Crown Holdings Lowers FY22 Profit Outlook

While reporting its results for the third quarter, Crown Holdings, Inc. (CCK) lowered its outlook for the full year 2022. Following the news, shares of the company slipped over 5%.

Crown Holdings now expects earnings of $6.60 to $6.70 per share, down from initial estimate of $8.00 to $8.20 per share.

The company said its current guidance assumes about a $1.00 headwind due to the stronger U.S. dollar, higher energy cost in Europe, and increased interest expense.

Analysts polled by Thomson Reuters currently estimate earnings of $7.67 per share. Analysts' estimates typically exclude one-time items.

CCK closed Monday's trading at $85.01, up $1.07 or 1.27%, on the NYSE. The stock however, slipped $4.35 or 5.12%, in the after-hours trading.

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