Shares of packaging products and equipment maker Crown Holdings, Inc. (CCK) are down more than 19% Tuesday morning after reporting third quarter earnings, that missed the consensus estimate. The company also cut its full-year outlook.
Profit for the quarter increased to $127 million, or $1.06 per share from $102 million, or $0.79 per share, in last year's third quarter.
Excluding items, earnings were $175 million or $1.46 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $1.77 per share.
Revenue for the quarter rose 11.6% to $3.259 billion from $2.920 billion last year.
Looking forward, the company has cut its full-year EPS outlook to the range of $6.60-$6.70 from $8.00-$8.20 provided earlier. The consensus estimate stands at $7.65.
For the fourth quarter, adjusted EPS is expected to be in the range of $1.00-$1.10. Analysts expect earnings of $1.76 per share.
Crown said its current guidance assumes about $1.00 headwind due to the stronger U.S. dollar, higher energy cost in Europe, and increased interest expense.
CCK touched a new low of $67.75 this morning, before edging up to $68.20 currently.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.