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. (NYSE: CCK) has announced a $2.0 billion share repurchase authorization through the end of 2027, replacing the previous authorization from December 2021. This decision reflects the company's strong balance sheet and cash flow, allowing for business investment and shareholder returns. CEO Timothy J. Donahue emphasized that share repurchases are a key part of their long-term capital allocation strategy, aiming to create value for shareholders while maintaining disciplined capital management. The company plans to invest in growth, return capital to shareholders, and reduce net leverage to 2.5 times. Repurchases may be made in the open market or through private negotiations, with timing and volume dependent on various factors including price and market conditions.
Crown Holdings, Inc. (NYSE: CCK) has announced a quarterly cash dividend of $0.25 per share. The dividend will be payable on August 29, 2024, to shareholders of record as of August 15, 2024. This declaration by the Board of Directors demonstrates the company's commitment to returning value to its shareholders. The consistent dividend payout may indicate Crown Holdings' financial stability and confidence in its future cash flows. However, investors should consider the dividend amount in relation to the company's overall financial health and growth prospects.
Crown Holdings (NYSE: CCK) reported its Q2 2024 financial results, showing improved performance driven by strong global beverage operations. Net sales were $3,040 million, down from $3,109 million in Q2 2023, reflecting higher beverage can shipments offset by lower material costs. Income from operations increased to $379 million from $367 million year-over-year. Segment income rose to $437 million from $414 million, with global beverage can shipments up 6%.
The company generated record first-half free cash flow of $178 million and reduced net leverage to 3.2 times. Crown expects to further reduce leverage below 3.0 times by year-end 2024. Adjusted diluted EPS increased to $1.81 from $1.68 in Q2 2023. Crown raised its full-year 2024 EPS guidance to $6.00-$6.25 and expects free cash flow of at least $750 million for the year.
Sustainalytics has ranked Crown Holdings (NYSE: CCK) at the top of the Containers & Packaging category in their latest ESG Risk Rating. Crown leads its peer group of 105 organizations and is among the top 3% of over 16,200 assessed companies with an overall Negligible risk score. This recognition highlights Crown's Twentyby30™ program aimed at achieving 20 measurable sustainability goals by 2030. The program focuses on reducing emissions, waste, and resource use, and improving governance and safety. Crown's low-risk profile in various sustainability areas positions it favorably against industry peers. The company's continued efforts include securing renewable electricity, initiating water replenishment projects, and enhancing recycling rates for aluminum and steel cans.
Crown Holdings (NYSE: CCK) will release its second-quarter 2024 earnings on July 22, 2024, after the NYSE trading close. The company will host a conference call on July 23, 2024, at 9:00 a.m. EDT to discuss the results. Interested parties can dial in using numbers (630) 395-0194 or toll-free (888) 324-8108, with the access password 'packaging'.
A replay of the call will be available until July 30, 2024. The replay numbers are (203) 369-3998 or toll-free (800) 876-5258. A live webcast will be accessible on Crown Holdings' website, www.crowncork.com.
Crown Holdings, headquartered in Tampa, Florida, is a global leader in manufacturing packaging products for consumer and industrial goods.
KPS Capital Partners announced it will sell Eviosys to Sonoco Products Company for €3.615 billion (~$3.9 billion). Sonoco may pay up to $200 million in stock. The deal, expected to close by the end of 2024, requires regulatory approvals and other conditions. Eviosys, a leading metal packaging supplier in EMEA, employs 6,300 people across 44 facilities in 17 countries. It specializes in sustainable, infinitely recyclable metal packaging. KPS acquired Eviosys from Crown Holdings in 2021, boosting its profitability by 50% through strategic investments and transformation. Eviosys achieved significant sustainability milestones, including an EcoVadis Platinum rating. The sale reflects KPS' strategy of enhancing business value and is expected to benefit customers, employees, and investors of both Eviosys and Sonoco.
Crown Holdings has expressed support for the European Union's new Packaging & Packaging Waste Regulation (PWR), which mandates that over 90% of beverage cans be collected separately by 2029. This regulation is part of a broader set of legislative measures aimed at promoting sustainability in the EU. Additionally, other significant acts have been passed, including the Net-Zero Industry Act (NZIA) to enhance EU production of decarbonization technologies, and the Corporate Due Diligence Directive (CDDD), which obligates firms to address human rights and environmental impacts throughout their supply chains. These measures align with the EU's goals of achieving zero air pollution by 2050 and fostering a greener, more competitive economy.
Crown Holdings has highlighted recent achievements in renewable energy capacity, underlining a record year for wind and solar energy installations in 2023. According to the Global Wind Energy Council (GWEC), the world added 116 gigawatts of new wind power, a 50% increase from 2022, with China leading the way. The International Energy Agency (IEA) reported a 50% rise in global renewable capacity additions, reaching nearly 510 gigawatts, driven significantly by China's solar PV installations. Despite this progress, the IEA cites the need for enhanced policies, grid infrastructure, and financing to meet the COP28 goal of tripling global renewable capacity by 2030.
Crown Holdings celebrates International Women's Day 2024, emphasizing the theme of 'inspire inclusion.' Various global locations participated in unique activities to honor the event. In Peterborough, UK, employees were recognized for their contributions. In Valencia, Spain, both female and male colleagues wore special IWD scarves. Middle Eastern plants hosted discussions on enhancing the female workforce experience, while employees in Kechnec, Slovakia, and other sites watched webinars focused on empowering women. These initiatives reflect Crown Holdings' commitment to supporting women in the workplace.
On Global Recycling Day, Crown Holdings celebrated the efforts of Every Can Counts (ECC) to increase beverage can recycling rates worldwide. ECC's activities, like the St. Patrick's Festival and Mardi Gras initiative, have significantly reduced waste. ECC's work has led to a record 76.1% can recycling rate in Europe in 2021, moving towards a 100% goal by 2050.
Crown Holdings, Inc., a global supplier of packaging products, supports ECC in their mission. The company's headquarters are in Tampa, Florida.
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