LONDON, UK / ACCESSWIRE / March 07, 2018 / Active-Investors.com has just released a free earnings report on Crown Holdings, Inc. (NYSE: CCK). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=CCK. The Company reported its fourth quarter fiscal 2017 and full fiscal year 2017 operating and financial results on February 07, 2018. The packaging Company surpassed revenue estimates, while its earnings were in-line with market estimates. Additionally, Crown Holdings provided guidance for the upcoming quarter and fiscal year. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Crown Holdings most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
Crown Holdings' net sales advanced 13% to $2.17 billion in Q4 2017 compared to $1.92 billion in Q4 2016, reflecting increased global beverage and food can volumes, the pass through of higher raw material costs, and a favorable currency translation of $83 million. The Company's revenue numbers topped analysts' estimates of $2.03 billion.
During Q4 2017, Crown Holdings' income from operations was $222 million, up 16% compared to $192 million in Q4 2016. The Company's segment income improved to $245 million in the reported quarter versus the $236 million recorded in the prior year's same quarter.
During Q4 2017, Crown Holdings recorded a tax charge of $177 million to recognize the estimated impact of the Tax Cuts and Jobs Act 2017 (TCJA). The Company's net loss attributable to common shareholders was $89 million, or $0.67 loss per share, in the reported quarter, including a non-cash charge of $1.32 per share for the impact of the TCJA, versus a net income of $65 million, or $0.47 per share, in the year earlier comparable quarter.
For Q4 2017, Crown Holdings' adjusted diluted earnings per share (EPS) rose 11% to $0.79 compared to $0.71 in Q4 2016. The Company's EPS met Wall Street's estimates of $0.79.
For the full fiscal year 2017, Crown Holdings' net sales were $8.70 billion compared to $8.28 billion in FY16, reflecting a growth of 5%, primarily due to increased global beverage and food can volumes, the pass through of higher raw material costs, and a favorable currency translation of $19 million.
Crown Holdings' net income attributable to common shareholders was $323 million, or $2.38 per diluted share, in FY17 compared to $496 million, or $3.56 per diluted share, in FY16. The Company's adjusted diluted EPS were $4.03 in FY17, up 3% compared to $3.93 in FY16.
Signode Acquisition
In December 2017, Crown Holdings acquired Signode Industrial Group ("Signode"), a leading global provider of transit packaging systems and solutions, from The Carlyle Group, for a cash consideration of $3.91 billion.
In January 2018, in connection with the Signode transaction, Crown Holdings, through its subsidiaries, issued €335 million principal amount of 2.25% senior unsecured notes due 2023; and €500 million principal amount of 2.875% senior unsecured notes, and $875 million principal amount of 4.75% senior unsecured notes due 2026. The Company also entered into agreements with lenders for €750 million and $1.25 billion of Term Loan B borrowings, to be drawn at the closing of the acquisition.
Cash Matters
During FY17, Crown Holdings' net cash provided by operating activities was $760 million compared to $930 million in FY16. The Company's adjusted free cash flow was $503 million in FY17. During FY17, Crown Holdings repurchased 6.2 million shares of its common stock for $339 million.
Outlook
Excluding the impact of the Signode acquisition, Crown Holdings is forecasting adjusted diluted EPS to be in the ranges of $0.75 to $0.85 and $4.30 to $4.50, for Q1 2018 and FY18, respectively. Also, excluding the impact of the acquisition, the Company is estimating an adjusted effective tax rate of approximately 26%; cash provided by operating activities of approximately $925 million; and a capital expenditure of approximately $425 million for FY18.
Stock Performance Snapshot
March 06, 2018 - At Tuesday's closing bell, Crown Holdings' stock climbed 1.56%, ending the trading session at $50.27.
Volume traded for the day: 1.53 million shares.
After yesterday's close, Crown Holdings' market cap was at $6.73 billion.
Price to Earnings (P/E) ratio was at 13.33.
The stock is part of the Consumer Goods sector, categorized under the Packaging & Containers industry. This sector was up 0.3% at the end of the session.
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