Crown Holdings Stock Price, News & Analysis

Crown Holdings reported its Q1 2023 financial results, with net sales at $2,974 million, down from $3,162 million in Q1 2022. Despite higher beverage can volumes in the Americas Beverage segment, lower volumes in other sectors and unfavorable foreign currency translation negatively impacted growth. Operating income fell to $269 million from $344 million year-over-year, while net income decreased to $102 million compared to $216 million in the previous year. Adjusted diluted EPS dropped to $1.20 from $2.01. The company anticipates improved operating results for the full year and affirms its guidance of adjusted diluted EPS between $6.20 and $6.40 for 2023, despite facing challenges from inflation and increased interest costs. The firm also received an $83 million distribution from its European tinplate interest, bringing cumulative distributions to $116 million.

Crown Holdings, Inc. (NYSE:CCK) will announce its first-quarter earnings for the period ending March 31, 2023 on April 24, 2023, after market close. A conference call to discuss the results is scheduled for 9:00 a.m. EDT on April 25, 2023. Interested participants can dial (630) 395-0194 or toll-free (888) 324-8108 with the access password 'packaging'. Additionally, a replay will be accessible for one week after the call. Crown Holdings is a leading global supplier of rigid packaging products and services, headquartered in Tampa, Florida.

Crown Holdings, Inc. (NYSE: CCK) has declared a cash dividend of 24 cents per share, set to be paid on March 23, 2023. The dividend is available to shareholders recorded as of March 9, 2023. This announcement reflects the company's ongoing commitment to returning value to its shareholders. Crown Holdings is a prominent global supplier of rigid packaging products and protective packaging equipment, headquartered in Tampa, Florida. For further details, visit www.crowncork.com.

Crown Holdings, Inc. (NYSE: CCK) announced its Q4 2022 financial results, reporting diluted earnings per share of $0.74 and adjusted earnings of $1.17. Net sales declined to $3,012 million from $3,054 million a year prior, attributed to higher raw material costs and decreased volumes in Transit Packaging. Income from operations fell to $229 million from $303 million in Q4 2021, affected by inflation and energy costs. Full-year 2022 net sales reached $12,943 million, with a net income of $727 million, a significant turnaround from a loss of $560 million in 2021. The outlook for 2023 anticipates adjusted EPS between $6.20 and $6.40, with a focus on global beverage can shipment growth.

Crown Holdings, Inc. (CCK) will announce its fourth-quarter earnings for FY 2022 on February 7, 2023. The report will be released after the market closes. A conference call to discuss the earnings will take place on February 8, 2023, at 9:00 a.m. (EST). Investors can join the call by dialing (630) 395-0194 or toll-free (888) 324-8108, using the access code 'packaging'. A replay of the call will be accessible until February 15, 2023, and a live webcast will be available on the company's website.

Crown Holdings (NYSE: CCK) announces a cooperation agreement with Icahn Enterprises, which owns 8.5% of Crown's common stock. Jesse Lynn and Andrew Teno from Icahn will join Crown's Board of Directors, expanding it to 13 members. This move follows significant board refreshment since 2019, with over half of the board replaced. Timothy Donahue, Crown's CEO, expressed optimism about collaboration with the Icahn team to enhance shareholder value.

Crown Holdings (NYSE: CCK) announced a limited duration shareholder rights plan aimed at safeguarding its shareholders' interests. This plan, effective immediately and expiring on November 6, 2023, allows shareholders to purchase additional shares if any entity acquires 10% or more of Crown's stock. Existing shareholders at or above this threshold will have their ownership percentage grandfathered. The initiative aligns with practices adopted by other companies, ensuring that any potential acquirers pay an appropriate premium to all shareholders. The company remains dedicated to constructive dialogue with its stakeholders.