Crown Holdings Profit Tops Estimates

(RTTNews) - Packaging products company Crown Holdings Inc (CCK) on Thursday reported first-quarter net earnings of $44 million or $0.32 per share compared with $24 million or $0.17 per share last year.

Excluding items, adjusted earnings for the quarter were $0.53 per share compared with $0.57 per share a year ago.

Revenues for the quarter were up marginally at about $2 billion, compared with a year ago.

Analysts polled by Thomson Reuters estimated earnings of $0.52 per share on revenues of $2.06 billion for the quarter. Analysts' estimates typically exclude special items.

The company noted that while sales benefited from the Mivisa and Empaque acquisitions, it was offset by $172 million of unfavorable currency translation impact.

The company said it faced headwinds from elevated aluminum premiums in Europe and political conflict in parts of the Middle East, which hurt regional sales volumes.