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 reported strong Q2 2022 financial results, with earnings per share at $2.43, up from $0.95 in 2021. Net sales surged to $3,510 million, driven by a 4% increase in beverage can volumes and higher raw material passes. The company completed the sale of its Kiwiplan business for $180 million, generating a $102 million after-tax gain. However, unfavorable foreign currency translation affected earnings. Net income rose to $295 million, and segment income improved to $432 million. Looking ahead, adjusted Q3 earnings are projected between $1.75 and $1.85 per share.
Crown Holdings, Inc. (NYSE: CCK) announced the construction of a second high-speed line at its aluminum beverage can facility in Parma, Italy, with commercial production set to begin in Q1 2023. This expansion will enable the production of over one billion cans annually and create 80 new jobs. The move aims to meet the growing demand for infinitely recyclable beverage cans in the carbonated soft drink, sparkling water, beer, and wine segments, especially as these products gain popularity among customers and consumers in Italy.
Crown Holdings, Inc. (NYSE:CCK) will announce its second quarter earnings for the period ending June 30, 2022, post-market on July 20, 2022. A follow-up conference call is scheduled for July 21, 2022, at 9:00 a.m. EDT, where the Company will discuss the results. Interested parties can access the call via telephone or a live webcast on the Company's website. This event highlights Crown Holdings' ongoing communication with investors regarding their rigid packaging products and market performance.
Crown Holdings, Inc. (NYSE: CCK) has appointed Timothy J. Donahue, currently the President and CEO, as Chairman of the Board, replacing John W. Conway. Donahue has been with the company since 1990 and has served as CEO since 2016. Conway, who held the Chairman position since 2001, played an essential role in the company's leadership for decades.
Crown Holdings is a prominent global supplier of rigid packaging products and services. This leadership change signifies a continuity in strategic management as Donahue takes the helm in guiding the company's future direction.
Crown Holdings, Inc. (NYSE: CCK) has declared a cash dividend of 22 cents per share, payable on May 26, 2022, to shareholders of record as of May 12, 2022. This announcement underscores the company's commitment to returning value to shareholders. As a leading global supplier of rigid packaging products, Crown Holdings continues to maintain its strong market position, allowing for consistent dividend payouts.
On April 25, 2022, Crown Holdings (CCK) reported first-quarter earnings, revealing an EPS of $1.74, up from $1.57 in 2021. Adjusted EPS rose to $2.01, and net sales reached $3.162 billion, a 23.4% increase year-over-year. The company repurchased $400 million in shares and announced the sale of Kiwiplan for $182 million, expecting a $100 million after-tax gain. Despite some inflationary pressures, strong performances in North America and continued global beverage can growth are anticipated. Q2 adjusted earnings are projected between $2.00 and $2.10 per share, with full-year guidance set at $8.00 to $8.20.
Crown Holdings (NYSE: CCK) announced plans to build a new high-speed aluminum line at its Agoncillo, Spain beverage can facility, with production expected to start in Q1 2023. This expansion aims to meet growing customer demand in Northern Spain, where the beverage can market is the second largest in Europe. Crown currently operates additional aluminum can plants in Valencia and Seville, reinforcing its leading position in the Iberian market.
Crown Holdings (NYSE: CCK) will announce its first-quarter earnings for 2022 on April 25, 2022. The results will be released after the close of trading on the New York Stock Exchange. A conference call is scheduled for April 26, 2022, at 9:00 a.m. EDT to discuss the financial results. Interested parties can join the call via specific dial-in numbers or access the live webcast on the company's website. Crown Holdings is a leading supplier of rigid packaging products globally, serving various end markets.
Crown Holdings, Inc. (NYSE: CCK) announced the pricing of a $500 million offering of 5.250% senior unsecured notes due in 2030 by its subsidiary Crown Americas LLC. The offering is guaranteed by Crown and certain subsidiaries, with the net proceeds intended for general corporate purposes. The notes will be privately placed and resold to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S. The press release emphasizes the forward-looking nature of the offering, noting potential risks and conditions that could affect completion.
Crown Holdings, Inc. (NYSE: CCK) plans to offer $500 million in senior unsecured notes due 2030 via its subsidiary Crown Americas LLC, contingent on market conditions. The proceeds will be allocated for general corporate purposes. The notes will be privately placed and sold to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S of the Securities Act. This offering is subject to various risks and uncertainties, and the actual terms may differ significantly from initial proposals.
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