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 reported its Q1 2023 financial results, with net sales at $2,974 million, down from $3,162 million in Q1 2022. Despite higher beverage can volumes in the Americas Beverage segment, lower volumes in other sectors and unfavorable foreign currency translation negatively impacted growth. Operating income fell to $269 million from $344 million year-over-year, while net income decreased to $102 million compared to $216 million in the previous year. Adjusted diluted EPS dropped to $1.20 from $2.01. The company anticipates improved operating results for the full year and affirms its guidance of adjusted diluted EPS between $6.20 and $6.40 for 2023, despite facing challenges from inflation and increased interest costs. The firm also received an $83 million distribution from its European tinplate interest, bringing cumulative distributions to $116 million.
Crown Holdings, Inc. (NYSE:CCK) will announce its first-quarter earnings for the period ending March 31, 2023 on April 24, 2023, after market close. A conference call to discuss the results is scheduled for 9:00 a.m. EDT on April 25, 2023. Interested participants can dial (630) 395-0194 or toll-free (888) 324-8108 with the access password 'packaging'. Additionally, a replay will be accessible for one week after the call. Crown Holdings is a leading global supplier of rigid packaging products and services, headquartered in Tampa, Florida.
Crown Holdings, Inc. (NYSE: CCK) has declared a cash dividend of 24 cents per share, set to be paid on March 23, 2023. The dividend is available to shareholders recorded as of March 9, 2023. This announcement reflects the company's ongoing commitment to returning value to its shareholders. Crown Holdings is a prominent global supplier of rigid packaging products and protective packaging equipment, headquartered in Tampa, Florida. For further details, visit www.crowncork.com.
Crown Holdings, Inc. (NYSE: CCK) announced its Q4 2022 financial results, reporting diluted earnings per share of $0.74 and adjusted earnings of $1.17. Net sales declined to $3,012 million from $3,054 million a year prior, attributed to higher raw material costs and decreased volumes in Transit Packaging. Income from operations fell to $229 million from $303 million in Q4 2021, affected by inflation and energy costs. Full-year 2022 net sales reached $12,943 million, with a net income of $727 million, a significant turnaround from a loss of $560 million in 2021. The outlook for 2023 anticipates adjusted EPS between $6.20 and $6.40, with a focus on global beverage can shipment growth.
Crown Holdings, Inc. (CCK) will announce its fourth-quarter earnings for FY 2022 on February 7, 2023. The report will be released after the market closes. A conference call to discuss the earnings will take place on February 8, 2023, at 9:00 a.m. (EST). Investors can join the call by dialing (630) 395-0194 or toll-free (888) 324-8108, using the access code 'packaging'. A replay of the call will be accessible until February 15, 2023, and a live webcast will be available on the company's website.
Crown Holdings (NYSE: CCK) announces a cooperation agreement with Icahn Enterprises, which owns 8.5% of Crown's common stock. Jesse Lynn and Andrew Teno from Icahn will join Crown's Board of Directors, expanding it to 13 members. This move follows significant board refreshment since 2019, with over half of the board replaced. Timothy Donahue, Crown's CEO, expressed optimism about collaboration with the Icahn team to enhance shareholder value.
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