WASHINGTON (dpa-AFX) - Packaging products maker Crown Holdings Inc. (CCK), Wednesday reported a lower profit for the first quarter, hurt mainly by a loss from debt extinguishment and restructuring provision, which offset growth in revenues. Earnings for the quarter came in ahead of Street estimates by a penny, but revenues fell short of expectations.
Philadelphia, Pennsylvania-based Crown Holdings' profit dropped to $41 million or $0.28 per share from $69 million or $0.46 per share last year.
For the quarter, the company recorded a loss from early extinguishment of debt of $38 million as well as restructuring provision of $4 million.
Adjusted earnings for the quarter was $0.50 per share. On average, 12 analysts polled by Thomson Reuters expected earnings of $0.49 per share for the quarter. Analysts' estimates typically exclude one-time items.
Revenues for the three-month period grew to $1.97 billion from $1.95 billion last year, as beverage can sales increased. Analysts expected revenues of $2.02 billion for the quarter.
Chief Executive John Conway said global beverage can volumes increased 6 percent in the first quarter, driven mainly by growth in Brazil and Asia Pacific. This is on top of a strong double digit improvement in the same period last year. European Beverage also posted a strong start to the year with a 4 percent increase in sales volumes, while European Food registered 2 percent lower sales volumes.
CCK closed Tuesday's trading at $40.51, down $0.49 or 1.20%, on the NYSE. In after hours, the stock further dropped $0.31 or 0.77%.
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