Crown Holdings, Inc. (CCK - Free Report) reported second-quarter 2019 adjusted earnings per share of $1.46, down 5.8% year over year. The earnings figure missed the Zacks Consensus Estimate of $1.49.
On a reported basis, earnings per share increased 3% year over year to $1.02 in the quarter.
Net sales in the quarter came in at $3,035 million, down from the year-ago quarter’s $3,046 million. The reported figure, however, beat the Zacks Consensus Estimate of $3,029 million. The top-line figure reflects unfavorable currency translation of $80 million, offset by higher beverage can volumes. Crown Holdings achieved strong global beverage can volume growth during the second quarter.
Cost and Margins
Cost of products sold was down 2% year over year to $2,417 million. On a year-over-year basis, gross profit grew 6.5% to $618 million and gross margin inched up to 20% from the year-ago quarter’s 19%.
Selling and administrative expenses slipped 1.2% year over year to $157 million. Segment operating income edged down 0.7% year over year to $386 million during the June-end quarter. Operating margin came in at 12.7%, flat year on year.
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 >>
Crown Holdings, Inc. (CCK - Free Report) reported second-quarter 2019 adjusted earnings per share of $1.46, down 5.8% year over year. The earnings figure missed the Zacks Consensus Estimate of $1.49.
On a reported basis, earnings per share increased 3% year over year to $1.02 in the quarter.
Net sales in the quarter came in at $3,035 million, down from the year-ago quarter’s $3,046 million. The reported figure, however, beat the Zacks Consensus Estimate of $3,029 million. The top-line figure reflects unfavorable currency translation of $80 million, offset by higher beverage can volumes. Crown Holdings achieved strong global beverage can volume growth during the second quarter.
Cost and Margins
Cost of products sold was down 2% year over year to $2,417 million. On a year-over-year basis, gross profit grew 6.5% to $618 million and gross margin inched up to 20% from the year-ago quarter’s 19%.
Selling and administrative expenses slipped 1.2% year over year to $157 million. Segment operating income edged down 0.7% year over year to $386 million during the June-end quarter. Operating margin came in at 12.7%, flat year on year.
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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