Crown Q3 2024 Earnings Report
Key Takeaways
Crown Holdings, Inc. reported net sales of $3,074 million for the third quarter of 2024, a slight increase compared to $3,069 million in the same period of 2023. The company's income from operations rose to $444 million from $374 million year-over-year. However, the company reported a net loss attributable to Crown Holdings of $175 million, primarily due to pension settlement charges of $517 million, compared to a net income of $159 million in the third quarter of 2023. Adjusted diluted earnings per share were $1.99, up from $1.73 in the previous year.
Net sales reached $3,074 million, slightly up from $3,069 million in Q3 2023.
Income from operations increased to $444 million, compared to $374 million in the prior year.
Net loss attributable to Crown Holdings was $175 million, impacted by pension settlement charges.
Adjusted diluted earnings per share improved to $1.99 from $1.73 in the third quarter of 2023.
Crown
Crown
Crown Revenue by Segment
Forward Guidance
The Company now projects full-year adjusted diluted earnings per share in the range of $6.25 to $6.35 compared to previous guidance of $6.00 to $6.25. After deducting the $100 million pension contribution made during the third quarter, adjusted free cash flow for the year is still expected to be at least $750 million with no more than $450 million of capital spending. Fourth quarter adjusted diluted earnings per share are expected to be in the range of $1.45 to $1.55.
Positive Outlook
- Full-year adjusted diluted earnings per share projected in the range of $6.25 to $6.35.
- Adjusted free cash flow for the year is expected to be at least $750 million.
- Capital spending is projected to be no more than $450 million.
- Fourth quarter adjusted diluted earnings per share are expected to be in the range of $1.45 to $1.55.
Revenue & Expenses
Visualization of income flow from segment revenue to net income