Net sales in the first quarter were $3,162 million, compared to $2,564 million in the first quarter of 2021, reflecting higher beverage unit sales volumes and the pass-through of higher beverage costs. materials.
Operating profit was $344 million in the first quarter, compared to $327 million in the first quarter of 2021. Segment profit was $383 million in the first quarter, compared to $369 million the prior year, primarily due to improved profitability in North American tinplate and cans. -manufacturing of equipment enterprises.
“The company’s overall results during the first quarter were in line with expectations,” said Timothy J. Donahue, President and Chief Executive Officer. “Good performance in the North American tinplate and can-making equipment businesses, combined with strong beverage can shipments in Vietnam, offset notable inflationary pressures in Europe and North America and temporary weakness of the market in Brazil.
“On April 1, the inflation clawback mechanisms built into our North American beverage can contracts began, which will allow us to begin recovering much of the cost increases incurred over the past year. “, added Donahue. “As previously reported, the company is in the process of negotiating pending beverage can contracts in Europe to include more comprehensive raw materials and other inflationary pass-through provisions.