |
6,036 |
$ |
5,824 |
|||||
|
Segment Income |
|||||||||||||
|
Americas Beverage |
$ |
268 |
$ |
243 |
$ |
504 |
$ |
432 |
|||||
|
European Beverage |
97 |
88 |
164 |
139 |
|||||||||
|
Asia Pacific |
50 |
55 |
97 |
97 |
|||||||||
|
Transit Packaging |
72 |
73 |
132 |
141 |
|||||||||
|
Other (1) |
35 |
14 |
64 |
22 |
|||||||||
|
Corporate and other unallocated items |
(46) |
(36) |
(87) |
(86) |
|||||||||
|
Total segment income |
$ |
476 |
$ |
437 |
$ |
874 |
$ |
745 |
|||||
|
(1) |
Includes the Company’s food can, aerosol can and closures businesses in North America, and beverage tooling and equipment operations in the U.S. and United Kingdom. |
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
The following table reconciles reported net income and diluted earnings per share attributable to the Company to adjusted net income and adjusted diluted earnings per share, as used elsewhere in this release.
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||||||||||
|
2025 |
2024 |
2025 |
2024 |
||||||||||||||||
|
Net income/diluted earnings per share attributable to Crown Holdings, as reported |
$181 |
$1.56 |
$174 |
$1.45 |
$374 |
$3.21 |
$241 |
$2.01 |
|||||||||||
|
Intangibles amortization (1) |
38 |
0.33 |
41 |
0.34 |
73 |
0.62 |
81 |
0.68 |
|||||||||||
|
Restructuring and other (2) |
47 |
0.40 |
17 |
0.14 |
45 |
0.39 |
40 |
0.33 |
|||||||||||
|
Loss on debt extinguishment |
1 |
0.01 |
1 |
0.01 |
|||||||||||||||
|
Other pension and postretirement (3) |
(5) |
(0.04) |
2 |
0.02 |
(5) |
(0.04) |
2 |
0.02 |
|||||||||||
|
Income taxes (4) |
(13) |
(0.11) |
(26) |
(0.22) |
(44) |
(0.38) |
(37) |
(0.31) |
|||||||||||
|
Equity earnings (5) |
9 |
0.08 |
12 |
0.10 |
|||||||||||||||
|
Adjusted net income/diluted earnings per share |
$249 |
$2.15 |
$217 |
$1.81 |
$444 |
$3.81 |
$339 |
$2.83 |
|||||||||||
|
Effective tax rate as reported |
26.6 % |
20.4 % |
21.9 % |
23.6 % |
|||||||||||||||
|
Adjusted effective tax rate |
24.3 % |
24.6 % |
24.7 % |
25.1 % |
|||||||||||||||
Adjusted net income, adjusted diluted earnings per share and the adjusted effective tax rate are non-GAAP measures and are not meant to be considered in isolation or as a substitute for net income, diluted earnings per share and effective tax rates determined in accordance with U.S. generally accepted accounting principles. The Company believes these non-GAAP measures provide useful information to evaluate the performance of the Company’s ongoing business.
