Crown Holdings Inc. (NYSE:CCK) delivered third-quarter 2017 adjusted earnings per share of $1.41, which came in line with the Zacks Consensus Estimate and delivered an improvement of 6% on a year-over year basis. Earnings came within management’s guidance of $1.35-$1.45.
On a reported basis, earnings came in at $1.32 per share, up 1% from $1.31 in the prior-year quarter.
Net sales in the quarter rose 6% year over year to $2,468 million. Revenues beat the Zacks Consensus Estimate of $2,411 million. This can be attributed to improved global beverage can volumes, food and aerosol can volumes, and the pass through of higher material costs to customers. It was also aided by favorable impact of currency translation.
Crown Holdings, Inc. Price, Consensus and EPS Surprise
Adjusted free cash flow was $206 million in the nine-month period ended Sep 30, 2017 compared with $154 million in the prior-year comparable period. As of the quarter end, Crown Holdings’ total debt increased to $5.1 billion compared with $5.0 billion as of the prior-year quarter end.
The company repurchased 6.2 million of shares for $339 million so far in fiscal 2017.
Outlook
The company currently expects 2017 adjusted diluted earnings per share to be in the range of $3.98-$4.03. Adjusted diluted earnings per share for the fourth quarter are projected in the range of 75-80 cents.
In the past year, Crown Holdings has outperformed the industry it belongs to. Its shares increased 10.8%, while the industry gained 8.1%.
Zacks Rank & Key Picks
Crown Holdings currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the industrial product space include Barnes Group Inc. (NYSE:B) , TPI Composites, Inc. (NASDAQ:TPIC) and Sun Hydraulics Corporation (NASDAQ:SNHY) . All the three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Barnes Group has delivered an average earnings surprise of 11.6% in the trailing four quarters.
TPI Composites has delivered an average earnings surprise of 351.7% in the trailing four quarters.
Sun Hydraulics has delivered an average earnings surprise of 3.5% in the trailing four quarters.
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Crown Holdings, Inc. (CCK): Free Stock Analysis Report
Barnes Group, Inc. (B): Free Stock Analysis Report
Sun Hydraulics Corporation (SNHY): Free Stock Analysis Report
TPI Composites, Inc. (TPIC): Free Stock Analysis Report
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