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The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

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F500-2021-269-Crown Holdings

Founded in 1892, the packaging company's products include aerosol containers and metal food and beverage cans.

This year's Fortune 500 marks the 66th running of the list.

F500-2020-272-Crown-Holdings

The Philadelphia packaging manufacturer, founded by the inventor of the bottlecap in 1892, makes metal cans and closures for food and beverage companies including Coca-Cola.

This year's Fortune 500 marks the 65th running of the list.

This year's Fortune 500 marks the 64th running of the list.

This year's Fortune 500 marks the 63rd running of the list.

This year's Fortune 500 marks the 62nd running of the list.

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Key Financials (last Fiscal Year)

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Profits ($M)

Assets ($M)

Total Stockholder Equity ($M)

Profit Ratios

Profit as % of Revenues

Profits as % of Assets

Profits as % of Stockholder Equity

Earnings Per Share (last Fiscal Year)

Earnings Per Share ($)

EPS % Change (from prior fiscal year)

EPS % Change (5 year annual rate)

EPS % Change (10 year annual rate)

Total Return

Total Return to Investors (last year)

Total Return to Investors (5 year, annualized)

Total Return to Investors (10 year, annualized)

Crown Holdings is a global packaging company that manufactures and sells aluminum beverage cans, glass bottles, aerosol cans, and more. Founded in 1892, the company operates 189 manufacturing plants in 39 countries. Crown Holdings also serves food industries, including pet food, personal care, household, and industrial products.

Q2 2025

Q1 2025

Q4 2024

Crown Holdings (CCK): Company Profile, Stock Price, News, Rankings

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Crown Holdings

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Good morning, and welcome to Crown Holdings First Quarter twenty twenty five Conference Call.

Please be advised that this conference is being recorded. I would now like to turn the call over to Mr. Kevin Cluthier, Senior Vice President and Chief Financial Officer. Sir, you may begin.

Thank you, Elle, and good morning. With me on today's call is Tim Donahue, President and Chief Executive Officer. If you don't already have the earnings release, it's available on our website at crowncourt.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 is contained in the press release and in our SEC filings, including our Form 10 ks for 2024 and subsequent filings. Earnings for the quarter were $1.65 per share compared to $0.56 per share in the prior year quarter. Adjusted earnings per share were $1.67 compared to $1.02 in the prior year quarter. Net sales in the quarter were up 3.7% compared to the prior year quarter, reflecting a 1% increase in global beverage can volumes, 16% increase in North American food can volumes, the pass through of higher raw material costs, partially offset by lower volumes in Transit Packaging. Segment income was $398,000,000 in the quarter compared to $3.00 $8,000,000 in

year, reflecting higher beverage can volumes in Americas and European Beverage, increased volumes in North American food and improved manufacturing performance in the beverage businesses. The company returned $233,000,000 to shareholders in the first quarter of twenty twenty five, including $2.00 $3,000,000 of share repurchases, after returning $336,000,000 in the full year of 2024. The company had a strong first quarter with year on year improvements in segment income, adjusted EBITDA and free cash flow. As we look forward, the potential impact of tariffs creates a wide range of possibilities, including potential slowdown in consumer industrial activities. With all of this in mind, we're raising our guidance for the full year adjusted EPS to $6.7 to $7.1 and project the second quarter EPS to be in the range of $1.8 compared to $1.9 Our adjusted earnings guidance for the full year includes modest changes in certain assumptions.

We now expect net interest expense to be approximately $360,000,000 exchange rates assume a euro of 108,000,000 to the dollar non controlling interest expense to be $160,000,000 and dividends to non controlling interest are expected to be approximately $140,000,000 Remaining unchanged are assumptions for a full year tax rate of approximately 25% and depreciation of approximately $310,000,000 Also unchanged, we currently estimate 2025 full year adjusted free cash flow to be approximately $800,000,000 after $450,000,000 of capital spending. And at the end of 2025, we expect net leverage to be approximately 2.5 times. With that, I'll turn the call over to Tim.

Thank you, Kevin. As always, a sea of numbers. Good morning to everyone. As reflected in last night's earnings release and as Kevin just summarized, Crown got off to a tremendous start in 2025 with segment income up 29% over the prior year. First quarter beverage can segment income improved 24% over the prior year led by higher than expected shipments in The Americas and Europe.

