Core Insights - Crown Castle Inc. (CCI) reported first-quarter 2025 adjusted funds from operations (AFFO) per share of $1.10, exceeding the Zacks Consensus Estimate of $1.02, but reflecting a nearly 1% decline year over year [1] - The company maintained its 2025 guidance for AFFO per share in the range of $4.06-$4.17, while the Zacks Consensus Estimate stands at $4.47, above the projected range [6] Financial Performance - CCI's net revenues for the first quarter were $1.06 billion, surpassing the Zacks Consensus Estimate of $1.04 billion, but down 4.8% year over year [2] - Total site rental revenues decreased by 5.3% year over year to $1.01 billion, attributed to a $16 million decrease in amortization of prepaid rent and a $39 million decrease in straight-lined revenues [3] - Services and other revenues increased by 8.7% year over year to $50 million, exceeding the estimate of $44.4 million [4] - Adjusted EBITDA for the quarter was $722 million, down 4.2% year over year [4] Financial Position - As of March 31, 2025, CCI had cash and cash equivalents of $60 million, a decrease from $100 million as of December 31, 2024 [5] - Total debt and long-term obligations amounted to $22.87 billion, reflecting a 2.5% sequential decrease [5] Guidance and Outlook - CCI reaffirmed its site rental revenue guidance for 2025 to be between $3.987 billion and $4.032 billion, with adjusted EBITDA estimated in the range of $2.755-$2.805 billion [6] - Contributions from the Fiber Business are included in net income but excluded from other results and outlook components due to its classification as discontinued operations [7]

Core Insights - Crown Holdings, Inc. reported first-quarter 2025 adjusted earnings per share (EPS) of $1.67, exceeding the Zacks Consensus Estimate of $1.22 by 37% and marking a 64% year-over-year improvement [1][2] - The company's net sales for the quarter reached $2.89 billion, surpassing the Zacks Consensus Estimate of $2.87 billion and reflecting a 3.7% increase from the previous year's $2.78 billion [2] - Crown Holdings raised its full-year adjusted EPS outlook to $6.70-$7.10, up from the previous estimate of $6.60-$7.00, indicating an expected year-over-year growth of 8% [9] Financial Performance - The cost of products sold increased by 0.7% year over year to $2.26 billion, while gross profit rose 16% to $620 million, resulting in a gross margin of 21.6%, which is a 230-basis point expansion year over year [3] - Selling and administrative expenses decreased by 1.3% year over year to $152 million, contributing to a total segment operating income of $398 million, up from $308 million in the prior-year quarter [4] Segment Performance - In the Americas Beverage segment, net sales totaled $1.32 billion, an 8% increase year over year, with operating profit rising 25% to $236 million [5] - The European Beverage segment saw sales increase by 6% year over year to $512 million, with operating income jumping 31% to $67 million [5] - The Asia-Pacific segment's sales remained flat at $279 million, but operating profit increased by 12% to $47 million [6] Cash Flow and Balance Sheet - At the end of Q1 2025, Crown Holdings had cash and cash equivalents of $0.78 billion, down from $1.12 billion at the end of 2024, and generated $14 million in cash from operating activities [7] - The company's long-term debt decreased to $4.74 billion from $6.62 billion at the end of 2024 [7] Stock Performance - Crown Holdings' shares have increased by 16.7% over the past year, contrasting with a 6.3% decline in the industry [10]

