PHILADELPHIA—Crown Holdings Inc., which makes cans and other packaging, said Wednesday that net income edged up 2 percent in the third quarter, as the company raised prices and benefited from expansion in emerging markets.
The Philadelphia company, like many others, has been facing rising costs for raw materials and Americans' cautious spending habits during the down economy. In response, Crown Holdings has been cutting costs, raising prices, diversifying its offerings and expanding into emerging markets.
That seems to be paying off: global beverage can sales unit volume rose 3 percent in the quarter, helped by strong demand in emerging markets such as Brazil and Asia.
Net income for the three months ended Sept. 30 rose to $129 million, or 84 cents per share, from $126 million, or 78 cents per share.
Excluding a one-time tax charge, income rose to $1.01 per share. The charge relates to a September tax law change in France, and Crown said it expects to make the payments over the next four years.
Analysts polled by FactSet expected net income of 98 cents per share.
Revenue rose 10 percent to $2.42 billion, from $2.21 billion last year. Analysts expected revenue of $2.41 billion.
Shares rose 76 cents, or 2.3 percent, to $33.32 during midday trading.