DOW JONES NEWSWIRES 
 

Crown Holdings Inc.'s (CCK) third-quarter profit slid 5.3% on a restructuring charge as well as effects of foreign-currency exchange.

Chairman and Chief Executive John Conway said the can manufacturer's improved margins "reflects the country markets in which we have expanded over the last several years, the diversification of our geographic footprint, and our mix of customers and products."

Demand for Crown's products has held up well in the U.S. as more cash-strapped consumers turn to packaged foods they eat at home. And metal containers remain a growing business in many parts of the world.

The 117-year-old Crown reported a profit of $108 million, or 67 cents a share, down from $114 million, or 70 cents a share, a year earlier.

The latest results included $40 million in restructuring charges related to plant closures, a $35 million tax benefit and a $27 million loss from the early extinguishment of debt. The prior-year quarter included $6 million in restructuring charges and asset impairments and a $5 million tax benefit.

Excluding items, earnings rose 81 cents a share from 70 cents.

Revenue slid 3.7% to $2.28 billion, and the stronger dollar reduced sales by $129 million.

Analysts' estimates were for per-share earnings of 80 cents on revenue of $2.34 billion, according to a poll by Thomson Reuters.

Gross margin rose to 16% from 15.8% on cost cuts and better efficiency partially offset by higher pension costs and unfavorable foreign-currency exchange.

Net sales fell in every segment except North America food, where they grew 16%. Earnings were flat in the Americas beverage and European beverage segments but jumped 53% in North America food. European food profit fell 4.5%, while European specialty packaging earnings climbed 25%.

Crown's shares fell 1.8% to $28.70 in after-hours trading. The stock has more than doubled from a three-year low last November and reached a new 52-week high earlier Wednesday.

- By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com