Crown Holdings Inc. (CCK - Free Report) reported first-quarter 2017 adjusted earnings per share of 72 cents, which came ahead of the Zacks Consensus Estimate of 70 cents and inched up 3% year over year. Earnings came within management’s guidance of 65–75 cents.
On a reported basis, earnings came in at 77 cents per share, up 35% from 57 cents in the prior-year quarter.
Net sales in the quarter edged up 0.4% year over year to $1,901 million. Revenues beat the Zacks Consensus Estimate of $1,888 million. Improved beverage, food and aerosol can volumes, and the pass through of higher material costs to customers were partially offset by negative impact of currency translation.
Cost of products sold remained flat year over year at $1,519 million. On a year-over-year basis, gross profit rose 3% to $382 million, while gross margin expanding 40 basis points (bps) to 20.1% in the quarter.
Selling and administrative expenses declined 1% year over year to $90 million. Adjusted segment operating income improved 5% year over year to $233 million in the quarter. Operating margin expanded 60 bps to 12.3% from 11.7% in the year-ago quarter.
Crown Holdings, Inc. Price, Consensus and EPS Surprise