FX.co ★ Crown Holdings Lifts FY Adj. EPS Outlook

Crown Holdings Inc. (CCK) has revised its full-year adjusted earnings per share (EPS) forecast, now anticipating a range between $6.25 and $6.35. This update improves upon their earlier projection of $6.00 to $6.25. Industry analysts, as surveyed by Thomson Reuters, have set their expectations at $6.15 per share for the fiscal year 2024. These projections generally do not account for any special items.

After accounting for a $100 million pension contribution during the third quarter, the company remains on track to achieve an adjusted free cash flow of at least $750 million for the year, with capital expenditures capped at $450 million.

For the fourth quarter, Crown Holdings forecasts adjusted EPS to fall between $1.45 and $1.55, while analysts have projected earnings to be around $1.51 per share.

In the third quarter, the company reported a net loss attributable to Crown Holdings of $175 million, or $1.47 per share. This contrasts with a net income of $159 million, or $1.33 per share, reported in the third quarter of 2023. The latest quarterly figures were significantly impacted by pension settlement charges totaling $517 million.

The company's quarterly adjusted EPS reached $1.99, up from $1.73 in the same period of 2023. Analysts had anticipated earnings of $1.80 per share for the quarter.

Net sales for the third quarter rose slightly to $3.074 billion, compared to $3.069 billion last year. This increase was driven by a higher volume of global beverage can shipments and food cans in North America, counterbalanced by reduced volumes across most other sectors and a negative foreign currency translation impact of $9 million. Analysts had forecasted quarterly revenue to be $3.07 billion.