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.
KPS Capital Partners to acquire EMEA Food and Consumer Packaging Business from Crown Holdings for €2.25 billion. Crown will maintain a 20% stake in the new entity, which focuses on food and consumer products. This company is Europe's largest manufacturer of steel and aluminum food packaging, generating €2.0 billion annually and employing around 6,300 staff across 44 facilities. The transaction is expected to close in Q3 2021, pending customary approvals.
Crown Holdings (NYSE: CCK) announced the sale of its European Tinplate business to KPS Capital Partners for approximately €1.9 billion. This deal allows Crown to retain a 20% ownership stake in the business, which had 2020 revenues of €1.9 billion and an estimated EBITDA of €220 million. The sale is expected to close in Q3 2021, subject to regulatory approvals. Crown plans to use the proceeds to reduce debt and repurchase shares. The transaction aims to enhance Crown's financial profile, with a pro forma adjusted net leverage ratio forecasted to improve from 3.9x to 2.9x by year-end 2021.
Crown Holdings, Inc. (NYSE:CCK) is set to announce its earnings for Q1 2021 on April 19, 2021, after market close. A conference call will be held on April 20, 2021, at 9:00 a.m. EDT to discuss the earnings results. Interested parties can join the call via dial-in numbers and will also have access to a replay for one week following the event. Crown Holdings specializes in rigid and protective packaging products and operates globally from its headquarters in Yardley, Pennsylvania.
Crown Holdings, Inc. (CCK) declared a cash dividend of 20 cents per share, payable on March 25, 2021, to shareholders of record by March 11, 2021. The company also authorized a stock repurchase program of up to $1.5 billion through the end of 2023, reflecting a strong balance sheet and cash flow. This initiative aims to return value to shareholders while investing in the business. The actual buyback will depend on market conditions and corporate requirements.
Crown Holdings reported robust financial results for Q4 and full year 2020, with earnings per share at $1.12 for Q4 and $4.30 annually, both reflecting year-over-year growth. Adjusted earnings improved to $1.50 for the quarter and $5.92 for the year. Net sales reached $2.96 billion in Q4, up from $2.79 billion in the previous year, driven by increased beverage and food can volumes. The company generated record free cash flow of $756 million and reduced net leverage to 3.9x. Outlook for 2021 includes projected adjusted EPS of $6.60 to $6.80, and an expected EBITDA of $2 billion.
Crown Holdings (NYSE: CCK) announced plans to build a new beverage can manufacturing facility in Henry County, Virginia. This facility, part of Crown's strategy to expand its manufacturing capacity, will help meet the rising demand for aluminum beverage cans across various categories. Expected to begin operations in Q2 2022, the 355,000 square foot plant will create 126 new jobs. CEO Timothy J. Donahue emphasized this investment's role in enhancing sustainability and strengthening Crown's position in the specialty can market.
Crown Holdings, Inc. (NYSE: CCK) announced plans to build its sixth beverage can plant in Brazil, expanding its annual production capacity to 13.3 billion cans. The facility will be located in Minas Gerais, with the first production line set for Q2 2022 and the second for Q4 2022. This expansion aims to meet the rising demand for aluminum beverage cans in the region. Crown has been operating in Brazil since 1942 and emphasizes the sustainability and recyclability of aluminum cans as key advantages in the market.
Crown Holdings, Inc. (NYSE: CCK) will announce its fourth-quarter earnings for the period ending December 31, 2020, on February 9, 2021, after market close. A conference call to discuss these results is scheduled for February 10, 2021, at 9:00 a.m. EST. Interested parties can dial in using (630) 395-0194 or toll-free (888) 324-8108 with the access password "packaging." A replay of the call will be available until February 17, 2021. Crown Holdings is a prominent global supplier of rigid packaging products, headquartered in Yardley, Pennsylvania.
Crown Holdings, Inc. (NYSE: CCK) announced the election of Dwayne Wilson to its Board of Directors, expanding the board to 13 members. With 36 years at Fluor Corporation, Wilson brings extensive experience in construction and engineering, having held various leadership roles. His background includes managing key business units and expertise in areas vital for Crown's operations. The Chairman, John W. Conway, expressed confidence in Wilson's ability to enhance the company's technology and supply chain strategies.
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