Financial Data and Key Metrics Changes - Earnings per share for the quarter were $1.65, up from $0.56 in the prior year quarter, while adjusted earnings per share increased to $1.67 from $1.02 [3] - Net sales rose by 3.7% year-over-year, driven by a 1% increase in global beverage can volumes and a 16% increase in North American food can volumes [3][4] - Segment income reached $398 million, compared to $308 million in the prior year quarter, reflecting a 29% increase [4][6] Business Line Data and Key Metrics Changes - Beverage can segment income improved by 24% year-over-year, with significant contributions from higher shipments in the Americas and Europe [6][7] - North American food can volumes increased by 16%, driven by demand from vegetable and pet food customers [11] - Transit Packaging performance declined due to subdued industrial demand, particularly affecting the higher margin equipment and tools business [10] Market Data and Key Metrics Changes - European beverage volumes improved by 5%, with growth noted in Eastern and Southern Europe and the Gulf States, leading to a more than 30% increase in segment income [9] - In Asia Pacific, segment income advanced by 12%, benefiting from revenue quality improvements and ongoing cost reduction programs [9] - North American beverage can volumes were up 2%, while Brazil saw an 11% increase, attributed to strong customer performance during the carnival season [96] Company Strategy and Development Direction - The company is raising its full-year adjusted EPS guidance to a range of $6.70 to $7.10, reflecting confidence in continued strong performance [4] - There is an expectation of a tight supply situation in both North America and Europe during the summer selling season, with ongoing substrate shifts anticipated [30][75] - The company aims to maintain a long-term leverage target of approximately 2.5 times, balancing capital investments and shareholder returns [68] Management's Comments on Operating Environment and Future Outlook - Management noted that while the operating environment remains uncertain, the company is well-positioned in its markets and expects strong demand to continue [12] - The potential impact of tariffs is being monitored closely, with estimates of income exposure below $30 million for the year [10][84] - Management expressed optimism about the summer selling season, with expectations of continued strong performance in beverage can businesses [30][48] Other Important Information - The company returned $233 million to shareholders in Q1 2025, including $203 million in share repurchases [4] - Adjusted free cash flow for the full year is estimated to be approximately $800 million after $450 million of capital spending [5] - The company achieved trailing twelve months EBITDA above $2 billion for the first time, with EBITDA margins increasing by 260 basis points in the quarter [12] Q&A Session Summary Question: Are customers changing their behavior going into the seasonal peak period? - Management indicated that inventory levels are short, and there has not been significant pre-buying behavior observed in the beverage can segment [17][18] Question: Are there signs of increased promotional activity from brand owners or retailers? - Management noted that there is no significant promotional activity, but some large customers are optimistic about their opportunities post-COVID [22] Question: What are the expectations for North America performance in 2025 and 2026? - Management expects to be materially in line with the market in 2025 and potentially ahead in 2026 [31] Question: What is the outlook for the Transit business given potential tariff impacts? - Management acknowledged a multitude of quoting opportunities but noted that actual orders are slower due to cautious capital budgets among customers [35] Question: How is the company addressing supply chain issues related to tariffs? - Management estimated direct tariff impacts to be below $10 million, primarily affecting equipment made for customers in Europe [37] Question: What drove the strong performance in the Americas Beverage segment? - Management attributed the strong performance to high utilization rates and effective execution in manufacturing [45] Question: How does the company view the balance between supply and demand in the can industry? - Management emphasized the importance of being mindful of supply-demand dynamics before embarking on rapid capacity expansion [91]

Financial Data and Key Metrics Changes - Earnings per share for Q1 2025 were $1.65, up from $0.56 in the prior year quarter, while adjusted earnings per share increased to $1.67 from $1.02 [3] - Net sales rose by 3.7% year-over-year, driven by a 1% increase in global beverage can volumes and a 16% increase in North American food can volumes [3][4] - Segment income for the quarter was $398 million, compared to $308 million in the prior year [3][4] Business Line Data and Key Metrics Changes - Beverage can segment income improved by 24% year-over-year, with significant contributions from the Americas and Europe [6][7] - North American food can volumes increased by 16%, driven by demand from vegetable and pet food customers [11] - Transit Packaging performance declined due to subdued industrial demand, impacting higher-margin equipment and tools business [10] Market Data and Key Metrics Changes - European beverage volumes improved by 5%, with growth noted in Eastern and Southern Europe [9] - Asia Pacific segment income advanced by 12%, benefiting from revenue quality improvements and cost reduction programs [9] - North American beverage can volumes were up 2%, while Brazil saw an 11% increase, attributed to strong customer promotions during the carnival season [96] Company Strategy and Development Direction - The company is raising its full-year adjusted EPS guidance to a range of $6.70 to $7.10, reflecting confidence in ongoing demand and operational performance [4] - There is an expectation of a tight supply situation in both North America and Europe during the summer selling season, indicating a focus on maintaining operational efficiency [29][30] - The company is monitoring potential impacts from tariffs and global trade tensions, particularly in the Asia Pacific region [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong start to 2025, with expectations for continued demand and operational improvements [6][12] - Concerns were raised about the potential indirect impacts of tariffs on consumer demand, particularly in markets like Mexico and Southeast Asia [78][80] - The company remains cautious about the economic environment but is well-positioned to capitalize on growth opportunities in the can business [12][30] Other Important Information - The company returned $233 million to shareholders in Q1 2025, including $203 million in share repurchases [4] - Adjusted free cash flow for 2025 is estimated to be approximately $800 million after $450 million of capital spending [5] - The company achieved trailing twelve months EBITDA above $2 billion for the first time, with EBITDA margins increasing by 260 basis points in the quarter [12] Q&A Session Summary Question: Are customers changing their behavior going into the seasonal peak period? - Management noted that inventory levels are short, and there hasn't been significant pre-buying observed, particularly in the beverage can segment [17][20] Question: Are there signs of increased promotional activity from brand owners or retailers? - Management indicated that there is no significant promotional activity, but some large customers are optimistic about their opportunities post-COVID [22] Question: What are the expectations for North America performance in 2025 and 2026? - Management expects to be materially in line with the market in 2025 and potentially ahead in 2026 [31] Question: What is the outlook for the Transit business given potential tariff impacts? - Management highlighted that quoting opportunities are high, but actual orders are slower due to cautious capital budgets among customers [35][37] Question: How is the company addressing supply chain issues related to tariffs? - Management estimated direct tariff impacts to be below $10 million, primarily affecting equipment made for customers in Europe [37] Question: What drove the strong performance in Brazil? - The growth in Brazil was largely attributed to alignment with major customers who promoted products heavily during the carnival season [96] Question: What is the company's approach to capacity additions in response to substrate shifts? - Management acknowledged the need for potential capacity additions in Europe due to ongoing substrate shifts and is currently evaluating markets [75]

