Fri. Nov 15th, 2019

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CCK: Crown Holdings, Inc. (NYSE: CCK)

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 Crown Holdings, Inc. (NYSE: CCK) recently stated its fiscal results for the 3rd-quarter finished September 30, 2k19.

3rd-Quarter Results

  • Earnings for each share $1.360 as compared to $1.230 in 2k18
  • Adjusted earnings for each share $1.560 as compared to $1.710 in 2k18
  • Beverage can capacity projects on plan

Net sales in the 3rd-quarter were $3,084.00M in contrast to $3,174.00M in the 3rd-quarter of 2k18 reflecting $64.00M of unfavorable currency translation.

Income from operations was $352.00M in the quarter contrast to $365.00M in the 3rd-quarter of 2k18. Segment income was $395.00M in the 3rd-quarter contrast to $415.00M in the previous year 3rd-quarter.

Interest cost was $95.00M in the 3rd-quarter of 2k19 contrast to $105.00M in 2k18 mainly because of lower debt levels in the current year.

Net income attributable to Crown Holdings in the 3rd-quarter was $183.00M contrast to $164.00M in the 3rd-quarter of 2k18. Stated diluted earnings for each share were $1.360 in the 3rd-quarter of 2k19 contrast to $1.23 in 2k18. Adjusted diluted earnings for each share were $1.560 in contrast to $1.710 in 2k18.

A reconciliation from net income and diluted earnings for each share to adjusted net income and adjusted diluted earnings for each share is offered below.

Nine-Month Results
Net sales for the 1st-nine months of 2k19 raised to $8,874.00M in contrast to $8,417.00M in the 1st-nine months of 2k18 mainly because of the impact of the Signode acquisition, partially offset by $244.00M of unfavorable currency translation.

Income from operations was $997.00M in the 1st-nine months of 2k19 contrast to $878.00M in 2k18. Segment income in the 1st-nine months of 2k19 raised to $1,096.00M over the $1,049.00M in the previous year duration reflecting the impact of the Signode acquisition offset by $26.00M of unfavorable currency translation.

Interest cost was $290.00M for the 1st-nine months of 2k19 contrast to $282.00M in 2k18 mainly because of higher average outstanding debt from borrowings incurred to finance the Signode acquisition.

Net income attributable to Crown Holdings in the 1st-nine months of 2k19 was $423.00M in contrast to $386.00M in the 1st-nine months of 2k18. Stated diluted earnings for each share were $3.140 contrast to $2.880 in 2k18. Adjusted diluted earnings for each share were $4.070 in contrast to $4.20 in 2k18.

Outlook
The Company presently anticipates 4th-quarter and full-year 2k19 adjusted diluted earnings to be in the ranges of $0.930 to $0.980 and $5.00 to $5.050 for each share, respectively, contrast to the previous full-year estimate of $5.050 to $5.20 for each share, mainly because of a poor harvest in Europe and the impact of slowing economic activity on the Transit Packaging business.

The adjusted effective income tax rate for the full year of 2k19 is expected to be between 25.00% and 26.00%.

Adjusted free cash flow, as defined below, is presently expected to be about $725.00M for 2k19 with capital spending of about $450.00M.

 

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