Outstanding manufacturing performance globally including some additional benefits from the prior year's Asian capacity optimization program also contributed to the excellent results. In total, earnings per share were significantly ahead of last year reflecting a quarter in which we executed very well. Americas Beverage reported a 25% income improvement over a very strong first quarter last year. This was led by higher than expected quarterly volumes in North America and Brazil, up 211% respectively. The segment also benefited from high utilization rates as we build inventory for what looks to be a strong summer selling season and a tightening supply situation.

With little direct tariff impact in this business, we will keep an eye on consumer demand as the segment strives to achieve income of $1,000,000,000 European beverage volumes improved 5% with growth noted throughout Eastern And Southern Europe and The Gulf States leading to a more than 30% increase in segment income in the quarter. The conversion to the aluminum beverage can from other substrates continues and almost feels as if it is accelerating leading to what we expect will be a very tight supply situation for the segment in the summer as well. Again, we expect very little direct tariff impact to this business. Income in Asia Pacific advanced 12% in the quarter, reflecting two important items: the continuing benefits of our efforts to improve revenue quality and our ongoing cost reduction programs. These offset the volume impact from the closure of an underutilized regional facility.

We do expect the Asia Pacific region to be more sensitive to current global trade tensions, so we continue to watch consumer demand there closely. As expected, transit performance was down in the first quarter as subdued industrial demand continues, most notably impacting the higher margin equipment and tools business. In our view, the transit business is the business that could be most affected by tariffs both directly and indirectly. For 2025, we have estimated Crown's potential income exposure to be below $30,000,000 in total, below $10,000,000 of direct exposure and the indirect exposure that is lower spending by our customers given uncertainties in the business environment to be below $20,000,000 It is important to note that these are just rough estimates at this time and only our best effort to estimate the range of risk that may or may not occur. These estimates are included in the revised guidance shown in last night's earnings release.

First quarter volumes in North American food advanced 16% on the back of increased demand from vegetable and pet food customers. When combined with improving two piece food can manufacturing performance and a flatter tinplate steel environment in 2025, income and other increased $21,000,000 in the quarter. Reflecting on the first quarter, the beverage can businesses are off to a very good start with the momentum carrying through to the April. On a global business, we continue to generate improving margins necessary in our view considering the amount of capital and manufacturing know how required to efficiently run beverage can lines at high speeds. Both 2023 and 2024 were record EBITDA performances for the company and 2025 is poised to set another record.

While the world may feel a bit uncertain, we are well positioned in our markets and we are reminded in times like these that it is good to be in the can business. Operationally in the first quarter of twenty five was outstanding. To summarize, segment income was up 90,000,000 Trailing twelve months EBITDA is now above $2,000,000,000 for the first time with EBITDA margins up two sixty basis points in the quarter. A significant increase in North American food can volumes led by pet foods, improved cash flow from operating activities now positive in the first quarter and we returned more than $200,000,000 to shareholders with minimal impact to our leverage versus year end. Lastly, we want to thank our more than 23,000 associates globally for their hard work and dedication they displayed each day in supporting Crown's customers.

As important, I want to congratulate the entire Crown family as together we have surpassed $2,000,000,000 in EBITDA for the first time. With that, Elle, I think we are now ready to take questions.

Thank you. We will now begin the question and answer session. Our first question comes from the line of George Staphos from Bank of America. Your line is now open.

Thanks so much. Hi, everyone. Good morning. Thanks for the details.

Hope everyone is well on your side of the phone. So Tim, can you talk to whether your customers are changing any of their normal behavior going into the seasonal peak period? And what I'm really trying to get is, is there any buying on their part ahead of maybe higher aluminum? I know you said it wasn't a direct impact from what you see, but can you give us a bit of color on how you're seeing that play out now to one or two follow ons?

George, on the beverage can side, inventory, say the inventory whether it's empty cans or even filled product that our customers hold is pretty short. Often times we deliver cans within a pretty tight window. Their demand is a pretty tight window and they take the cans, they put them through a can washer and they fill them often times within fifteen to thirty minutes from our delivery. So I don't think on the beverage side we've seen any of that and in fact we've seen the LME come down quite a bit since the specter of tariffs was announced and it's been bouncing around a little bit. I think the LME is much cheaper today than it was earlier in the year.

