Crown Holdings, Inc. Reports Second Quarter 2018 Results

Wednesday, July 18, 2018
Investors

PHILADELPHIA, July 18, 2018 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the second quarter ended June 30, 2018.

Second Quarter Highlights

  • Earnings per share $0.99 versus $0.94 in 2017
  • Adjusted earnings per share $1.55 versus $1.17 in 2017
  • Global beverage can volumes grew 4% in the quarter and year-to-date
  • Transit Packaging acquisition completed April 3, 2018

Net sales in the second quarter were $3,046 million compared to $2,161 million in the second quarter of 2017 reflecting the impact of the Signode acquisition, an increase in beverage can volumes, the pass through of higher material costs to customers and $77 million of favorable currency translation.

Income from operations was $292 million in the quarter compared to $259 million in the second quarter of 2017. Segment income increased to $389 million in the second quarter compared to $295 million in the prior year second quarter primarily due to the Signode acquisition.

Commenting on the quarter, Timothy J. Donahue, President and Chief Executive Officer, stated, "We performed well in the second quarter. We saw solid gains in global beverage can shipments and excellent operating results in our European Food and newly-acquired Transit Packaging businesses. Global beverage can volume growth of over 4% was propelled by strong demand in Brazil, North America and Southeast Asia. This strong operational performance was somewhat offset by macroeconomic headwinds from elevated freight costs in North America and foreign currency losses in Brazil due to the strength of the U.S. dollar. We have revised our full year outlook with the expectation that elevated freight costs and the strength of the dollar will continue for the remainder of the year.

"As previously announced, the Company completed the acquisition of the Transit Packaging business on April 3, 2018. Transit Packaging made a significant contribution during the second quarter with continued growth across its leading equipment and tools businesses and is well positioned to continue to grow in the future. On August 1, 2018, Bob Bourque, previously the President of the Asia Pacific division, will become the President of Transit Packaging. I am confident that Bob will be an outstanding leader of this important business. On behalf of the Company, I would also like to thank Mark Burgess for his support throughout the transition.

"To meet the continually expanding demand for beverage cans, our global growth projects remain on schedule. We began production at a new one-line beverage can plant in Yangon, Myanmar earlier this month. The two-line beverage can plant in Valencia, Spain will commence operations during the fourth quarter. We are also constructing a third beverage can line at the Company's existing plant in Phnom Penh, Cambodia to start production during the fourth quarter."

Interest expense was $103 million in the second quarter of 2018 compared to $61 million in 2017 primarily due to higher outstanding debt from borrowings incurred to finance the Signode acquisition.

Net income attributable to Crown Holdings in the second quarter was $132 million compared to $128 million in the second quarter of 2017. Reported diluted earnings per share were $0.99 in the second quarter of 2018 compared to $0.94 in 2017. Adjusted diluted earnings per share increased to $1.55 over the $1.17 in 2017.

A reconciliation from net income and diluted earnings per share to adjusted net income and adjusted diluted earnings per share is provided below.

Six Month Results
Net sales for the first six months of 2018 increased to $5,243 million compared to $4,062 million in the first six months of 2017 primarily due to the impact of the Signode acquisition, increased beverage can volumes, the pass through of higher material costs to customers and $198 million of favorable currency translation.

Income from operations was $513 million in the first half of 2018 compared to $484 million in the first half of 2017. Segment income in the first half of 2018 increased to $634 million over the $521 million in the prior year period reflecting the Signode acquisition and increased beverage can volumes.

Interest expense was $177 million for the first six months of 2018 compared to $123 million in 2017 primarily due to higher outstanding debt from borrowings incurred to finance the Signode acquisition.

Net income attributable to Crown Holdings in the first six months of 2018 was $222 million compared to $235 million in the first six months of 2017. Reported diluted earnings per share were $1.66 compared to $1.71 in 2017. Adjusted diluted earnings per share increased to $2.49 over the $1.94 in 2017.

Outlook
The Company currently expects third quarter and full year 2018 adjusted diluted earnings to be in the ranges of $1.60 to $1.70 and $5.15 to $5.30 per share, respectively.

Compared to its prior guidance, the Company is reducing its full year earnings estimate primarily due, in equal parts, to continued elevated freight costs in North America and the impact of foreign currency translation from the strength of the U.S. dollar.

