WASHINGTON (dpa-AFX) - Crown Holdings Inc. (CCK) Wednesday reported an increase in profit for the second quarter on lower raw material costs.
The Philadelphia, Pennsylvania-based company's attributable net profit for the second quarter was $134 million or $0.89 per share, compared to $129 million or $0.83 per share last year.
Adjusted income for the quarter dropped to $126 million from $130 million in the prior-year quarter. On a per-share basis, adjusted income was flat at $0.84. On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.84 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter dropped to $2.18 billion from $2.28 billion in the prior-year quarter. Eleven analysts had a consensus revenue estimate of $2.27 billion for the quarter.
For the quarter, cost of product sold decreased to $1.80 billion from $1.87 billion in the year-ago quarter.
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