Now having said that, it's offset a bit by the Midwest premium, but they have a lot of levers to pull the beverage guys. I think on the food can side perhaps in North America there may have been some pre buying ahead of what they thought would be the tariff implications on two piece steel. As you know, as well as anybody George, most of the two piece steel used for food cans in The United States comes from the European suppliers as The U. S. Suppliers are not capable and seem unwilling to invest to supply the full needs of U.

S. Manufacturers. So I don't don't think we've seen a lot of that happen yet. I think I'll save the other answer for a different question perhaps. Kevin and I spent a lot of time talking to the teams trying to understand if there was any pre buy that was going on.

We didn't get the feeling that there was a lot of pre buy and if we want to sit here and make ourselves feel better and hedge the first quarter a little, if the first quarter was 50,000,000 or $60,000,000 better than we anticipated. Could 5,000,000 or $7,000,000 have been related to that? Yeah, but boy the overwhelming majority of the beat against what we were expecting is just strong volume and really good execution.

Appreciate all that detail, Tim. That's good to hear. One more question on behavior change, but really more at retail. Are you seeing any signs of willingness, either by the brand owners or the retailers, to promote more? Is that maybe what you're seeing on the food side, if you can parse it?

And then my last question and I'll turn it over. I recall there being some view that in 2025, there'd be some margin compression from PPIs in Europe. Didn't seem like there was much of an effect, but just wanted to check-in on that and see what effect, if you can relay, that might have had and will have in '25? Thank you and good luck in the quarter.

would say on the food can side, I don't think there is any tremendous promotional activity going on. I think we are what we are seeing is that one of our large pet food customers coming out of COVID was exceptionally bullish on what they believe their opportunities to be and I think we are starting to see those opportunities manifesting themselves to the benefit of the customer that we supply, our large customer in pet food. Then some of the vegetable guys that we supply, some of them are less seasonal than others, packing a variety of vegetable products, southern vegetables especially and they are doing quite well. I think it is customer mix. There could be a little pre buy in there, but I think it is largely customer mix that has gone in our favor.

Your comparison is easy too there, in any event too we should remember that. Please go ahead Tim.

On the European question George, think as we began the year we expected to see some headwinds on what you would describe as PPI or CPI in the various formulas we have throughout Europe. I think that's been overwhelmed by volume and I guess I'll get to it now. I was going to save this for another question but it begs the answer now. I think what we are saying, as I said in the prepared remarks, is that we expect a really strong summer selling season. We think the conversion from other substrates is accelerating.

I know it's too early to call, it's only one or two quarters of data, but for example, I had the European team give us by country liters of consumption versus can growth and in all cases, can growth is two to three, sometimes 4% greater than consumption of liters. So either we're selling a lot of small cans or there is a substrate shift happening and I think it's substrate shift ongoing and accelerating. So I think to the extent that we were concerned with PPI that PPI is going to be there, but I expect that it is going to be overwhelmed by volume gains.

Thank you. Next in line is Phil Ng from Jefferies. Your line is now open.

Hey, guys. Congrats on another really strong quarter. Thank gave us some color on why you think you haven't seen any pre buy in Americas. But any color on how trends are shaping up in March and April? Just kind of get a read on what you're seeing out there.

Have you seen any slowdown in orders and whatnot?

No. As we said in the prepared, we might have even said it in the, I think Kevin's quote in the release and in our prepared remarks, the firmness that we felt in demand throughout the first quarter, we've seen carry through to the April. It does feel like, and I know I said it a couple of times in the prepared remarks, both as it relates to North America and Europe. It does feel like we're going to have a tight supply situation in both geographies this summer. I'm not ready to say that south of the border and I'm not ready to say it out in Southeast Asia, but in our big beverage can businesses in Europe and North America, it feels like things are going to be tight.

It feels like we're going have a good summer. I know it's early. We've tried to be cautious with the guidance we've given you. There are some reasons to be cautious with tariffs but it feels like it's going to be a strong season and I'm not yet ready to say that there's the reinitiation of substrate shift in North America yet, but I certainly am prepared to say it in Europe.

Okay. And then last quarter, you gave us a view of how you're thinking about North America performance for Crown versus the market 2025 and 2026. Kind of expect it to be in line with the market in 2025 in North America and perhaps a little faster in 2026. Any update on that front in terms of I believe you got some CST contracts that could be up for renewal on that time frame. Any color on that front?

