Crown Holdings (CCK) Lags Q3 Earnings Estimates, Trims View
Zacks Investment Research | Oct 16, 2019 09:44PM ET
Crown Holdings, Inc. (NYSE:CCK) reported third-quarter 2019 adjusted earnings per share of $1.56, missing the Zacks Consensus Estimate of $1.57.. The bottom line also fell 9% year over year. Improvement in operating margins in the Americas Beverage segment were negated by weaker performance at European Food business thanks to unfavorable weather conditions and weaker-than-expected harvest. Nevertheless, beverage can volumes witnessed robust growth in Europe, Mexico and Southeast Asia driven by consumers’ growing preference for cans over other packaging options.
Including one-time items, earnings per share improved 11% year over year to $1.36 in the quarter.
Net sales in the quarter came in at $3,084 million, down from the year-ago quarter’s $3,174 million. The reported figure also fell short of the Zacks Consensus Estimate of $3,187 million. The top line figure reflects the impact of unfavorable currency translation of $64 million.
Crown Holdings, Inc. Price, Consensus and EPS Surprise
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.