Crown Holdings Inc. (NYSE:CCK) delivered second-quarter 2017 adjusted earnings per share of $1.12, which came ahead of the Zacks Consensus Estimate of $1.10 but declined 6% on a year-over year basis. Earnings came within management’s guidance of $1.05–$1.15.
On a reported basis, earnings came in at 94 cents per share, down 22% from $1.21 in the prior-year quarter.
Net sales in the quarter inched up 0.9% year over year to $2,161 million. Revenues beat the Zacks Consensus Estimate of $2,145 million. Improved global beverage can volumes and the pass through of higher material costs to customers were partially offset by negative impact of currency translation.
Cost of products sold increased 1.7% year over year to $1,719 million. On a year-over-year basis, gross profit dipped 2% to $442 million, while gross margin contracting 60 basis points (bps) to 20.5% in the quarter.
Selling and administrative expenses declined 2% year over year to $92 million. Adjusted segment operating income increased 3% year over year to $297 million in the quarter. Operating margin improved 30 bps to 13.7% from 13.4% in the year-ago quarter.
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