Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the second quarter ended June 30, 2016.

Second Quarter Highlights

• Earnings per share $1.21 versus $1.02 in 2015, increase of 19%
• Adjusted earnings per share $1.19 versus $1.03 in 2015, increase of 16%
• Income from operations up 6% from $277 million to $295 million
• Segment income up 6% from $272 million to $288 million
• Beverage can growth projects on schedule to meet increasing demand

Net sales in the second quarter were $2,142 million compared to $2,278 million in the second quarter of 2015, primarily due to $60 million of unfavorable currency translation in 2016 compared to 2015 and the pass through of lower material costs.

Income from operations was $295 million in the second quarter of 2016. Segment income was $288 million in the quarter compared to $272 million in the second quarter of 2015, and included $11 million of unfavorable currency translation.

Commenting on the quarter, Timothy J. Donahue, President and Chief Executive Officer, stated, "Our second quarter results, fueled by solid performances across all businesses, particularly European Beverage, put us well on our way to a very strong 2016. Underlying beverage can volume growth was also notable in Brazil, Canada,Colombia, Southeast Asia and the United States.

"We also continue to focus on laying the groundwork to meet the growth opportunities that lie ahead. Last month, we began commercial production at our third Cambodian beverage can plant in Phnom Penh, a market that continues to experience strong demand. Our new beverage can plant in Monterrey, Mexico as well as the second production line at our Osmaniye, Turkey facility will 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 be focused primarily on expanding our specialty can presence in North America. In Colombia, we will begin a major capacity expansion later this year with the added production available for shipment in the second quarter of 2017. Additionally, we will begin installation of the second high speed aluminum production line at our beverage can plant in Custines,France, completing that plant's conversion from steel to aluminum. Commercial start-up of the second line is scheduled for April 2017. With its many inherent benefits, including being infinitely recyclable, the beverage can continues to become the increasingly preferred package for marketers and consumers around the world."

Interest expense was $58 million in the second quarter of 2016 compared to $69 million in 2015 primarily due to lower outstanding debt and interest rates.

Net income attributable to Crown Holdings in the second quarter increased to $169 million over the $142 millionin the second quarter of 2015. Reported diluted earnings per share were $1.21 in the second quarter of 2016 compared to $1.02 in the 2015 second quarter. Adjusted diluted earnings per share increased to $1.19 over the $1.03 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.

Six Month Results

Net sales for the first six months of 2016 were $4,035 million compared to $4,275 million in the first six months of 2015, primarily due to $145 million of unfavorable currency translation in 2016 compared to 2015 and the pass through of lower material costs.

Income from operations was $514 million in the first half of 2016. Segment income in the first half of 2016 was$509 million compared to $464 million in the first six months of 2015, and included $21 million of unfavorable currency translation.

Interest expense was $122 million for the first six months of 2016 compared to $134 million in the same period of 2015 primarily due to lower outstanding debt. .

Net income attributable to Crown Holdings for the first six months of 2016 increased to $248 million over the$186 million in the first six months of 2015. Reported diluted earnings per share for the first six months of 2016 were $1.78 compared to $1.34 in the first half of last year. Adjusted diluted earnings per share were $1.88compared to $1.55 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.

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.