The adjusted effective income tax rate for the full year of 2018 is expected to be between 25% and 26%, although it may vary from quarter to quarter. Adjusted free cash flow, as defined below, is currently expected to be approximately $625 million for 2018 and $775 million for 2019, unchanged from prior guidance.

Non-GAAP Measures
Segment income, adjusted free cash flow, adjusted net income, the adjusted effective tax rate and adjusted diluted earnings per share 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, net income, diluted earnings per 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 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. Reconciliations of estimated adjusted diluted earnings per share for the third quarter and full year of 2018 to estimated diluted earnings per share 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 and could have a significant impact on earnings per share on a GAAP basis: gains or losses on the sale of businesses or other assets, restructuring costs, asset impairment charges, acquisition related costs including fair value adjustments to inventory, asbestos-related charges, losses from early extinguishment of debt, the tax impact of the items above, and the impact of tax law changes or other tax matters. 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 and adjusted diluted earnings per share 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 and adjusted diluted earnings per share can be found within this release.

Conference Call
The Company will hold a conference call tomorrow, July 19, 2018 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 26. The telephone numbers for the replay are (203) 369-0126 or toll free (866) 357-4211.

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 and freight costs; the continuation of performance and market trends in 2018, including consumer preference for beverage cans and increasing global beverage can demand and demand in Cambodia, Myanmar and Spain; the Company's ability to successfully complete and begin production at capacity expansion projects within expected timelines and budgets in Cambodia, Myanmar and Spain; the Company's ability to generate expected earnings and cash flow in 2018 and 2019; and the successful integration of Signode 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, 2017 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 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
Edward 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

June 30,

  

Six Months Ended

June 30,
 

2018

  

2017 (1)

  

2018

  

2017 (1)

Net sales

$3,046

  

$2,161

  

$5,243

  

$4,062

Cost of products sold

2,466

  

1,732

  

4,274

  

3,263

Depreciation and amortization

113

  

61

  

178

  

120

Selling and administrative expense

159

  

91

  

249

  

181

Restructuring and other

16

  

18

  

29

  

14

Income from operations (2)

292

  

259

  

513

  

484

Other pension and postretirement

(17)

  

(12)

  

(34)

  

(24)

Foreign exchange

10

  

5

  

28

  

4

Earnings before interest and taxes

299

  

266

  

519

  

504

Interest expense

103

  

61

  

177

  

123

Interest income

(5)

  

(3)

  

(11)

  

(6)

Loss from early extinguishment of debt

    

7

      

7

Income before income taxes

201

  

201

  

353

  

380

Provision for income taxes

55

  

53

  

94

  

99

Equity earnings

1

      

1

    

Net income

147

  

148

  

260

  

281

Net income attributable to noncontrolling interests

(15)

  

(20)

  

(38)

  

(46)

Net income attributable to Crown Holdings

$132

  

$128

  

$222

  

$235

 

Earnings per share attributable to Crown Holdings

common shareholders:

 

              

Basic

$0.99

  

$0.95

  

$1.66

  

$1.72

Diluted

$0.99

  

$0.94

  

$1.66

  

$1.71
               

Weighted average common shares outstanding:

      

Basic

133,612,348

  

135,273,342

  

133,546,223

  

136,865,333

Diluted

133,844,185

  

135,717,734

  

133,814,394

  

137,364,459

Actual common shares outstanding

135,174,989

  

135,322,212

  

135,174,989

  

135,322,212
 

(1) Prior year results have been restated to reflect new accounting guidance on the presentation of pension and
postretirement expense in the statement of operations.
 

(2) A reconciliation from income from operations to segment income follows.

