Shares of packaging company Crown Holdings (CCK -13.35%) fell as much as 21.2% in trading on Tuesday after the company reported fourth-quarter 2023 financial results. Shares were still down 12.9% at 3:15 p.m. ET.Declining revenue hits Crown hardRevenue for the quarter was $2.86 billion, down from $3.01 billion a year ago, including positive impact from foreign currency of $42 million and lower material costs passed on to customers of $145 million. Income from operations increased from $229 million to $259 m ...

Crown Holdings, Inc. (CCK) reported fourth-quarter 2023 adjusted earnings per share (EPS) of $1.24, lagging the Zacks Consensus Estimate of $1.42. The bottom line increased 6% year over year but missed the company’s guidance of $1.40-$1.50.Including one-time items, the company reported earnings from continuing operations of 27 cents per share in the quarter under review compared with earnings of 74 cents per share in the prior-year quarter.Net sales in the quarter totaled $2.86 billion, down 5.1% from the y ...

Financial Data and Key Metrics Changes - Earnings for Q4 2023 were $0.27 per share, down from $0.74 per share in the prior year quarter. Adjusted earnings increased to $1.24 from $1.17 year-over-year [5] - Record adjusted EBITDA for the year was $1.882 billion, an 8% improvement compared to $1.744 billion in 2022 [7] - Free cash flow for 2023 was $661 million, driven by record EBITDA and exceptional working capital management [7] Business Line Data and Key Metrics Changes - North American beverage volumes increased by 5%, contributing to net sales, while lower raw material costs and reduced volumes in other businesses offset this growth [5] - Segment income for the quarter was $382 million, up from $292 million in the prior year, primarily due to higher beverage can volumes in Americas Beverage [5] - Transit Packaging achieved its highest income performance despite a muted industrial backdrop, with more than $300 million generated in free cash flow [15] Market Data and Key Metrics Changes - In Europe, shipments were down mid-teens in Q4, with a projected flatter demand environment for 2024 [13] - The Asian market experienced volume softness due to inflation effects, impacting consumer purchasing power [15] - North American food business income is above pre-pandemic levels, particularly in the pet food category [16] Company Strategy and Development Direction - The company is optimizing its footprint by closing several production facilities to align supply and demand, leading to greater utilization and operational efficiencies [6] - For 2024, the company expects EBITDA to remain in line with 2023 performance, driven by strong performance in North American Beverage and Transit Packaging, but offset by lower results in can-making equipment and aerosol businesses [7][18] - The company remains focused on operational improvements and strengthening the balance sheet to position for future growth [18] Management's Comments on Operating Environment and Future Outlook - Management noted that operating performance in Q4 was well ahead of the prior year, with strong beverage can volumes in North America and Brazil offsetting demand weakness in Europe and Asia [11] - The higher interest rate environment has led to significant headwinds in interest and pension costs, impacting overall earnings [17] - Management expects a rebound in European Beverage in the second half of 2024, despite current consumer pressures [101] Other Important Information - The company anticipates adjusted earnings per diluted share for Q1 2024 to be in the range of $0.90 to $1, with full-year guidance of $5.80 to $6.20 per share [8][9] - The company has projected full-year adjusted free cash flow for 2024 to be between $700 million and $750 million, with capital spending capped at $500 million [9] Q&A Session All Questions and Answers Question: Is there any carryover into 2024 from higher inventory that you need to still work down? - Management indicated that inventory is in line with business expectations, and there is no significant carryover [25][46] Question: What makes you comfortable with the non-beverage segments? - Management expressed confidence in the transit business, highlighting its stable cash generation and low capital investment requirements [26] Question: Can you provide more color on the European market? - Management noted that Southern Europe is performing better than Northern Europe, and while Q1 is expected to be weak, growth is anticipated in the summer months [32][101] Question: What is driving the softness in European Beverage? - The softness is attributed to consumer pressure from rising costs, but management expects a rebound as economic conditions improve [101] Question: How long will it take to right-size the aerosol business? - Management believes that the recent closures have positioned the company better, and further volume growth could enhance performance [101]

For the quarter ended December 2023, Crown Holdings (CCK) reported revenue of $2.86 billion, down 5.1% over the same period last year. EPS came in at $1.24, compared to $1.17 in the year-ago quarter.The reported revenue represents a surprise of -2.37% over the Zacks Consensus Estimate of $2.93 billion. With the consensus EPS estimate being $1.42, the EPS surprise was -12.68%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine ...

Crown Holdings (CCK) came out with quarterly earnings of $1.24 per share, missing the Zacks Consensus Estimate of $1.42 per share. This compares to earnings of $1.17 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -12.68%. A quarter ago, it was expected that this packaging company would post earnings of $1.74 per share when it actually produced earnings of $1.73, delivering a surprise of -0.57%.Over the last four quarters, the ...

In its upcoming report, Crown Holdings (CCK) is predicted by Wall Street analysts to post quarterly earnings of $1.42 per share, reflecting an increase of 21.4% compared to the same period last year. Revenues are forecasted to be $2.93 billion, representing a year-over-year decrease of 2.8%.The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Befor ...

Crown Holdings (CCK) is expected to deliver a year-over-year increase in earnings on lower revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on February 5, 2024, might help the stock move higher if these key numbers are better th ...

Investing Activities Financing Activities In May 2023, the Company issued €500 principal amount of 5.0% senior unsecured notes due 2028. In March 2022, the Company issued $500 principal amount of 5.250% senior unsecured notes due 2030. In August 2022, the Company amended the credit agreement governing its senior secured credit facilities and used proceeds to redeem senior notes due in 2023. The Company's revolving credit facilities and term loan facilities also contain a total leverage ratio covenant. The l ...

Crown Holdings, Inc. (NYSE:CCK) Q3 2023 Earnings Conference Call October 24, 2023 9:00 AM ET Company Participants Kevin Clothier - SVP & CFO Tim Donahue - President & CEO Timothy Donahue - VP, IR & Corporate Affairs Conference Call Participants Mike Leithead - Barclays Cashen Keeler - Bank of America Arun Viswanathan - RBC Capital Markets Anthony Pettinari - Citi Ghansham Panjabi - Baird Gabe Hajde - Wells Fargo Securities Jeff Zekauskas - J.P. Morgan Phil Ng - Jefferies Michael Roxland - Truist Securities ...

33637 (ZipCode) | --- | |------------------------------| | | | Title of each class | | Common Stock $5.00 Par Value | | 7 3/8% Debentures Due 2026 | | 7 1/2% Debentures Due 2096 | | --- | --- | |-----------------|-------------------------------------------| | Trading Symbols | Name of each exchange on which registered | | CCK | New York Stock Exchange | | CCK26 | New York Stock Exchange | | CCK96 | New York Stock Exchange | 215-698-5100 (registrant's telephone number, including area code) __________________ ...