Crown Holdings Lowers 2023 Earnings Outlook

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Crown Holdings, a leading provider of packaging products and equipment for consumer goods, has revised its adjusted earnings per-share forecast for 2023.

Adjusted Earnings Forecast

The company now expects adjusted earnings per share to range between $6.10 and $6.30, reflecting the impact of higher transactional foreign exchange expenses and lower equity earnings compared to its previous guidance. The earlier forecast had projected adjusted earnings in the range of $6.20 to $6.40 per share.

Third-Quarter Earnings Projection

For the third quarter, Crown Holdings has guided for adjusted earnings to be in the range of $1.70 to $1.80 per share.

Increased Beverage Can Shipment Levels Expected

Chief Executive Timothy Donahue stated that the company anticipates a rise in beverage can shipments during the second half of the year due to retail promotional activity, specifically for carbonated soft drinks. Although limited, this increase is expected to have a positive impact on Crown Holding’s performance.

Planned Reduction in Capital Expenditures

Looking ahead to 2024 and 2025, Crown Holdings plans to significantly reduce its capital expenditures to $500 million from this year’s $900 million. This reduction is aimed at generating increased cash flow, which will be utilized to pay down debt and provide returns to shareholders.

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