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Text: Actual results could vary materially from such statements.
Earnings for the quarter were $1.57 per share compared to $0.65 in the prior year quarter.
Adjusted earnings per share increased to $1.83 in the quarter compared to $1.13 in 2020.
Net sales in the quarter were up 12% from the prior year, primarily due to increased volumes across all segments, favorable foreign currency translation and the pass through of higher material costs.
Segment income improved to $433 million in the quarter compared to $298 million in the prior year, primarily due to higher sales unit volumes, favorable price cost mix and the non-recurrence of charges for tinplate carryover costs that we saw in 2020.
As outlined in the release, we currently estimate second quarter 2021 adjusted earnings of between $1.70 and $1.80 per share.
This estimate includes the results of the European tinplate business, which will be reported as discontinued operations beginning with the second quarter results.
We are maintaining our full year adjusted earnings guidance of $6.60 to $6.80 per share.
Assuming the sale of the European tinplate business closures at the beginning of the third quarter, we expect that the earnings dilution impact over the balance of the year of about $0.50 per share will be offset by improved results in the remaining operations as compared to our original guidance.
Our expected tax rate for the year remains at 24% to 25%.
Demand was strong across all major businesses and despite the ongoing challenges posed by the pandemic and severe winter weather in the United States the company continue to convert strong volume growth into record earnings.
This performance could not have been possible without great people and our global associates continue to perform extraordinarily in the face of the pandemic, ensuring that our customers receive high quality products and services in a safe and timely manner.
And while it feels that we're turning the corner with widespread vaccinations now available.
New streams and increased positivity rates in some jurisdictions remind us that we must remain vigilant in our adherence to recommended behaviors.
Global demand continues to be very strong for the beverage can and we are committed to deploying necessary capital to meet customer needs.
As detailed in last night's release, we expect to commercialize 6 billion units a beverage can capacity in 2021 with further investments being made to bring on at least that much more in 2022.
Before reviewing the operating segments we thought it would be well to remind you that delivered aluminum in North America sit around $1.28 a pound versus $0.75 a pound last year at this time, so an increase of 70%.
And as we contractually pass through the LME and the delivery premium, reported revenues will reflect both volume increases and the higher aluminum cost this year.
In Americas Beverage, demand remained strong across all of the markets we serve with overall segment volumes up 9% in the first quarter.
We expect that demand will continue to outweigh supply for the foreseeable future.
And as described to you in February, we have eight production lines in various stages of construction to bring more supply to these markets during 2021 and 2022.
While the CMI no longer publishes industry volumes, we can tell you that our North American volumes increased 12% in the first quarter compared to the same prior year period.
Unit volumes in European Beverage increased 6% in the first quarter as growth across Northwest Europe and the Mediterranean offset softness in Saudi Arabia.
Segment income reflects contribution from the volume growth and the two aluminum lines in Seville, Spain, which were down for conversion in last year's first quarter.
Sales unit volumes in European Food increased 6% in the first quarter as the business continues to benefit from strong consumer demand for packaged food.
Segment income which almost doubled the prior-year amount reflects the above noted volume growth.
$5 million of favorable foreign exchange and the negative impact of tinplate carryover included in the prior year first quarter.
As reported on April 8, 2021, the company entered into an agreement to sell its European tinplate businesses, which includes European Food.
And as Tom said, we expect the sale to be completed in the third quarter and beginning with the second quarter, results will be reflected in discontinued operations.
Asia-Pacific reported 8% volume growth in the first quarter as both Southeast Asia up 5% and China up more than 30%, continue to show recovery from the pandemic related shutdowns.
As described in February, activity levels are returning.
However, we expect there will be virus-related shutdowns and movement control orders from time to time across the region throughout 2021.
Excluding foreign exchange, results for Transit Packaging were in line with the prior year with industrial demand surging, activity remains extremely strong in Transit and we expect this segment will post full year segment income growth of approximately 25% in 2021 over 2020.
There will be a large outperformance in the second quarter against an easy comp with further gains through the end of the year.
Other operations also reported strong results in the first quarter led by North American Food and our beverage can making equipment businesses.
In summary, a great start to 2021.
With numerous projects completed last year and several more under way currently, we remain well positioned to continue to capture our share of global beverage can growth.
Importantly, we continue to convert growth into expanded earnings and cash flow.
As Tom discussed, our full year guidance remains unchanged, despite expected dilution from the sale of the European tinplate businesses.
Better than expected first quarter performance combined with continued strong demand across beverage and transit will allow us to earn through sale-related dilution and a rising commodity cost environment.
And just before we open the call to questions, we ask you that you limit yourselves to two questions initially so that everyone will have a chance to ask their question.
But always as -- feel free to jump back into the queue.
And with that, Dale, we're now ready to open the call to questions.

user
compname reports q1 adjusted earnings per share $1.83.
q1 adjusted earnings per share $1.83.
q1 earnings per share $1.57.
sees q2 adjusted earnings per share $1.70 to $1.80.
sees fy adjusted earnings per share $6.60 to $6.80.
qtrly global beverage can volumes grew 8%.

assistant