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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