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) 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.
Crown Holdings (NYSE: CCK) announced the promotion of Christy L. Kalaus to Vice President and Corporate Controller, effective January 1, 2022, as part of the management succession plan. David A. Beaver, the current Corporate Controller, will transition to Vice President & Treasurer on the same date. The CEO, Timothy J. Donahue, expressed confidence in their finance and accounting expertise, highlighting their integral role in the company's growth. The release includes a cautionary note on forward-looking statements, indicating risks that could influence future performance.
Crown Holdings, Inc. (NYSE: CCK) announced the retirement of Thomas A. Kelly, its CFO since 2013, effective early 2022. Kevin C. Clothier, Vice President & Treasurer, will succeed him on January 1, 2022. Both executives have long histories at the company, with Kelly being a part of Crown since 1992 and Clothier since 1993. The transition is aimed at ensuring continuity and stability in financial leadership. Forward-looking statements highlight potential risks impacting future performance.
Crown Holdings, Inc. (NYSE: CCK) has declared a cash dividend of 20 cents per share, payable on November 26, 2021, to shareholders who are on record by November 12, 2021. The company is recognized as a top global supplier of rigid packaging products and related services. This ongoing commitment to returning value to shareholders reflects confidence in the company's financial health and operational stability.
Crown Holdings reported its Q3 2021 financial results, showing net sales of $2.92 billion, a rise from $2.49 billion in Q3 2020. While diluted earnings per share dipped to $0.79 compared to $1.59 last year, adjusted EPS rose to $2.03, up from $1.96. Global beverage can volumes increased by 3%, boosted by North American growth. Year-to-date, the company repurchased $759 million in shares. Major sustainability achievements were noted, including a top ESG rating. The outlook for Q4 projects adjusted earnings per share between $1.50 and $1.55.
Crown Holdings has partnered with Velox to launch a groundbreaking digital decoration technology for aluminum beverage cans. This innovative solution enables running speeds of up to 500 cans per minute, significantly improving production efficiency compared to traditional methods. The technology allows for enhanced design options, including the ability to print up to 14 colors and various embellishments. It addresses the growing demand among beverage brands for smaller production runs and sustainable packaging solutions. Commercial production is expected to begin in 2022 following pilot testing.
Crown Holdings (NYSE: CCK) announced that its U.K. pension plan, the Metal Box Pension Scheme, will fully insure its liabilities with Pension Insurance Corporation. This transaction covers approximately 10,300 retirees and 2,200 deferred members. The completion of administrative processes is expected in October, with the transfer scheduled for November 2021, eliminating $2.5 billion in cash flow and earnings risk. A non-cash charge of approximately $1.3 billion is anticipated in the fourth quarter. This settlement aims to stabilize Crown's financial outlook.
Crown Holdings, Inc. (NYSE:CCK) will report its third-quarter earnings for the period ending September 30, 2021, after the market close on October 25, 2021. A conference call is scheduled for October 26, 2021, at 9:00 a.m. EDT to discuss these results. Interested participants can join via dial-in numbers or listen to a live webcast on the company’s website. Crown Holdings is a major global supplier of rigid packaging products, headquartered in Yardley, Pennsylvania.
Crown Holdings (NYSE: CCK) announced the establishment of a new aluminum beverage can manufacturing facility in Mesquite, Nevada. This state-of-the-art plant, spanning 355,000 square feet, aims to enhance the company's capacity to serve both existing and potential customers in the Western U.S. The facility is projected to create 126 jobs and is expected to commence operations in Q2 2023. Driven by long-term customer contracts, this investment reflects Crown's commitment to meet the growing demand for aluminum beverage cans amidst rising consumer preferences for sustainable packaging.
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