Why Is Beverage Can Maker Crown Stock Soaring On Tuesday?

1 day ago 1

Crown Holdings Inc (NYSE:CCK) shares are trading higher connected Tuesday aft reporting first-quarter FY25 net connected Monday aft marketplace close.

The institution reported a first-quarter gross summation of 3.7% year-on-year to $2.89 billion, beating the expert statement estimation of $2.82 billion.

Adjusted EPS of $1.67 bushed the expert statement of $1.23.

The gross summation reflected higher beverage tin shipments successful the Americas and Europe Beverage and the pass-through of $94 million in higher worldly costs.

Also Read: Domino’s Pizza Q1 Operating Margin Shrinks As Lower-Income Consumers Feel the Pinch

By Segment, revenue roseate 8% successful Americas Beverage, climbed 6.2% successful European Beverage, remained level successful Asia Pacific, and declined 7.3% successful Transit Packaging.

Selling, wide and administrative expenses fell 4.8% Y/Y to $140 million.

The operating borderline expanded 384 ground points to 12.6%, and operating income for the 4th jumped 48.9% to $365 million.

The institution held $778 cardinal successful currency and equivalents arsenic of March 31. Inventories astatine the extremity of March slipped 5% Y/Y.

“With respect to planetary commercialized tensions, the institution believes it is well-positioned, arsenic fundamentally each products sold domestically are produced domestically. Moreover, for those prime earthy materials oregon components that whitethorn request to beryllium imported, our contracts incorporate tariff pass-through provisions,” said Chairman, President and CEO Timothy J. Donahue.

Outlook: Crown expects second-quarter adjusted EPS of $1.80 – $1.90, compared to the Street presumption of $1.81.

The institution raised FY25 adjusted EPS guidance from $6.60 – $7.00 to $6.70 – $7.10 versus an estimation of $6.80.

Crown expects to make approximately $800 million in adjusted escaped currency travel successful 2025.

Price Action: CCK shares traded higher by 7.67% astatine $96.67 astatine the past cheque connected Tuesday.

Read Next:

Marriott Bets $355M On Trendy CitizenM Hotels To Woo Modern Travelers

Photo via Shutterstock

Up Next: Transform your trading with Benzinga Edge's one-of-a-kind marketplace commercialized ideas and tools. Click present to entree unsocial insights that tin acceptable you up successful today's competitory market.

Get the latest banal investigation from Benzinga?