Earlier this week we highlighted the challenges facing Crown Holdings given the low volume readings that we were seeing in QMG data in the US. CCK reported overnight, and confirmed the performance predictions that arose from our proprietary data sets.
Americas sales figures for the third quarter were $570m, as opposed to $583m in the same period last year. Our figures also cover Germany (a useful proxy for Europe), indicating flat volume figures during the quarterly period.Overall sales were saved by sales relating to the European Food sector, which apart from Asia Pacific (more or less flat), was the only geographic region to grow from a sales perspective.
QMG data is released monthly, giving us multiple opportunities to track sector performance ahead of earnings announcement, utilising indicators derived directly from companies in that sector. We continue to follow both the soft drink and packaging sectors going forward.