Crown Holdings, Inc. (NYSE:CCK) Q3 2022 Earnings Conference Call October 25, 2022 9:00 AM ET
Company Participants
Kevin Clothier - Senior Vice President & Chief Financial Officer
Tim Donahue - Chairman, President & Chief Executive Officer
Conference Call Participants
Mike Roxland - Truist Securities
Ghansham Panjabi - Baird
Phil Ng - Jefferies
George Staphos - Bank of America
Mark Wilde - Bank of Montreal
Mike Leithead - Barclays
Arun Viswanathan - RBC Capital Markets
Christopher Parkinson - Mizuho
Angel Castillo - Morgan Stanley
Gabe Hajde - Wells Fargo Securities
Kyle White - Deutsche Bank
Operator
Good morning and welcome to Crown Holdings Third Quarter 2022 Conference Call. [Operator Instructions] Please be advised that this conference is being recorded.
I would now like to turn the call over to Mr. Kevin Clothier, Senior Vice President and Chief Financial Officer. Sir, you may begin.
Kevin Clothier
Thank you, Nicole and good morning. 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 actual results to vary are contained in the press release and in our SEC filings, including Form 10-K for 2021 in subsequent filings. The company recorded diluted earnings per share in the quarter of $1.06 compared to $0.79 in the prior year quarter.
Adjusted earnings per share in the quarter were $1.46 compared to $2.03 in 2021. Net sales in the quarter were up 12% from the prior year, primarily due to pass-through of higher raw material costs and increased beverage can volumes. Segment income was $336 million in the quarter $344 million at constant currency compared to $379 million in the prior year, primarily due to higher energy prices in Europe, the costs associated with higher inventory levels in Europe and Asia, partially offset by improved profitability in North American tinplate and can-making equipment businesses and 6% global beverage volume growth.
During the quarter, the company amended and extended its credit facility to August 2027. We raised an additional $1 billion in floating rate debt and used the proceeds to retire EUR 885 million, euro notes due in February 23, that carried a blended rate of 1.3%. The balance sheet remains strong with no significant near-term maturities until September 2024.