 

Consolidated Supplemental Financial Data (Unaudited)

(in millions)
 

Reconciliation from Income from Operations to 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 exclude intangibles amortization charges, 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 June 30,

  

Six Months Ended June 30,

  
 

2018

  

2017

  

2018

  

2017

  

Income from operations

$

292

  

$

259

  

$

513

  

$

484

  

Intangibles amortization

  

41

    

10

    

52

    

20

  

Fair value adjustment to inventory (1)

  

40

          

40

        

Provision for restructuring and other

  

16

    

18

    

29

    

14

  

Impact of hedge ineffectiveness (1)

        

8

          

3

  

Segment income

$

389

  

$

295

  

$

634

  

$

521

  
   

(1) Included in cost of products sold

  

 

Segment Information
 

Net Sales

  

Three Months Ended June 30,

  

Six Months Ended June 30,
   

2018

  

2017

  

2018

  

2017

  

Americas Beverage

  

$

848

  

$

729

  

$

1,606

  

$

1,403

  

European Beverage

    

405

    

402

    

776

    

705

  

European Food

    

514

    

459

    

942

    

838

  

Asia Pacific

    

332

    

287

    

669

    

565

  

Transit Packaging

    

620

          

620

        

Total reportable segments

    

2,719

    

1,877

    

4,613

    

3,511

  

Non-reportable segments (2)

    

327

    

284

    

630

    

551

  

Total net sales

  

$

3,046

  

$

2,161

  

$

5,243

  

$

4,062

  
 
                           

Segment Income (3)

                          
                           

Americas Beverage

  

$

113

  

$

109

  

$

211

  

$

213

  

European Beverage

    

59

    

71

    

114

    

121

  

European Food

    

85

    

71

    

141

    

122

  

Asia Pacific

    

47

    

45

    

91

    

84

  

Transit Packaging

    

94

          

94

        

Total reportable segments

    

398

    

296

    

651

    

540

  

Non-reportable segments (2)

    

31

    

34

    

62

    

62

  

Corporate and other unallocated items

    

(40)

    

(35)

    

(79)

    

(81)

  

Total segment income

  

$

389

  

$

295

  

$

634

  

$

521

  
 

(2) Includes the Company's food can and closures businesses in North America, aerosol can businesses in North America and Europe, promotional
packaging business in Europe, and tooling and equipment operations in the U.S. and United Kingdom.
 

(3) Prior year segment income has been restated to reflect new accounting guidance on the presentation of pension and postretirement expense and the
Company's revised policy to exclude intangibles amortization charges from segment income. A reconciliation from 2017 segment income to amounts
previously reported is included below.

 

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,
   

2018

  

2017

  

2018

  

2017

Net income/diluted earnings per share

attributable to Crown Holdings, as reported

  

 

$132

  

 

$0.99

  

 

$128

  

 

$0.94

  

 

$222

  

 

$1.66

  

 

$235

  

 

$1.71

Intangibles amortization (1)

  

41

  

0.31

  

10

  

0.07

  

52

  

0.39

  

20

  

0.15

Fair value adjustment to inventory (2)

  

40

  

0.30

          

40

  

0.30

        

Restructuring and other (3)

  

16

  

0.12

  

18

  

0.13

  

29

  

0.22

  

14

  

0.10

Impact of hedge ineffectiveness (4)

          

8

  

0.06

          

3

  

0.02

Acquisition costs (5)

                  

24

  

0.18

        

Loss from early extinguishment of debt (6)

          

7

  

0.05

          

7

  

0.05

Income taxes and noncontrolling interests (7)

  

(22)

  

(0.17)

  

(12)

  

(0.08)

  

(34)

  

(0.26)

  

(13)

  

(0.09)

Adjusted net income/diluted earnings per share

  

$207

  

$1.55

  

$159

  

$1.17

  

$333

  

$2.49

  

$266

  

$1.94
                                 

Effective tax rate as reported

  

27.4%

      

26.4%

      

26.6%

      

26.1%

    

Adjusted effective tax rate (8)

  

25.5%

      

26.6%

      

25.5%

      

26.4%

    
 

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 2018, the Company recorded charges of $41 million ($30 million net of tax) and $52 million
($38 million net of tax) for intangibles amortization arising from acquisitions, including its acquisition of Signode in the second quarter of
2018. In the second quarter and first six months of 2017, the Company recorded charges of $10 million ($7 million net of tax) and $20
million ($14 million net of tax) for intangibles amortization.

 

(2) In the second quarter of 2018, the Company recorded a charge of $40 million ($29 million net of tax) in cost of products sold for fair
value adjustment related to the sale of inventory acquired in its acquisition of Signode.
 

