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CCK NYSE· Crown Holdings, Inc
Earnings report Q3 2023

Crown Holdings, Inc. Reports Decrease in Net Sales for the Latest Quarter

Segments of Revenue

Crown Holdings, Inc. reported net sales of $3.07 billion for the latest quarter, representing a decrease compared to the same quarter in the previous year. The decrease in net sales was primarily driven by lower volumes across the European Beverage, Asia Pacific, Transit Packaging, and Other segments. However, the North America beverage business experienced higher volumes, partially offsetting the overall decline in net sales.

Strengths

Despite the decrease in net sales, Crown Holdings, Inc. demonstrated strength in managing costs. The company successfully passed through lower aluminum, steel, and other commodity costs, resulting in a decrease of $187 million in net sales. Additionally, favorable foreign currency translation contributed $60 million to net sales, further mitigating the impact of lower volumes.

Challenges

One of the challenges faced by Crown Holdings, Inc. in the latest quarter was the decline in net sales. The decrease was primarily driven by lower volumes across several segments, including European Beverage, Asia Pacific, Transit Packaging, and Other. This indicates potential weakness in demand for the company's products in these regions.

Noteworthy

It is worth noting that Crown Holdings, Inc. experienced a loss from early extinguishments of debt in the latest quarter, amounting to $11 million. This loss impacted the company's income from operations.

Summary

Crown Holdings, Inc. faced a decrease in net sales for the latest quarter, primarily driven by lower volumes in certain segments. However, the company demonstrated strength in managing costs by passing through lower commodity costs and benefiting from favorable foreign currency translation. The decline in net sales highlights potential challenges in demand for the company's products in certain regions. Additionally, the loss from early extinguishments of debt impacted the company's income from operations. Overall, Crown Holdings, Inc. will need to address these challenges and focus on strategies to drive growth in order to improve its financial performance in the future.

Source documents

Form 10-Q  filed on Oct 30, 2023
70 pages scanned

Reference data

Company financials Q3 revenue 2.86B
Analyst estimates Q3 EPS missed by -13.39%
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