Crown Holdings Inc. (CCK - Free Report) reported fourth-quarter 2016 adjusted earnings per share of 71 cents, which came in line with the Zacks Consensus Estimate and inched up 1% year over year. On a reported basis, earnings came in at 47 cents per share, flat year over year.
Net sales in the quarter declined nearly 5% year over year to $1,923 million from $2,027 million in the year-ago quarter, primarily due to unfavorable currency translation and the pass through of lower material costs. Revenues lagged the Zacks Consensus Estimate of $1,980 million.
Cost of products sold went down 6% year over year to $1,533 million. Gross profit edged down 2% to $390 million, with gross margin expanding 70 basis points (bps) to 20.3% in the quarter, both on a year-over-year basis.
Selling and administrative expenses declined 6% year over year to $93 million. Adjusted segment operating income improved 1% year over year to $238 million in the quarter. Operating margin expanded 70 bps to 12.4% from 11.6% in the year-ago quarter.
Segment Performance
Net sales from the Americas Beverage segment were $689 million, down 4% from $717 million in the year-ago quarter. Segment operating profit dipped 2% to $127 million from $130 million in the year-ago quarter.
The North-America Food segment’s sales went down 1% year over year to $148 million. Operating earnings also fell 8% year over year to $12 million.
The European Beverage segment’s sales dropped 6% year over year to $291 million. However, operating income declined 5% year over year to $39 million.
Revenues in the European Food segment were down 4% year over year to $396 million. Segment operating profit went down 6% to $32 million from $34 million in the year-ago quarter.
Revenues in the Asia-Pacific segment decreased 1% year over year to $277 million. Operating profit remained flat at $41 million in the reported quarter.
Crown Holdings, Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Crown Holdings Inc. (CCK - Free Report) reported fourth-quarter 2016 adjusted earnings per share of 71 cents, which came in line with the Zacks Consensus Estimate and inched up 1% year over year. On a reported basis, earnings came in at 47 cents per share, flat year over year.
Net sales in the quarter declined nearly 5% year over year to $1,923 million from $2,027 million in the year-ago quarter, primarily due to unfavorable currency translation and the pass through of lower material costs. Revenues lagged the Zacks Consensus Estimate of $1,980 million.
Cost of products sold went down 6% year over year to $1,533 million. Gross profit edged down 2% to $390 million, with gross margin expanding 70 basis points (bps) to 20.3% in the quarter, both on a year-over-year basis.
Selling and administrative expenses declined 6% year over year to $93 million. Adjusted segment operating income improved 1% year over year to $238 million in the quarter. Operating margin expanded 70 bps to 12.4% from 11.6% in the year-ago quarter.
Segment Performance
Net sales from the Americas Beverage segment were $689 million, down 4% from $717 million in the year-ago quarter. Segment operating profit dipped 2% to $127 million from $130 million in the year-ago quarter.
The North-America Food segment’s sales went down 1% year over year to $148 million. Operating earnings also fell 8% year over year to $12 million.
The European Beverage segment’s sales dropped 6% year over year to $291 million. However, operating income declined 5% year over year to $39 million.
Revenues in the European Food segment were down 4% year over year to $396 million. Segment operating profit went down 6% to $32 million from $34 million in the year-ago quarter.
Revenues in the Asia-Pacific segment decreased 1% year over year to $277 million. Operating profit remained flat at $41 million in the reported quarter.
Crown Holdings, Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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