Stock Alert: Crown Holdings Rises To New 52-week High On Upbeat Q4 Results

(RTTNews) - Shares of Crown Holdings, Inc. (CCK), a manufacturer of packaging products and equipment for consumer goods and industrial products, are gaining more than 7 percent or $6.85 in Wednesday's morning trade at $99.58. The stock earlier hit a new 52-week high of $101.95 as the company's fourth-quarter earnings beat analysts' estimates.

Tuesday, Crown Holdings said its fourth-quarter net income surged to $151 million or $1.12 per share from $87 million or $0.64 per share in the year-ago period. Adjusted earnings were $1.50 per share, while analysts polled by Thomson Reuters had a consensus estimate for earnings of $1.27 per share. Net sales rose 6.1 percent to $2.96 billion from $2.79 billion last year.

Looking ahead, Crown Holdings currently expects first quarter and full-year 2021 adjusted earnings to be in the ranges of $1.35 to $1.40 per share, and $6.60 to $6.80 per share, respectively. The company also said it intends to initiate a regular quarterly dividend of at least $0.20 per share, beginning with a payment in the first quarter of 2021.

Crown Holdings has traded in a range of $42.97 to $101.95 in the past 52 weeks.