Group 1 - Crown LNG Holdings Limited has signed a Memorandum of Understanding (MOU) with India Gas Exchange Ltd. (IGX) to cooperate on LNG sales to pipeline customers downstream from Crown's planned LNG import terminal in Kakinada, India [1][3] - The MOU aims to facilitate the listing, marketing, and sale of LNG cargoes through Crown's regasification terminal on the IGX platform, enhancing market awareness and participation in gas trading [3][4] - The collaboration is expected to strengthen India's energy security and support the country's goal of achieving a 15% gas-based economy by 2030, as outlined by Prime Minister Narendra Modi [3][4] Group 2 - The Kakinada terminal has an approved total import capacity of 7.2 million metric tons per annum (MMTPA), with Crown expecting to make a final investment decision in 2026 and deliver the first gas in 2029 [4] - Crown LNG is positioned to sell gas to a broad base of producers, traders, and offtakers across India, addressing the supply gap for the eastern coast of the country [4] - The company focuses on providing offshore LNG liquefaction and regasification terminal infrastructure solutions, targeting under-served markets globally with lower carbon energy sources [5]

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Financial Data and Key Metrics Changes - Earnings for Q4 2024 were $3.02 per share, including a $2.32 per share gain from the sale of Eviosus, compared to $0.27 per share in the prior year quarter [4] - Adjusted earnings per share were $1.59, up from $1.24 in the prior year quarter [4] - Net sales for the quarter increased by 2%, driven by a 4% increase in global beverage can volumes [4] - Segment income rose to $428 million from $382 million in the prior year, reflecting higher beverage can volumes [4][5] - Record adjusted EBITDA for the year was $1.942 billion, compared to $1.882 billion in 2023 [5] - Free cash flow for the year was $814 million, with $336 million returned to shareholders [8][10] Business Line Data and Key Metrics Changes - Americas Beverage reported an 8% income improvement, with a 5% shipment increase [15] - North American volumes advanced 7% in Q4, while Brazil saw a 4% increase [15] - European beverage volumes increased by 8% in Q4, leading to record income performance for the segment [17] - Asia Pacific income increased by 27% for the full year, despite a 4% volume decline in Q4 [18] - North American food volumes improved significantly compared to the prior year [21] Market Data and Key Metrics Changes - North American beverage market was estimated to be up about 1% for the full year, while the company outperformed this with a 7% increase [15] - European beverage can conversion continues to grow, with expectations for another record year in 2025 [17] - In Asia, consumer purchasing power remains subdued, but cost reduction programs are expected to improve future income [18][20] Company Strategy and Development Direction - The company aims to maintain a strong balance sheet and generate significant cash flow while returning value to shareholders [24] - Focus on operational efficiency and manufacturing improvements to enhance profitability [21][212] - Anticipates continued growth in beverage can demand, particularly in Europe and South America [17][145] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic headwinds and maintain strong performance [24] - Expectations for North American volume performance in 2025 to be in line with market trends, with mid-single-digit growth anticipated in Brazil [16][20] - Management noted that the Asia Pacific segment is well-positioned for future income improvement despite current challenges [18][20] Other Important Information - The company reduced net leverage to 2.7 times at year-end, with expectations to reach a targeted leverage ratio of 2.5 by the end of 2025 [10][11] - The sale of the remaining 20% interest in Eviosus was completed, contributing to the financial results [22] Q&A Session Summary Question: What is driving the strong performance in the Americas? - Management attributed the strong performance to continuous growth in South America and strong demand during the holiday season [34][40] Question: How will the company deploy excess cash? - The company plans to allocate approximately $550 million to $600 million for debt reduction and share repurchases, depending on market conditions [50][51] Question: What is the outlook for Europe in 2025? - Management expects mid-single-digit growth in Europe, driven by strong demand for aluminum beverage cans [61][118] Question: What is the impact of tariffs on the business? - Management indicated that tariffs may have an indirect impact on consumer behavior, which could affect demand [127][240] Question: How is the company addressing overcapacity in North America? - Management believes that regional overcapacity should not significantly impact pricing, as the market is large and competitive dynamics have changed [162][165] Question: What is the outlook for Asia Pacific? - Management noted that while the region has faced challenges, it is now focused on generating good returns and is well-positioned for future growth [170][172]

