Crown Holdings Beats on Q2 Earnings, Raises ’24 View
Crown Holdings, Inc. (NYSE: CCK) reported second-quarter 2024 adjusted earnings per share of $1.81, beating the Zacks Consensus Estimate of $1.59. The bottom line exceeded the company’s EPS guidance of $1.55-$1.65. It improved 8% year over year.
Including one-time items, the company reported earnings of $1.45 per share in the quarter under review compared with $1.31 in second-quarter 2023.
Net sales totaled $3.04 billion, down 2.2% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $3.06 billion. The downside was caused by lower volumes across most businesses and unfavorable foreign currency translation. Higher beverage can shipments in the Americas Beverage segment offset some impacts.
Crown Holdings, Inc. Price, Consensus and EPS Surprise
Crown Holdings, Inc. price-consensus-eps-surprise-chart | Crown Holdings, Inc. Quote
Costs & Margins
The cost of products sold fell 3.4% year over year to $2.38 billion. On a year-over-year basis, gross profit moved up 2.3% to $661 million. The gross margin improved to 21.7% from the year-ago quarter’s 20.8%.
Selling and administrative expenses rose 1.4% year over year to $150 million. Segmental operating income was $437 million compared with the prior-year quarter’s $414 million. …
Full story available on Benzinga.com