TAMPA, Fla. - Crown Holdings Inc. (NYSE:CCK) reported third-quarter earnings that surpassed analyst estimates and raised its full-year guidance, driven by strong performance in its global beverage can businesses. Shares were trading 2.2% higher shortly after the report.
The packaging products manufacturer posted adjusted earnings per share of $1.99 for Q3, beating the analyst consensus of $1.81. Revenue came in at $3.07 billion, in line with expectations.
Crown Holdings saw global beverage shipments improve 5% during the quarter, with Brazil, Europe, Mexico and the United States all recording increases of 5% or more. This helped drive a 10% YoY increase in segment income to $472 million.
"The Company continued its strong 2024 performance during the third quarter, with results in each of its global beverage can businesses exceeding original expectations," said Timothy J. Donahue, Chairman, President and Chief Executive Officer.
For the full year 2024, Crown Holdings now projects adjusted earnings per share in the range of $6.25 to $6.35, up from its previous guidance of $6.00 to $6.25 and above the analyst consensus of $6.15.
The company expects fourth quarter adjusted earnings per share to be between $1.45 and $1.55.
Crown Holdings also reported generating $897 million in cash from operating activities and $668 million in adjusted free cash flow for the first nine months of 2024. The company repurchased $117 million of common stock during this period.
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