I think that we will be materially in line, when I say materially, whether we are 0.5% above or below in '25 with the market and in '26 based on what we see now, we should be ahead of the market.

Okay. And then just last one for me. On the Transit side, results were actually really stable from Q4 to Q1. Think implicit in your guidance, you're baking in some potential softness from tariffs and whatnot. Curious to hear what you are seeing on the quoting and order side of things.

Have you seen any slowdown in activity, anything that is pushed out from a timing perspective on the transit side of things thus far?

Phil, that is an absolutely excellent question. We are seeing a multitude of quoting opportunities. Quoting is very high. Actual orders for equipment and other longer lead time items is a little slower than we like to see and I think that's a function of customers across a wide variety of industries being very careful with their capital budgets because they are uncertain as to what's going to happen in the economy in general as we look out six, nine, twelve, fifteen months. The opportunity for us is, as you point out, think quite high.

We have significantly reduced the cost footprint across the entire organization globally, which has helped us maintain firmer profitability perhaps than you would have expected from a business that has been, I think, improperly characterized in the past as being overly cyclical. I think it's a lot less cyclical than it used to be but having said that, it is certainly more cyclical than cans. The opportunity for us when industrial demand returns and customers get more comfortable with their capital budgets and they are willing to redeploy capital to reduce their long term costs by making the back end of their processes more efficient, that is by taking labor out, we see the opportunity as being quite robust. In the interim, what is happening, they are taking labor out of the back end right now because they don't see the need for the labor. But as they see demand pick up in their own businesses, they have two choices, try to automate the back end of line or bring the labor back and we are hopeful that they continue on the automation path.

Do you have any supply chain stuff with equipment with tariffs and whatnot?

As we said, we estimate the direct impact of tariffs being below $10,000,000 and most of that Phil, want to tell you that most of that is equipment that we make for customers in Europe that gets distributed in The U. S. And or components that we make for ourselves that we then assemble in The U. S. But the components are made in Europe.

Most of that is internal but still subject to tariffs and that would be as we sit here and look at the balance of the year assuming that the ninety day holiday on tariffs comes off so we start feeling that in JuneJuly. That's the less than $10,000,000 Okay.

Thank you. Our next question comes from the line of Ghansham Panjabi from R. W. Baird. Your line is now open.

Thank you, operator. Good morning, everybody.

Good morning. Guess, Tim, going back to the Americas Beverage segment specific to profitability, I know that North American volumes were up 2%, Brazil up 11%, but the incrementals were just phenomenal, 50% almost incremental margins in that segment. Can you give us a bit more color as to what drove that? And then secondly, 1Q is a smaller tail quarter, it is dangerous to linearize trends from the first quarter because a lot can happen between now and the end of the year. Gives you confidence specifically as it relates to your comment about the strong summer selling season?

All good questions. Gansham, what I would say is that as you start adding incremental units to factories that are pretty well loaded to begin with, it's all gravy. As you start, it's like a spillover effect and we are running well. As you know, we and others have brought up a number of large multiline, multisize factories over the last several years. We are through learning curve on each of those plants and we are running real well.

There is always one offs here and there but I don't think there is nothing remarkable to talk about in terms of a one off. I think these are just incremental volume and running well. I will say that we do believe we were appropriately cautious and appropriately strategic as to how much capital we invested and where we invested and with which customers we invested. So I think we are seeing the benefit of that. As to your second question, yeah, listen, your point is absolutely correct.

You can't take the first quarter and just assume the rest of the year is going to look like the first quarter. We generally always try to be a bit cautious as we look out the balance of the year when we are talking to you in April or May. We had a really big first quarter. I don't think you want to I think we are going to have pretty good second quarter, in no way should you model the second quarter growth over last year to be similar to what the growth in the first quarter was over the prior year. But it does feel like demand is really high right now.

Now, having said that, we have a lot of cans we have to sell. You have to get through the second and third quarter, the next five or six months. There are a lot of cans that need to leave the warehouse and get through the entire distribution system through to the consumers, be consumed and then we start rebuilding inventory in Q4 for the following season. There is a lot to happen as you rightly point out.

Okay, great. And then my second question, just kind of going through the earnings season and listening to comments out of your customers across, let's say, consumer product group ecosystem, you know, they're throwing out tremendous numbers as it relates to cost increases specific to tariffs and so on. Obviously, they've outlined mitigation strategies against that and, you know, we'll try to take up some price. But just in your conversations with customers, do you sense anything different in terms of how they approach their own promotional cadence and so on and so forth as the year unfolds in context of obviously a huge increase in costs?

