BLL - Crown Holdings tops Q3 estimates boosts full-year earnings forecast

Crown Holdings (NYSE:CCK) +1.3% post-market after reporting better than expected Q3 adjusted earnings and raising its forecast for the full year Q3 income from operations increased 10% Y/Y to $348M as revenues rose to $2.92B from $2.49B in the year-ago quarter, reflecting the pass-through of higher material costs and increased beverage can and transit packaging sales unit volumes. Crown raises its full-year adjusted EPS guidance to $7.50-$7.55 from its previous outlook of $7.30-$7.40 and above $7.47 analyst consensus estimate; for Q4, the company sees adjusted EPS of $1.50-$1.55. The company said Q3 results were "solid despite certain anticipated global inflationary and supply chain pressures in addition to extensive lockdown measures in Vietnam to stem the spread of COVID." "Strong performances in our North American beverage and food businesses combined with the Transit Packaging business more than offset weakness in Asia Pacific due to notably softer volumes in Vietnam," the company said.

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Crown Holdings tops Q3 estimates, boosts full-year earnings forecast