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    Earnings

    Crown Holdings slides after hours as a soft fourth-quarter outlook overshadows a beat

    The can maker grew sales 16% and lifted adjusted EPS 7%, but its guidance for the final quarter disappointed.

    HedgeWeekly News Desk ·

    Crown Holdings shares fell about 5% in after-hours trading on Monday after the packaging maker guided fourth-quarter adjusted earnings to $1.63 to $1.73 a share, a range market reports said fell below analysts' expectations.

    The third quarter itself was solid. Net sales rose about 16% to $3.71 billion, helped by $405 million of raw-material costs passed through to customers and higher volumes. Adjusted earnings rose 7% to $2.39 a share, and reported diluted EPS was $2.08, up from $1.85.

    Global beverage can shipments grew 6%, with double-digit gains in Asia, 6% in North America and 4% in Europe. Segment income still dipped to $484 million from $490 million as input costs outpaced volume gains.

    Crown set full-year adjusted EPS guidance at $8.35 to $8.45 and expects adjusted free cash flow of at least $950 million after about $550 million of capital spending. It repurchased $81 million of stock in the quarter.

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