Core Viewpoint - Crown Holdings, Inc. reported strong fourth-quarter 2024 results, with adjusted EPS exceeding expectations and significant year-over-year growth in earnings and margins [1][9]. Financial Performance - Adjusted EPS for Q4 2024 was $1.59, beating the Zacks Consensus Estimate of $1.52 and increasing 28% year over year [1] - Including one-time items, earnings from continuing operations were $3.02 per share, compared to $0.27 in the prior-year quarter [2] - Net sales for Q4 totaled $2.90 billion, a 1.6% increase from $2.86 billion in the previous year, although it missed the consensus estimate of $2.91 billion [3] - Gross profit rose 6% year over year to $650 million, with a gross margin of 22.4%, up from 21.4% in the prior year [4] - Selling and administrative expenses increased 1.4% year over year to $147 million, while total segment operating income rose to $428 million from $382 million [5] Segment Performance - Americas Beverage segment net sales were $1.32 billion, up 2% year over year, with operating profit increasing 7.8% to $275 million [6] - European Beverage segment sales rose 16.3% to $456 million, with operating income significantly improving to $51 million from $18 million [6] - Asia-Pacific segment sales decreased 3.8% to $308 million, with operating profit slightly up to $48 million [7] - Transit Packaging segment sales were $511 million, down from $541 million, with operating profit falling 21.3% to $59 million [7] Cash Flow and Balance Sheet - Cash and cash equivalents at the end of 2024 were $0.92 billion, down from $1.31 billion at the end of 2023 [8] - Cash generated from operating activities was $1.19 billion, compared to $1.45 billion in the prior year [8] - Long-term debt decreased to $6.06 billion from $6.69 billion year over year [8] Annual Performance - For 2024, adjusted EPS was $6.41, surpassing the consensus estimate of $6.35 and improving 9% year over year [9] - Total net sales for the year were $11.80 billion, a decline of 1.7% from the previous year, missing the consensus estimate of $11.81 billion [10] Future Outlook - The company projects full-year adjusted EPS for 2025 to be between $6.60 and $7.00, with expected adjusted free cash flow of $800 million [11] Stock Performance - Crown Holdings' shares have increased by 14.9% over the past year, outperforming the industry growth of 2.8% [12]

Core Insights - Crown Laboratories has successfully acquired Revance Therapeutics, reinforcing its position as a leading and innovative player in the aesthetics and skincare industry [1][2] - The acquisition was completed through a tender offer at a price of $3.65 per share, with approximately 82.0% of Revance's outstanding shares validly tendered [2] - Following the acquisition, Revance's common stock will be delisted from NASDAQ and deregistered under the Securities Exchange Act of 1934 [2] Company Overview - Crown is a privately held, fully integrated global skincare company focused on developing a diverse portfolio of aesthetic and therapeutic skincare products [4] - The company has been recognized on the Inc. 5000 Fastest Growing Privately Held Companies List for eleven consecutive years and has expanded its distribution to over 50 countries [4]

Core Insights - Crown Holdings reported revenue of $2.9 billion for the quarter ended December 2024, reflecting a year-over-year increase of 1.6% and an EPS of $1.59, up from $1.24 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $2.92 billion by 0.47%, while the EPS exceeded the consensus estimate of $1.52 by 4.61% [1] Financial Performance Metrics - External Sales in the Americas Beverage segment were $1.33 billion, slightly below the estimated $1.37 billion, marking a 2% increase year-over-year [4] - European Beverage segment sales reached $456 million, surpassing the average estimate of $453.77 million, with a significant year-over-year increase of 16.3% [4] - Transit Packaging external sales were $511 million, below the estimated $516.83 million, representing a year-over-year decline of 5.6% [4] - Other segments reported external sales of $303 million, exceeding the estimate of $299.13 million, with a year-over-year change of -1% [4] - Asia Pacific external sales were $308 million, slightly above the estimate of $306.06 million, reflecting a year-over-year decrease of 3.8% [4] Segment Income Analysis - Segment Income for Americas Beverage was $275 million, outperforming the average estimate of $256.84 million [4] - European Beverage segment income was $51 million, exceeding the average estimate of $49.03 million [4] - Transit Packaging segment income was $59 million, below the average estimate of $70.42 million [4] - Other segments reported segment income of $33 million, significantly above the average estimate of $14.45 million [4] - Corporate and other segments had a segment income of -$38 million, slightly better than the average estimate of -$39.33 million [4] - Asia Pacific segment income was $48 million, close to the average estimate of $49.09 million [4] Stock Performance - Crown Holdings shares have returned +6.3% over the past month, outperforming the Zacks S&P 500 composite's +1.7% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Group 1 - Crown Holdings reported quarterly earnings of $1.59 per share, exceeding the Zacks Consensus Estimate of $1.52 per share, and up from $1.24 per share a year ago, representing an earnings surprise of 4.61% [1] - The company posted revenues of $2.9 billion for the quarter ended December 2024, slightly missing the Zacks Consensus Estimate by 0.47%, compared to $2.86 billion in the same quarter last year [2] - Crown has surpassed consensus EPS estimates in all four of the last quarters, but has only topped consensus revenue estimates once during the same period [2] Group 2 - The stock has gained approximately 3.3% since the beginning of the year, outperforming the S&P 500's gain of 2.7% [3] - The future performance of Crown's stock will largely depend on management's commentary during the earnings call and the outlook for earnings estimates [3][4] - Current consensus EPS estimate for the upcoming quarter is $1.17 on revenues of $2.89 billion, and for the current fiscal year, it is $6.81 on revenues of $12.18 billion [7] Group 3 - The Containers - Metal and Glass industry, to which Crown belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, indicating potential challenges ahead [8] - The unfavorable trend in estimate revisions prior to the earnings release has resulted in a Zacks Rank 4 (Sell) for Crown, suggesting expected underperformance in the near future [6]