(3) In the second quarter and first six months of 2018, the Company recorded net restructuring and other charges of $16 million ($13 million
net of tax) and $22 million ($18 million net of tax) including $19 million and $22 million of transaction costs in connection with its
acquisition of Signode. In the second quarter and first six months of 2017, the Company recorded restructuring and other charges of $18
million ($13 million net of tax) and $20 million ($15 million net of tax) primarily due to the settlement of a litigation matter related to Mivisa
that arose prior to its acquisition by Crown in 2014.

 

In the first quarter of 2018, the Company recorded charges of $7 million ($6 million net of tax) for asset sales and impairments. In the first
quarter of 2017, the Company recorded net gains of $6 million ($5 million net of tax) for asset sales and impairments.
 

(4) In the second quarter and first six months of 2017, the Company recorded charges of $8 million ($6 million net of tax) and $3 million
($2 million net of tax) in cost of products sold related to the timing impact of hedge ineffectiveness caused primarily by volatility in the
metal premium component of aluminum prices.

 

(5) In the first quarter of 2018, the Company recorded a charge of $15 million ($10 million net of tax) for net losses arising from its hedge of
the U.S. dollar purchase price of its acquisition of Signode. Also in the first quarter, the Company incurred net charges of $9 million ($7
million net of tax) for pre-acquisition interest carrying costs on borrowings to finance the acquisition.

 

(6) In the second quarter of 2017, the Company recorded a charge of $7 million ($5 million net of tax) for the write off of deferred financing
fees in connection with the refinancing of its term loan and revolving credit facilities.

 

(7) In the second quarter and first six months of 2018, the Company recorded income tax and noncontrolling interest benefits of $22 million
and $34 million related to the items described above. In the second quarter and first six months of 2017, the Company recorded income
tax benefits of $12 million and $13 million related to the items described above.

 

(8) 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)

June 30,

2018

  

2017

Assets

                

Current assets

                

Cash and cash equivalents

  

$

298

    

$

301

  

Receivables, net

   

1,790

      

1,005

  

Inventories

    

1,737

      

1,490

  

Prepaid expenses and other current assets

    

330

      

224

  

Total current assets

    

4,155

      

3,020

  
                 

Goodwill and intangible assets, net

   

6,741

      

3,512

  

Property, plant and equipment, net

    

3,688

      

3,020

  

Other non-current assets

    

909

      

714

  

Total

  

$

15,493

    

$

10,266

  
 
                 

Liabilities and equity

                

Current liabilities

                

Short-term debt

 

$

31

    

$

39

  

Current maturities of long-term debt

    

84

      

58

  

Accounts payable and accrued liabilities

    

3,414

      

2,697

  

Total current liabilities

    

3,529

      

2,794

  
                 

Long-term debt, excluding current maturities

    

9,236

      

5,262

  

Other non-current liabilities

    

1,591

      

1,275

  
                 

Noncontrolling interests

    

353

      

313

  

Crown Holdings shareholders' equity

    

784

      

622

  

Total equity

    

1,137

      

935

  

Total

  

$

15,493

    

$

10,266

  
 
                 

 

Consolidated Statements of Cash Flows (Condensed & Unaudited)

(in millions)

Six months ended June 30,

    

2018

  

2017
                 

Cash flows from operating activities

                

Net income

    

$

260

    

$

281

  

Depreciation and amortization

     

178

      

120

  

Restructuring and other

      

29

      

14

  

Pension expense

      

3

      

11

  

Pension contributions

      

(10)

      

(28)

  

Stock-based compensation

      

11

      

10

  

Working capital changes and other

     

(963)

      

(883)

  
                   

Net cash used for operating activities (1)

     

(492)

      

(475)

  
                   

Cash flows from investing activities

                  

Capital expenditures

      

(200)

      

(200)

  

Beneficial interest in transferred receivables

      

335

      

507

  

Acquisition of business, net of cash acquired

      

(3,907)

          

Proceeds from sale of assets

      

5

      

5

  

Other

      

(25)

          
                   

Net cash provided by/(used for) investing activities

      

(3,792)

      

312

  
                   

Cash flows from financing activities

                  

Net change in debt

     

4,246

      

199

  

Dividends paid to noncontrolling interests

      

(6)

      

(37)

  

Common stock repurchased

      

(4)

      

(277)

  

Debt issue costs

      

(70)

      

(15)