|
(1) |
In the second quarter and first six months of 2025, the Company recorded charges of $38 million ($29 million net of tax) and $73 million ($56 million net of tax) for intangibles amortization arising from prior acquisitions. In the second quarter and first six months of 2024, the Company recorded charges of $41 million ($31 million net of tax) and $81 million ($61 million net of tax) for intangibles amortization arising from prior acquisitions. |
|
(2) |
In the second quarter and first six months of 2025, the Company recorded net restructuring and other charges of $47 million ($42 million net of tax) and $45 million ($40 million net of tax), primarily related to asset impairment charges in Asia Pacific, severance costs in the Transit Packaging segment and a reserve for a legal dispute. In the second quarter and first six months of 2024, the Company recorded net restructuring and other charges of $17 million ($14 million net of tax) and $40 million ($36 million net of tax) primarily related to severance and other exit costs in the Company’s European Beverage and Other segments. |
|
(3) |
In the second quarter of 2025, the Company recorded a pension settlement gain of $5 million ($4 million net of tax), related to repayment of the contribution the Company made in 2021 to settle the U.K. defined pension plan. In the second quarter of 2024, the Company recorded a one-time termination charge of $2 million ($1 million net of tax) related to business reorganization activities in the Other segment. |
|
(4) |
The Company recorded income tax benefits of $13 million and $44 million in the second quarter and first six months of 2025, primarily related to an income tax benefit of $22 million from an internal reorganization in the first quarter of 2025 and the items described above. The Company recorded income tax benefits of $26 million and $37 million in the second quarter and first six months of 2024. |
|
(5) |
In the second quarter and first six months of 2024, the Company recorded its proportional share of intangible amortization and restructuring charges, net of tax, recorded by its European tinplate equity method investment, in the line Equity earnings. |
|
Consolidated Balance Sheets (Condensed & Unaudited) (in millions) |
||||||||
|
June 30, |
2025 |
2024 |
||||||
|
Assets |
||||||||
|
Current assets |
||||||||
|
Cash and cash equivalents |
$ |
936 |
$ |
1,414 |
||||
|
Receivables, net |
1,864 |
1,771 |
||||||
|
Inventories |
1,629 |
1,526 |
||||||
|
Prepaid expenses and other current assets |
223 |
221 |
||||||
|
Total current assets |
4,652 |
4,932 |
||||||
|
Goodwill and intangible assets, net |
4,169 |
4,171 |
||||||
|
Property, plant and equipment, net |
5,041 |
4,980 |
||||||
|
Other non-current assets |
616 |
775 |
||||||
|
Total assets |
$ |
14,478 |
$ |
14,858 |
||||
|
Liabilities and equity |
||||||||
|
Current liabilities |
||||||||
|
Short-term debt |
$ |
201 |
$ |
94 |
||||
|
Current maturities of long-term debt |
671 |
1,367 |
||||||
|
Accounts payable and accrued liabilities |
3,501 |
3,227 |
||||||
|
Total current liabilities |
4,373 |
4,688 |
||||||
|
Long-term debt, excluding current maturities |
5,618 |
5,949 |
||||||
|
Other non-current liabilities |
1,115 |
1,244 |
||||||
|
Noncontrolling interests |
481 |
470 |
||||||
|
Crown Holdings shareholders’ equity |
2,891 |
2,507 |
||||||
|
Total equity |
3,372 |
2,977 |
||||||
|
Total liabilities and equity |
$ |
14,478 |
$ |
14,858 |
||||
|
Consolidated Statements of Cash Flows (Condensed & Unaudited) (in millions) |
||||||||||
|
Six months ended June 30, |
2025 |
2024 |
||||||||
|
Cash flows from operating activities |
||||||||||
|
Net income |
$ |
443 |
$ |
300 |
||||||
|
Depreciation and amortization |
224 |
230 |
||||||||
|
Restructuring and other |
45 |
40 |
||||||||
|
Pension and postretirement expense |
14 |
35 |
||||||||
|
Pension contributions |
22 |
(5) |
||||||||
|
Stock-based compensation |
26 |
20 |
||||||||
|
Working capital changes and other |
(311) |
(277) |
||||||||
|
Net cash provided by operating activities |
463 |
343 |
||||||||
|
Cash flows from investing activities |
||||||||||
|
Capital expenditures |
(89) |
(178) |
||||||||
|
Other |
45 |
35 |
||||||||
|
Net cash used for investing activities |
(44) |
(143) |
||||||||
|
Cash flows from financing activities |
||||||||||
|
Net change in debt |
(83) |
40 |
||||||||
|
Dividends paid to shareholders |
(60) |
(60) |
||||||||
|
Common stock repurchased |
(209) |
(7) |
||||||||
|
Dividends paid to noncontrolling interests |
(62) |
(40) |
||||||||
|
Other, net |
(13) |
(3) |
||||||||
|
Net cash used for financing activities |
(427) |
(70) |
||||||||
|
Effect of exchange rate changes on cash and cash equivalents |
30 |
(19) |
||||||||
|
Net change in cash and cash equivalents |
22 |
111 |
||||||||
|
Cash and cash equivalents at January 1 |
1,016 |
1,400 |
||||||||
|
Cash, cash equivalents and restricted cash at June 30 (1) |
$ |
1,038 |
$ |
1,511 |
||||||
|
(1) Cash and cash equivalents include $102 million and $97 million of restricted cash at June 30, 2025 and 2024. |
Adjusted free cash flow is defined by the Company as net cash from operating activities less capital expenditures and certain other items. A reconciliation of net cash from operating activities to adjusted free cash flow for the three and six months ended June 30, 2025 and 2024 follows.