Yes. As it relates to our business, the tariff impacts notwithstanding the LME or the Midwest Premium, just the specter of tariff impacts from bringing in primary aluminum from Canada and I think it's pretty well documented that that's about perhaps $01 a can and it sounds like a lot but it can be absorbed through to the consumer without a lot of pain. Food can side, little bit, the food can customers, a lot of these customers are family businesses with great brands and they have perhaps a little bit less leeway to operate in that environment and steel tariffs, there's been steel tariffs now for seven or eight years through a couple of administrations and they're not happy with it and they need to find a way to deal with it through their supply chains through to the retailers. Food cans still offer an incredibly economic way for families to feed themselves with healthy nutritious food. Are all going to have to deal with this.

Other than tinplate steel that comes in from Europe and primary aluminum which comes in for the non recycled piece which comes into The United States, our industry not overwhelmingly impacted by trade flows from China and or other locations and it feels like it can be absorbed through to the consumer without massive increases. Remember, our customers took prices up a few years ago in response to the LME hitting 4,000 The LME has certainly backed off a long way from 4,000 and they haven't really reduced those selling prices a whole lot. We'll see.

Thank you. Our next question comes from Stefan Diaz of Morgan Stanley.

Hello. Good morning, Tim. Good morning, Kevin. Thanks for taking my And congrats on a strong quarter. So maybe just to start, so we had roughly a $0.40 beat in 1Q, '10 percent guide up at the midpoint.

Is this just conservatism or what are some of the puts in the back half that you're seeing? Or is this just the headwinds that you outlined in your transit business due to tariffs?

I would have, I'm assuming that had we not spent some time on tariffs and what the potential impact on tariffs could be specifically in the transit business that you would have met a forecast for the balance of the year that didn't look like the one we generated with a lot more skepticism than you are viewing the one we did put out there. I think we tried to be thoughtful around what the impact could be and we tried to provide a forecast that encapsulated what we think we know, understanding that things are fluid and they are changing rapidly and we don't really know if the ninety day holiday here that he has given everybody is going to be extended or what is going to happen. It was our best effort to provide you with something that we thought was thoughtful.

Great. That's helpful. And then last quarter, I think you guided to roughly like $275 ish million, dollars 3 hundred million ish of share repurchases. You repurchased a little over $200 in 1Q. Maybe one, is this still the right range to expect where share repurchases might end up?

And then maybe quickly if I could just sort of slip in one more. I think last quarter you said FX was roughly a $0.10 headwind. Given dollar weakness, what are you sort of assuming for FX now? Thanks.

So I think you're spot on in terms of share repurchases. We'll purchase somewhere around $300,000,000 maybe slightly less than that. And then on FX, we originally assumed and I'll give you euro as the reference at 103,000,000 We're forecasting now at 108 Clearly, a lot of volatility in the FX market right now. If we were to assume the FX rates stay the same between stay at 1.14, which is where the euro is today, it's probably a benefit to us of another $05 So we have encapsulated some FX gains in our forecast.

Thank you. Our next question comes from Chris Parkinson of Wolfe Research. Sir, your line is open.

Great. Thank you so much for taking my question. Just you've done a lot over the last couple of years in The U. S, Asia and even Europe just to further improve your operational performance and leverage a lot of your new lines on an ongoing basis. Can just give us an update by geography on how you think those are going at this juncture given it's been a few years and how much is perhaps left for improvement or do you feel you've already hit your stride?

Chris, I want to make sure I don't say this and I insult our manufacturing teams, but I think there is always room for improvement. Our manufacturing teams are always looking for ways to continuously improve. Having said that, the performance they have demonstrated over the last several years has been nothing short of what we would characterize as remarkable given amount of work required to integrate new factories and new lines, new sizes, changeovers of size, changing customer demands whether it's size under design and at the same time expanding margins in the process. I point that out because I think what they've done has been remarkable. It's been a large part of the margin expansion that we've experienced over the last several years but we all know there is always ways to get better.

