Crown Holdings, Inc. (NYSE:CCK) Q2 2023 Earnings Conference Call July 25, 2023 9:00 AM ET
Company Participants
Kevin Clothier - Senior Vice President and CFO
Tim Donahue - President and CEO
Tom Fischer - Vice President, Investor Relations and Corporate Affairs
Conference Call Participants
Kash Rangan - Bank of America
Christopher Parkinson - Mizuho
Mike Leithead - Barclays
Michael Roxland - Truist Securities
Ghansham Panjabi - Baird
Arun Viswanathan - RBC Capital Markets
Phil Ng - Jefferies
Bryan Burgmeier - Citi
Kyle White - Deutsche Bank
Gabe Hajde - Wells Fargo Securities
Operator
Good morning. And welcome to Crown Holdings Second Quarter 2023 Conference Call. Your lines will be placed in a listen-only mode until the Q&A session of today’s call and please be advised that this call is being recorded.
I would now like to turn the call over to your host, Mr. Kevin Clothier, Senior Vice President and Chief Financial Officer. Sir, you may begin.
Kevin Clothier
Thank you, Jackie, and good morning, everyone. With me today -- with me on today’s call is Tim Donahue, President and Chief Executive Officer. If you do not already have the earnings release, it is available on our website at crowncork.com.
On this call, as in the earnings release, we will be making a number of forward-looking statements. Actual results could vary materially from such statements. Additional information concerning factors that could cause the actual results to vary is contained in the press release and in our SEC filings, including in our Form 10-K for 2022 and subsequent filings.
Second quarter diluted earnings were $1.31 a share, compared to $2.43 in the prior year second quarter, which included $0.60 per share net from the sale of our Kiwi business. Adjusted earnings per share were $1.68 per share in the quarter, compared to $2.10 in 2022.
Net sales in the quarter were down 11% from the prior year, reflecting higher sales unit volumes in Americas Beverage offset by the pass-through of approximately $300 million of lower raw material costs, lower unit volumes in most other businesses and $25 million from the impact of the stronger U.S. dollar.
Segment income at $414 million in the quarter, compared to $432 million in the prior year and reflects the benefit from contractual recovery of prior year inflationary cost increases in European Beverage and cost reduction initiatives in Transit Packaging, offset by lower overall net volumes.