  

Other, net

      

(4)

      

19

  
                   

Net cash provided by/(used for) financing activities

      

4,162

      

(111)

  
                   

Effect of exchange rate changes on cash and cash equivalents

      

(6)

      

11

  
                   

Net change in cash and cash equivalents

      

(128)

      

(263)

  

Cash and cash equivalents at January 1

      

435

      

576

  
                   

Cash and cash equivalents at June 30 (2)

    

$

307

    

$

313

  
                   

 

(1)

Adjusted free cash flow is defined by the Company as net cash used for operating activities plus beneficial interest in transferred receivables less capital expenditures and certain other items. A reconciliation from net cash used for operating activities to adjusted free cash flow for the three and six months ended June 30, 2018 and 2017 follows.
   

(2)

Cash and cash equivalents includes $9 and $12 of restricted cash at June 30, 2018 and 2017.

 

 

 

Three Months Ended

June 30,

  

 

Six Months Ended

June 30,
 

2018

  

2017

  

2018

  

2017

Net cash from operating activities

$259

  

$102

  

$(492)

  

$(475)

Beneficial interest in transferred receivables (3)

160

  

250

  

335

  

507

Acquisition costs

19

      

22

    

Adjusted cash used for operating activities

438

  

352

  

(135)

  

32

Capital expenditures

(108)

  

(93)

  

(200)

  

(200)

Adjusted free cash flow

$330

  

$259

  

$(335)

  

$(168)
               

 

(1)

Prior year cash flow has been restated to reflect new accounting guidance related to the classification of certain cash receipts associated with the Company's receivable securitization programs. Certain receipts previously reported in cash from operations are now reported in cash from investing activities as "Beneficial interest in transferred receivables".

 

 

 

Consolidated Supplemental Data (Unaudited)

(in millions, except per share data)
 
 

Reconciliation of 2017 Segment Income to Amounts Previously Reported
 

Second Quarter 2017 Segment Income (1)

 

 

 

Segment

  

 

As
Previously
Reported

  

 

Pension and
Postretirement

  

 

 

Intangibles
Amortization

  

 

As
Currently
Reported

  

Americas Beverage

  

$109

  

$(6)

  

$6

  

$109

  

European Beverage

  

72

  

(1)

      

71

  

European Food

  

67

      

4

  

71

  

Asia Pacific

  

45

          

45

  

Non-reportable

  

39

  

(5)

      

34

  

Corporate and unallocated

  

(35)

          

(35)

  

Total segment income

  

$297

  

$(12)

  

$10

  

$295

  
                           

YTD 2017 Segment Income (1)

 

 

 

Segment

  

 

As
Previously
Reported

  

 

Pension and
Postretirement

  

 

 

Intangibles
Amortization

  

 

As
Currently
Reported

  

Americas Beverage

  

$214

  

$(12)

  

$11

  

$213

  

European Beverage

  

123

  

(2)

      

121

  

European Food

  

114

      

8

  

122

  

Asia Pacific

  

84

          

84

  

Non-reportable

  

70

  

(9)

  

1

  

62

  

Corporate and unallocated

  

(80)

  

(1)

      

(81)

  

Total segment income

  

$525

  

$(24)

  

$20

  

$521

  
 
 

(1) Prior year segment income has been restated to reflect new accounting guidance on the presentation of pension
and postretirement expense and the Company's revised policy to exclude intangibles amortization charges from segment
income.

 

Consolidated Supplemental Data (Unaudited)

(in millions, except per share data)
 
 

Comparative Results for Signode
 
 

Revenue

  

Segment Income

  

Depreciation (1)
 

2018

  

2017

  

2018

  

2017

  

2018

  

2017

Q1

$588

  

$526

  

$79

  

$76

  

$13

  

$12

Q2

620

  

575

  

94

  

80

  

14

  

13

Q3

    

565

      

82

      

12

Q4

    

566

      

82

      

13
     

$2,232

      

$320

      

$50
 

(1) Amount of depreciation expense included in segment income, including acquisition step-up depreciation in 2018.

 

Cision View original content:http://www.prnewswire.com/news-releases/crown-holdings-inc-reports-second-quarter-2018-results-300683258.html

SOURCE Crown Holdings, Inc.

Related Articles