We have 17 plants in Europe and across Europe and The Middle East or 14 or 15 plants and I'm sure there is one or two that we know we can make better. And there is some that are just absolutely tremendous. There is always opportunity to improve but I think that really done a good job. Think as I said last year numerous times, I think our team in Asia Pacific having gone through a period of tremendous growth really embraced the notion that we are a manufacturing company first and we are going to make cans for profit, are just not going to make cans for growth and so cost reduction efforts, appropriate downsizing where needed, customer pruning where required to get proper returns on the capital that we deploy. Again, I think they have just done a tremendous job.

Thanks for that. Just as a quick follow-up, I wholeheartedly understand that you don't necessarily want to get ahead of yourself just given the macro and the ever evolving situations. But when we think about buybacks, and the cadence for the balance of the year and your cash conversion, perhaps could you just give us a little insight on your thought process in terms of how you're evaluating that for the balance of 2025? Thank you.

You're welcome. So as Kevin said, we've $200,000,000 accomplished early in Q1 and you probably should consider roughly another $100,000,000 for the balance of the year, but I think we want to be mindful of the environment we're in. I think we have a long term leverage target of 2.5. We are not really that far away from that. I not overly concerned.

I think we have some investors or we have other investors who are not invested in us that would like to see us at that level or lower than that level. So you want to make the company as attractive to as many investors as possible to drive value. And we have a significant amount of debt that we do need to refinance over the next year or two. So we're mindful of all these things. It's just a I think we're fortunate that we have improving operations, we have high demand for our products, we have an improving balance sheet and we have a lot of cash flow that we can address all of these simultaneously.

Thank you. Our next question is from Anthony Vettneri of Citigroup. Your line is now open.

Good morning. Morning. Tim, you referenced a tight supply situation for the summer in Europe and Americas Bev. And I'm wondering if there are things you're doing to in your system to debottleneck extra cans. More broadly, as you see accelerated substrate shift and maybe think about 2026 and beyond, are there regions where capacity additions may ultimately be required to meet your customers' needs?

Can you just talk generally about how much runway you have before you maybe start to bump into

Yes, listen, I didn't mean to chuckle when you asked the question. We are always trying to become more efficient in debottleneck. The problem you have when we get into the season, there is no time to get creative and thoughtful about how you're going to do this. You're just running cans. We understand where those bottlenecks are.

We will get to it when the season slows down but when you are in the season you are just making cans and you are trying to be thoughtful about how you fill orders and put the orders in the right locations with the right run lengths and etcetera to generate as many cans as possible but it's really hard to do in season. Second part of your question, yes, given the ongoing substrate shift that we believe is happening in Europe, there may be more capacity required. We are adding some capacity in Greece right now and we will continue to evaluate the other markets around the Europe and The Middle East as we go forward.

Okay, that's helpful. And then you talked about relatively minimal impact from tariffs to your bev can business. But I'm wondering if you could talk a little bit about your Mexican business, to what extent they're seeing any impact or maybe percentage of your volumes that are going to the domestic Mexican market. And then conversely in Canada, you have, I think, an exposure to Canadian beer. We read about consumers there kind of favoring domestic brands increasingly.

Just wondering if you could talk about Mexico and Canada in the context

Absolutely. Thank you for the question. So, Mexican beverage can business, almost exclusively the cans we sell are filled and distributed Mexico. Very few cans that our customers fill in Mexico get exported to The United States.

So we don't have that direct impact from tariffs. We don't see much of a direct impact on tariffs to our Mexican business. What we do worry about in a geography like Mexico would be the indirect impact, that is consumer demand. I think that in any market where disposable income is less and there could be a variety of products that become more expensive, especially if Mexico institutes retaliatory tariffs against The U. S.

For those products that have to come into The U. S. From The U. S. Into Mexico and it makes it more expensive for Mexican citizens and you do worry how much of their remaining disposable income will be used to purchase soft drinks and or beer.

So for us in Mexico, indirect is almost nothing that our customers feel come to The U. S. Canada, I think as you rightly point out, we have two very well run facilities, one in Toronto, One in Calgary supplying soft drinks and beer to the extent that Canadians want to consume more Canadian beer as opposed to U. S. Imports.

That will benefit us. If there is large tariff impacts for Canadian beer that is exported into The U. S, I don't see that as a large impact to our Canadian business.

Crown Holdings Q1 2025 Earnings Call Transcript | Fortune

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Crown Holdings (CCK) Q1 2025 Earnings Call Transcript

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