Crown Holdings Inc. (NYSE:CCK) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Crown Holdings Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 14.29% to $0.96 in the quarter versus EPS of $0.84 in the year-earlier quarter.
Revenue: Rose 1.79% to $2.22 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Crown Holdings Inc. reported adjusted EPS income of $0.96 per share. By that measure, the company beat the mean analyst estimate of $0.93. It missed the average revenue estimate of $2.28 billion.
Quoting Management: John W. Conway, Chairman and Chief Executive Officer, stated, “Our performance in the quarter was in line with our expectations and we remain on track for another successful year. We continue to benefit from our beverage can capacity expansions targeted at the most promising growth markets. During the second quarter we began commercial production at new beverage can plants in Danang, Vietnam and Bangkok, Thailand and last week began production at our new plant in Sihanoukville, Cambodia.”
Key Stats (on next page)…
Revenue increased 12.67% from $1.97 billion in the previous quarter. EPS increased 92% from $0.50 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $1.19 and has not changed. For the current year, the average estimate is a profit of $3.28, which is the same with that ninety days ago.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)