Crown Holdings (CCK) Tops Q1 EPS by 21c, Revenues Beat; Withdraws Previous FY20 Guidance

Crown Holdings (NYSE: CCK) reported Q1 EPS of $1.13, $0.21 better than the analyst estimate of $0.92. Revenue for the quarter came in at $2.75 billion versus the consensus estimate of $2.73 billion.

• Earnings per share $0.65 versus $0.77 in 2019
• Adjusted earnings per share increased to $1.13 over the $1.05 in 2019
• Global beverage can volumes grew 10%
• Solid food can demand
• Previous financial guidance for 2020 withdrawn

"I would like to thank all of our employees and partners, whose dedication and commitment continue to be instrumental as we navigate through this unprecedented situation. Crown has taken a number of specific actions, including increased safety measures at our manufacturing facilities to ensure that they can continue to meet evolving requirements in a safe and timely manner. The health and safety of our employees, customers and partners is our highest priority.

"Crown's products are a crucial part of food and beverage supply chains and also provide critical support to the transportation industry. While our first quarter performance was strong, the uncertainty surrounding the impact and duration of the coronavirus pandemic precludes the Company from putting forth projections regarding future financial performance. The management team will continue to focus on employee safety and meeting customer demand while prudently managing our cost structure and ensuring liquidity as a key element of our near-term capital allocation program.

"The Company remains confident in the future global growth of beverage can demand. With a sound capital structure and a strong liquidity position the Company is committed to implementing all previously announced capacity expansion projects, although certain near-term logistical challenges due to the coronavirus pandemic may delay project timing in some cases."

For earnings history and earnings-related data on Crown Holdings (CCK) click here.

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