Crown Holdings (CCK) just released its quarterly earnings, reporting $1.24 per share. That's lower than the expected $1.42 per share according to Zacks Consensus Estimate. Last year, they earned $1.17 per share. These numbers are adjusted for one-time items.
This quarter's earnings are a surprise, but not a good one, at -12.68%. Last quarter, people thought Crown would earn $1.74 per share, but they only made $1.73, surprising everyone at -0.57%.
In the last year, Crown has beaten the consensus EPS estimates twice.
Crown, part of the Zacks Containers - Metal and Glass industry, made $2.86 billion in revenue for December 2023. That's lower than the expected $3.01 billion. Last year, they earned $3.01 billion. Crown hasn't been able to meet the revenue estimates for the past four quarters.
What happens next to Crown's stock depends a lot on what the management says about these earnings. Since the year began, Crown shares have lost 3.3%, while the S&P 500 gained 4%.
What's the future for Crown?
Investors wonder what's next for Crown's stock after its performance this year. One way to guess is to look at the company's earnings outlook. This includes what people expect for the next few quarters and how these expectations have changed.
Research shows a strong link between short-term stock movements and changes in earnings estimates. Investors can watch for these changes themselves or use tools like the Zacks Rank, which has a good record of using earnings estimate changes to predict stock movements.
Before this earnings report, Crown's estimate revisions were mixed. This could change after the report, but right now, Crown has a Zacks Rank #3 (Hold). That means its performance is expected to be average compared to the market in the near future.
We'll see how the estimates for the next quarters and the current fiscal year change in the coming days. Right now, the expected EPS is $1.36 for the next quarter and $6.64 for the current fiscal year, with revenues of $3.01 billion and $12.3 billion, respectively.
Remember, the industry's outlook can also affect Crown's performance. Right now, the Containers - Metal and Glass industry is in the bottom 19% of Zacks industries, which might not be good news.
Another company in the industrial products sector, Amcor (AMCR), hasn't reported its results yet. They're expected to do so on February 6. Analysts predict earnings of $0.15 per share, down 21.1% from last year, with revenues of $3.29 billion, down 9.7%.
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