Crown Holdings Posts Strong Q1 Earnings Beating Expectations

Published 3 hours agoCCK

Crown Holdings Posts Strong Q1 Earnings Beating Expectations

Crown Holdings, Inc. has reported robust first-quarter results for 2024, leading to a positive response in its stock price. The company achieved an adjusted diluted earnings per share of $1.02, outperforming analyst expectations of $0.94 and even surpassing its guidance range of $0.90 to $1.00, as noted by Investing.com.

Despite net sales for the quarter falling slightly short of the predicted $2.93 billion to come in at $2.78 billion, Crown Holdings saw a 2.5% year-over-year increase in global beverage shipments with significant growth in North America and Europe. Additionally, the company reported a $296 million enhancement in free cash flow, attributed to improved operating cash flow and a reduction in capital spending, according to Stock Titan.

The company has reaffirmed its full-year guidance, expecting adjusted diluted EPS to range between $5.80 and $6.20 for 2024. This strong performance has led Loop Capital to increase its price target for Crown Holdings to $106.00 from the previous $101.00, maintaining a 'Buy' rating. Currently, the stock trades at $89.78, reflecting confidence in its strategic direction and operational improvements.

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