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.
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.
Crown Holdings, Inc. (NYSE: CCK) declared a quarterly cash dividend of $0.25 per share, payable on June 27, 2024, to shareholders of record as of June 13, 2024.
Crown Holdings, Inc. reported its financial results for Q1 2024 with net sales at $2,784 million, down from $2,974 million in Q1 2023. Income from operations was $245 million compared to $269 million in Q1 2023. Despite some challenges, the company remains focused on operational improvement and anticipates increased demand in the future.
Net income was $67 million, and reported diluted earnings per share were $0.56 in Q1 2024. Adjusted diluted earnings per share were $1.02. The company's financial position improved in terms of free cash flow and net leverage ratio, with full-year 2024 guidance of $5.80 to $6.20 adjusted diluted earnings per share.
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