Financial Performance - Fourth quarter net sales reached $2,903 million, reflecting a 4% increase in global beverage can volumes[4]. - Segment income for the fourth quarter increased to $428 million, up from $382 million in the prior year, driven by improved results in global beverage operations[4][22]. - Full year net sales for 2024 were $11,801 million, with a 5% increase in global beverage can shipments[8]. - Full year segment income for 2024 was $1,645 million, a $99 million increase compared to 2023, primarily due to improved results in global beverage operations[9][22]. - Adjusted net income for the year ended December 31, 2024, was $765 million, or $6.41 per diluted share, compared to $701 million, or $5.86 per diluted share in 2023, indicating an increase of 9.1% in adjusted net income[28]. - Income from operations increased to $1,419 million in 2024 from $1,269 million in 2023, representing a growth of approximately 11.8%[39]. - Adjusted EBITDA rose to $1,942 million in 2024, up from $1,882 million in 2023, reflecting an increase of about 3.2%[39]. - Segment income increased to $1,645 million in 2024, up from $1,546 million in 2023, representing a growth of approximately 6.4%[39]. Cash Flow and Debt Management - The company generated record adjusted free cash flow of $814 million in 2024, supported by earnings growth and normalized capital expenditures[3]. - The company reduced net debt by $878 million in 2024, resulting in an adjusted net leverage ratio of 2.7x[6][10]. - The company anticipates adjusted free cash flow of approximately $800 million for 2025 after estimated capital spending of $450 million[10]. - The company recorded a total of $1,192 million in net cash provided by operating activities for the year ended December 31, 2024, down from $1,453 million in 2023, a decrease of 18%[32]. - Total debt decreased to $6,204 million in 2024, down from $7,474 million in 2023, indicating a reduction of approximately 17%[39]. - Net debt also declined to $5,286 million in 2024 from $6,164 million in 2023, showing a decrease of around 14.2%[39]. - The adjusted net leverage ratio improved to 2.7x in 2024 compared to 3.3x in 2023, indicating a stronger balance sheet[39]. Capital Expenditures and Investments - Capital expenditures for the year ended December 31, 2024, were $403 million, significantly lower than $793 million in 2023, a reduction of 49.1%[32]. - The company recorded charges of $513 million related to pension plan obligations for the year ended December 31, 2024[28]. Taxation - The adjusted effective tax rate for 2025 is expected to be approximately 25%[10]. - The effective tax rate as reported for the year ended December 31, 2024, was 24.6%, compared to 27.9% in 2023, showing a decrease of 3.3 percentage points[28]. Future Outlook - For 2025, the company expects adjusted diluted earnings per share to be in the range of $6.60 to $7.00, compared to $6.41 in 2024[10]. - The company continues to focus on improving operational efficiency and reducing debt levels to enhance financial stability[39]. Other Financial Metrics - Total assets decreased to $13,848 million as of December 31, 2024, from $15,034 million in 2023, a decline of 7.9%[31]. - The company experienced a foreign currency translation impact of $(11) million on net sales for the three months ended December 31, 2024[38]. - Restructuring and other costs reduced to $75 million in 2024 from $114 million in 2023, reflecting a decrease of approximately 34.2%[39]. - Depreciation expenses decreased to $297 million in 2024 from $336 million in 2023, indicating a reduction of about 11.6%[39]. - Intangibles amortization decreased slightly to $151 million in 2024 from $163 million in 2023[39].

JOHNSON CITY, Tenn. and NASHVILLE, Tenn., Feb. 5, 2025 /PRNewswire/ -- Crown Laboratories, Inc. ("Crown") and Revance Therapeutics, Inc. (NASDAQ: RVNC) ("Revance"), today announced that the tender offer to purchase all of the issued and outstanding shares of common stock, par value $0.001 per share ("Shares") of Revance at a purchase price of $3.65 per Share, net to the stockholder in cash without interest and less any required tax withholding (the "Offer"), expired as scheduled at one minute past 11:59 p.m ...

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