WASHINGTON (dpa-AFX) - Crown Holdings, Inc. (CCK) Wednesday reported an increase in profit for the third quarter, benefited by a one-time unrealized income tax benefit in connection with the recognition of U.S. foreign tax credits.
Net income for the quarter increased to $344 million from $159 million last year. Earnings attributable to Crown Holdings totaled $325 million or $2.20 per share, up from $129 million or $0.84 per share in the same period last year.
On average, 12 analysts polled by Thomson Reuters expected the company to earn $1.00 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter dropped to $2.30 billion from $2.42 billion last year. Analysts expected revenues of $2.39 billion.
In the third quarter, the company recorded a net tax benefit of $169 million or $1.14 per share. The tax appreciation will become available to the company as it executes cash repatriation and tax planning strategies.
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