Crown Holdings Sees Q1 Net Income Triple

(RTTNews) - Crown Holdings, Inc. (CCK) posted a sharp increase in earnings for the first quarter ended March 31, as improved operating income and lower interest expense drove bottom line growth.

Net income rose to $193 million, nearly triple the $67 million reported in the year-ago period. Earnings per share surged to $1.65 from $0.56.

Net sales grew 4 percent year-over-year to $2.89 billion from $2.78 billion, helped by volume gains across key markets.

The company benefited from lower depreciation and amortization costs, reduced restructuring charges, and decreased interest expense during the quarter.

Shares of CCK closed Monday's trading at $89.78, up 0.53 percent or $0.47 on the New York Stock Exchange.