Why Crown Holdings' Stock Dropped 21.2% on Tuesday

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 ...