|
Three Months Ended June 30, |
Six Months Ended June 30, |
||||||||||
|
2025 |
2024 |
2025 |
2024 |
||||||||
|
Net cash provided by operating activities |
$ 449 |
$ 445 |
$ 463 |
$ 343 |
|||||||
|
Interest included in investing activities (2) |
13 |
13 |
|||||||||
|
Capital expenditures |
(56) |
(84) |
(89) |
(178) |
|||||||
|
Adjusted free cash flow |
$ 393 |
$ 361 |
$ 387 |
$ 178 |
|||||||
|
(2) Interest benefit of cross currency swaps included in investing activities. |
|
Consolidated Supplemental Data (Unaudited) (in millions)
|
||||||||||||||||
|
Impact of Foreign Currency Translation – Favorable/(Unfavorable) (1)
|
||||||||||||||||
|
Three Months Ended June 30, 2025 |
Six Months Ended June 30, 2025 |
|||||||||||||||
|
Net Sales |
Segment |
Net Sales |
Segment |
|||||||||||||
|
Americas Beverage |
$ |
(10) |
$ |
$ |
(23) |
$ |
||||||||||
|
European Beverage |
19 |
3 |
11 |
2 |
||||||||||||
|
Asia Pacific |
7 |
1 |
11 |
2 |
||||||||||||
|
Transit Packaging |
6 |
1 |
(8) |
(1) |
||||||||||||
|
Corporate and other |
1 |
1 |
||||||||||||||
|
$ |
23 |
$ |
5 |
$ |
(8) |
$ |
3 |
|||||||||
|
(1) |
The impact of foreign currency translation represents the difference between actual current year U.S. dollar results and pro forma amounts assuming constant foreign currency exchange rates for translation in both periods. In order to compute the difference, the Company compares actual U.S. dollar results to an amount calculated by dividing the current U.S. dollar results by current year average foreign exchange rates and then multiplying those amounts by the applicable prior year average foreign exchange rates. |
|
Reconciliation of Adjusted EBITDA and Adjusted Net Leverage Ratio |
|||||||||||||||||
|
June YTD |
June YTD |
Full Year |
Twelve Months |
Twelve Months |
|||||||||||||
|
2025 |
2024 |
2024 |
June 30, 2025 |
June 30, 2024 |
|||||||||||||
|
Income from operations |
$ |
756 |
$ |
624 |
$ |
1,419 |
$ |
1,551 |
$ |
1,257 |
|||||||
|
Add: |
|||||||||||||||||
|
Intangibles amortization |
73 |
81 |
151 |
143 |
163 |
||||||||||||
|
Restructuring and other |
45 |
40 |
75 |
80 |
137 |
||||||||||||
|
Segment income |
874 |
745 |
1,645 |
1,774 |
1,557 |
||||||||||||
|
Depreciation |
151 |
149 |
297 |
299 |
318 |
||||||||||||
|
Adjusted EBITDA |
$ |
1,025 |
$ |
894 |
$ |
1,942 |
$ |
2,073 |
$ |
1,875 |
|||||||
|
Total debt |
$ |
6,204 |
$ |
6,490 |
$ |
7,410 |
|||||||||||
|
Less cash |
918 |
936 |
1,414 |
||||||||||||||
|
Net debt |
$ |
5,286 |
$ |
5,554 |
$ |
5,996 |
|||||||||||
|
Adjusted net leverage ratio |
2.7x |
2.7x |
3.2x |
||||||||||||||
SOURCE Crown Holdings, Inc.
