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 (NYSE: CCK) announced plans to build a new beverage can facility in Peterborough, United Kingdom. Construction will start in Q2 2022, with production on the first line expected to begin by Q2 2023. The facility aims to achieve an annual capacity of over three billion units and will span 625,000 square feet, creating 280 jobs. This expansion aligns with the growing demand for beverage cans, the most sustainable packaging option, as more brands introduce their products in cans.
Crown Holdings, Inc. (NYSE: CCK) has declared a cash dividend of 22 cents per share, with a payment date set for March 24, 2022. Shareholders on record as of March 10, 2022 will be eligible to receive the dividend. The company continues to demonstrate its commitment to returning value to its shareholders. Crown Holdings is a leading global supplier in rigid packaging products, providing services across various end markets. For further details, visit www.crowncork.com.
Crown Holdings, Inc. (NYSE: CCK) has appointed Marsha C. Williams to its Board of Directors, effective March 1, 2022. Williams brings extensive experience as former Senior VP and CFO of Orbitz Worldwide and Executive VP and CFO of Equity Office Properties Trust. She holds an MBA in Finance and Accounting from the University of Chicago. The Board's Chairman, John W. Conway, expressed confidence in her ability to enhance the company’s finance, operations, and strategy.
Crown Holdings reported a fourth-quarter loss of $7.95 per share, significantly impacted by a $1.5 billion pension settlement. Adjusted earnings were $1.66 per share, an increase from $1.50 in 2020. Net sales reached $3,054 million, up from $2,460 million, benefiting from higher material cost pass-throughs and increased beverage can sales. The company returned over $1 billion to shareholders in 2021 and expects 2022 adjusted earnings between $8.00 and $8.20 per share. Despite challenges, including tornado damage to a plant, global beverage can volumes grew 9% year-over-year.
Crown Holdings, Inc. (NYSE: CCK) has announced new global recycling rate goals aimed at enhancing the circular economy for aluminum beverage cans by 2030. Targets include increasing U.S. recycling rates from 45% to 70%, maintaining over 90% in Mexico and Brazil, and achieving 80% in EMEA. Additionally, Crown will work with industry partners to improve recycling access and consumer education. This initiative is part of its Twentyby30 program, which emphasizes sustainability through better recycling practices.
Crown Holdings, Inc. (NYSE: CCK) has obtained certification from the Aluminium Stewardship Initiative (ASI) for its beverage can operations in Mexico. This certification confirms Crown's commitment to sustainable sourcing and responsible production practices under its Twentyby30 sustainability initiative. The ASI Performance Standard, which evaluates ethical production in the aluminum industry, reinforces Crown's dedication to environmental and social governance. Future goals include obtaining ASI Chain of Custody certification in Mexico and Brazil, further advancing sustainability efforts across its global operations.
Crown Holdings, Inc. (NYSE: CCK) has announced an expansion of food can production capacity at its Owatonna, Minnesota plant. This new line is set to begin operations in Q3 2022, meeting rising demand in the pet food, bean, and soup sectors. The expansion will also create approximately 40 new jobs, enhancing local employment. This strategic move aims to strengthen Crown’s position in the rigid packaging market and cater to growing customer needs.
Crown Holdings, Inc. (NYSE: CCK) is set to release its fourth-quarter earnings for the period ending December 31, 2021, on February 8, 2022, after market close. A conference call to discuss these results will be held on February 9, 2022, at 9:00 a.m. EST. Investors can join the call via dial-in numbers or listen to a live webcast on the company's website. Crown Holdings is recognized as a global leader in rigid packaging products and related services, with headquarters in Yardley, Pennsylvania.
Crown Holdings, Inc. (CCK) announced a new stock repurchase authorization of up to $3.0 billion, effective until the end of 2024. This decision reflects the company's robust balance sheet and strong cash flow from operations. The buyback program is designed to return cash to shareholders and may be executed in open markets or through private transactions. The timing and amount of repurchased shares will depend on market conditions and regulatory requirements. The prior authorization from February 2021 has been superseded.
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