Crown Holdings Stock Price, News & Analysis

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.

Crown Holdings, Inc. (CCK) announced its achievement of operating all 14 beverage can plants in the U.S. and Canada on 100% renewable energy, marking a first in the metal packaging industry. This transition is supported by a 15-year Virtual Power Purchase Agreement (VPPA) with Longroad Energy, generating over 440,000 MWhs of electricity annually. As part of its sustainability goals, Crown aims for 60% renewable electricity by 2030, 90% by 2040, and 100% by 2050, alongside a 50% reduction in Scope 1 and Scope 2 greenhouse gas emissions. The initiative will help prevent over 310,000 metric tons of carbon emissions each year.

Crown Holdings reported strong third-quarter results for 2020, with earnings per share at $1.59, up from $1.36 in 2019. Adjusted earnings per share increased to $1.96 from $1.56. Net sales rose to $3,167 million, driven by an 8% increase in beverage can volumes and 9% in food can volumes. The company plans to initiate a quarterly dividend of at least $0.20 starting Q1 2021. Adjusted free cash flow is expected to reach $550 million for the year, while full-year earnings guidance is forecasted at $5.65 to $5.70 per share.