TAMPA, Fla., April 2, 2024 /PRNewswire/ -- Crown Holdings, Inc. (NYSE:CCK) will release its earnings for the first quarter ended March 31, 2024 after the close of trading on the New York Stock Exchange on Monday, April 29, 2024.  The Company will hold a conference call to discuss these results at 9:00 a.m. (EDT) on Tuesday, April 30, 2024.The dial-in numbers for the conference call are (630) 395-0194 or toll-free (888) 324-8108 and the access password is "packaging".  A replay of the conference call will be ...

Renewable energy (RE) adoption drives Crown's Twentyby30™ targets forward; new Virtual Power Purchase Agreement (VPPA) shows continued commitment to sustainability TAMPA, Fla., Feb. 28, 2024 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) has entered a 15-year Virtual Power Purchase Agreement (VPPA) with Enel Green Power España (EGPE), Endesa's renewable energy subsidiary, securing renewable electricity from a new PV project built in Badajoz, Spain. This deal will cover all of Crown's current operational f ...

To give every employee the opportunity to feel heard, supported and valued and to continue building its inclusive culture, the Company implemented a new employee engagement survey globally. The Company aims to better understand what the employee experience looks like at Crown, what works well and what can be improved. While updating its Human Rights policy based on the latest legal developments, the company has developed a comprehensive Human Rights training program translated into the predominant local lan ...

TAMPA, Fla., Feb. 22, 2024 /PRNewswire/ -- Crown Holdings, Inc. (NYSE: CCK) announced today that its Board of Directors declared a cash dividend of $0.25 per share payable March 28, 2024, to shareholders of record as of March 14, 2024. About Crown Holdings, Inc. Crown Holdings, Inc., through its subsidiaries, is a leading global supplier of rigid packaging products to consumer marketing companies, as well as transit and protective packaging products, equipment and services to a broad range of end markets. W ...

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 ...