Crown Holdings Lowers FY22 Profit Outlook

(RTTNews) - While reporting its results for the third quarter, Crown Holdings, Inc. (CCK) lowered its outlook for the full year 2022. Following the news, shares of the company slipped over 5%.

Crown Holdings now expects earnings of $6.60 to $6.70 per share, down from initial estimate of $8.00 to $8.20 per share.

The company said its current guidance assumes about a $1.00 headwind due to the stronger U.S. dollar, higher energy cost in Europe, and increased interest expense.

Analysts polled by Thomson Reuters currently estimate earnings of $7.67 per share. Analysts' estimates typically exclude one-time items.

CCK closed Monday's trading at $85.01, up $1.07 or 1.27%, on the NYSE. The stock however, slipped $4.35 or 5.12%, in the after-hours trading.