Crown Holdings Sinks Following Earnings Miss, Lowered Outlook

(RTTNews) - Shares of packaging products and equipment maker Crown Holdings, Inc. (CCK) are down more than 19% Tuesday morning after reporting third quarter earnings, that missed the consensus estimate. The company also cut its full-year outlook.

Profit for the quarter increased to $127 million, or $1.06 per share from $102 million, or $0.79 per share, in last year's third quarter.

Excluding items, earnings were $175 million or $1.46 per share, that missed the average estimate of analysts polled by Thomson-Reuters of $1.77 per share.

Revenue for the quarter rose 11.6% to $3.259 billion from $2.920 billion last year.

Looking forward, the company has cut its full-year EPS outlook to the range of $6.60-$6.70 from $8.00-$8.20 provided earlier. The consensus estimate stands at $7.65.

For the fourth quarter, adjusted EPS is expected to be in the range of $1.00-$1.10. Analysts expect earnings of $1.76 per share.

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

CCK touched a new low of $67.75 this morning, before edging up to $68.20 currently.