Crown Holdings Lifts FY Adj. EPS Outlook

(RTTNews) - Crown Holdings Inc. (CCK) said it now projects full-year adjusted earnings per share to be in the range of $6.25 to $6.35 compared to previous guidance of $6.00 to $6.25. Analysts polled by Thomson Reuters expect the company to report earnings of $6.15 per share for fiscal year 2024. Analysts' estimates typically exclude special items.

After deducting the $100 million pension contribution made during the third quarter, adjusted free cash flow for the year is still expected to be at least $750 million with no more than $450 million of capital spending.

The company expects fourth quarter adjusted earnings per share to be in the range of $1.45 to $1.55. Analysts project fourth-quarter earnings of $1.51 per share.

The company reported that its net loss attributable to the company for the third quarter was $175 million or $1.47 per share, compared to net income of $159 million or $1.33 per share in the third quarter of 2023. The latest-quarter results included pension settlement charges of $517 million.

Quarterly adjusted earnings per share were $1.99 compared to $1.73 in 2023. Analysts expect the company to report earnings of $1.80 per share for the quarter.

Net sales for the third quarter increased to $3.074 billion from last year's $3.069 billion reflecting higher shipments of both global beverage cans and food cans in North America, offset by lower volumes in most other businesses and unfavourable foreign currency translation of $9 million. Analysts expected revenue of $3.07 billion for the quarter.

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