Core Insights - Crown Holdings reported revenue of $2.89 billion for the quarter ended March 2025, reflecting a year-over-year increase of 3.7% and surpassing the Zacks Consensus Estimate of $2.86 billion by 0.77% [1] - The company's EPS for the quarter was $1.67, significantly higher than the $1.02 reported in the same quarter last year, and exceeded the consensus EPS estimate of $1.22 by 36.89% [1] Revenue Performance - External Sales in the Americas Beverage segment reached $1.32 billion, exceeding the average estimate of $1.28 billion and showing an 8% year-over-year increase [4] - European Beverage segment sales were reported at $512 million, slightly below the average estimate of $516.82 million, with a year-over-year increase of 6.2% [4] - Transit Packaging sales were $482 million, below the average estimate of $496.98 million, reflecting a year-over-year decline of 7.3% [4] - Other segments reported sales of $294 million, surpassing the average estimate of $291.04 million, with a year-over-year increase of 4.6% [4] - Asia Pacific sales were $279 million, below the average estimate of $292.55 million, with no year-over-year change [4] Segment Income - Segment Income for the Americas Beverage was $236 million, significantly above the average estimate of $189.37 million [4] - European Beverage segment income was reported at $67 million, exceeding the average estimate of $60.08 million [4] - Transit Packaging segment income matched the average estimate of $60.08 million at $60 million [4] - Other segments reported income of $29 million, surpassing the average estimate of $16.30 million [4] - Corporate and other segments reported a loss of $41 million, slightly worse than the average estimate of -$39.33 million [4] - Asia Pacific segment income was $47 million, above the average estimate of $42.94 million [4] Stock Performance - Crown Holdings shares returned +1.3% over the past month, contrasting with a -4.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Group 1: Earnings Performance - Crown Holdings reported quarterly earnings of $1.67 per share, exceeding the Zacks Consensus Estimate of $1.22 per share, and up from $1.02 per share a year ago, representing an earnings surprise of 36.89% [1] - The company posted revenues of $2.89 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 0.77%, compared to $2.78 billion in the same quarter last year [2] - Over the last four quarters, Crown has surpassed consensus EPS estimates four times and topped consensus revenue estimates two times [2] Group 2: Stock Performance and Outlook - Crown shares have increased approximately 8% since the beginning of the year, while the S&P 500 has declined by 6.1% [3] - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $1.83 for the coming quarter and $6.75 for the current fiscal year [7] - The Zacks Industry Rank for Containers - Metal and Glass is in the top 39% of over 250 Zacks industries, indicating a favorable industry outlook [8] Group 3: Estimate Revisions and Future Expectations - The estimate revisions trend for Crown is currently mixed, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [6] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - It will be important to monitor how estimates for the coming quarters and the current fiscal year change following the recent earnings report [7]

Analyst's Disclosure: I/we have a beneficial long position in the shares of AMT either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. As I've now put out a few articles regarding my favorite names in the REIT space, which in my opinion is ripe with deals, I have left out one n ...

News Release Corporate Headquarters 14025 Riveredge Drive, Suite 300 Tampa, FL 33637 CROWN HOLDINGS, INC. REPORTS FIRST QUARTER 2025 RESULTS Tampa, FL - April 28, 2025. Crown Holdings, Inc. (NYSE: CCK) today announced its financial results for the first quarter ended March 31, 2025. Highlights 2025 Outlook "Crown got off to an excellent start for the year, driven by strong performances in each of our global beverage can businesses," said Timothy J. Donahue, Chairman, President and Chief Executive Officer. " ...

In its upcoming report, Crown Holdings (CCK) is predicted by Wall Street analysts to post quarterly earnings of $1.22 per share, reflecting an increase of 19.6% compared to the same period last year. Revenues are forecasted to be $2.84 billion, representing a year-over-year increase of 2.1%.The consensus EPS estimate for the quarter has been revised 0.1% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates d ...

Group 1 - Crown Castle is refocusing on its core business of cell towers after finding fiber investments to be too costly and yielding low returns [1] - The company is selling its fiber division for $8.5 billion, indicating a strategic shift back to its foundational operations [1] Group 2 - The article highlights the importance of companies that demonstrate growth in revenue, earnings, and free cash flow as attractive investment opportunities [1] - It emphasizes the preference for companies with strong growth prospects, favorable valuations, and high free cash flow margins [1]