Welcome to our dedicated page for Crown Holdings news (Ticker: CCK), a resource for investors and traders seeking the latest updates and insights on Crown Holdings stock.
Crown Holdings Inc. (NYSE: CCK) is a global leader in the manufacturing of rigid packaging products for consumer goods and industrial products. Headquartered in Tampa, Florida, Crown's extensive portfolio includes beverage cans, food cans, aerosol cans, metal closures, and transit packaging solutions. The company's reach extends to major markets across Europe, South America, and Southeast Asia, reflecting its significant global footprint.
In the fourth quarter and full year of 2023, Crown reported net sales of $2,858 million and $12,010 million respectively. The increase in beverage can volumes in the Americas and favorable foreign currency translations were key drivers, despite lower material costs and volumes in other segments. The company also achieved a notable 30% improvement in segment income during the fourth quarter, primarily due to strong performance in the Americas Beverage segment.
Throughout 2023, Crown focused on operational efficiency and modernization. The closure of plants in Batesville, Mississippi, and Decatur, Illinois, along with facilities in Ho Chi Minh City, Vietnam, and Singapore, marked strategic moves towards greater efficiency. The company also announced a 15-year Virtual Power Purchase Agreement (VPPA) with Enel Green Power España, emphasizing its commitment to sustainability and reducing greenhouse gas emissions.
Crown's sustainability initiatives are further highlighted by its Twentyby30™ program, which aims for 75% renewable energy by 2030 and 100% by 2040. The company's recent ASI Chain of Custody (CoC) Standard V2 certification for its Mexican operations underscores its dedication to ethical sourcing and transparency across its supply chain, enhancing its corporate stewardship and reducing its environmental impact.
The company continues to innovate and expand its capabilities. The completion of beverage can expansion projects in Mesquite, Nevada, and Peterborough, U.K., positions Crown to meet rising market demands with reduced capital investment. As it enters 2024, Crown remains focused on cash generation and operational improvements, projecting capital expenditures of no more than $500 million for the next two years.
Looking ahead, Crown anticipates adjusted diluted earnings per share to range between $5.80 and $6.20 for full year 2024, driven by strong performance in its core businesses and strategic cost management. With a robust plan for continuous growth and sustainability, Crown Holdings Inc. stands as a formidable player in the global packaging industry.
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.
Crown Holdings, Inc. (NYSE: CCK) declared a cash dividend of 22 cents per share, payable on November 25, 2022. The record date for shareholders is November 10, 2022. This dividend reflects the company's ongoing commitment to returning value to shareholders.
Crown Holdings (CCK) reported Q3 2022 earnings of $1.06 per share, up from $0.79 in Q3 2021. Total net sales rose to $3.259 billion, driven by a 6% increase in global beverage can volumes despite $127 million in foreign currency losses. Income from operations declined to $297 million from $348 million year-over-year. The company has repurchased $722 million in shares this year and expects adjusted earnings of $1.00 to $1.10 for Q4, lowering its full-year guidance to $6.60-$6.70 per share due to inflationary pressures and currency fluctuations.
Crown Holdings, Inc. (NYSE:CCK) has announced it will release its third-quarter earnings for the period ending September 30, 2022, after the NYSE trading close on October 24, 2022. A conference call to discuss these results is scheduled for 9:00 a.m. EDT on October 25, 2022. Interested parties can access the call by dialing (630) 395-0194 or toll-free (888) 324-8108, with the access password being "packaging". A replay will be available until November 1, 2022. Crown Holdings is a leading global supplier of rigid packaging products.
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