Crown (CCK) reported earnings on Mon 24 Apr 23 (a/h)

  

Crown beats by $0.15, misses on revs; guides Q2 EPS below consensus; reaffirms FY23 EPS guidance 

• Reports Q1 (Mar) earnings of $1.20 per share, $0.15 better than the S&P Capital IQ Consensus of $1.05; revenues fell 5.9% year/year to $2.97 bln vs the $3.1 bln S&P Capital IQ Consensus.
• Co issues downside guidance for Q2, sees EPS of $1.60-$1.70 vs. $1.76 S&P Capital IQ Consensus.
• Co reaffirms guidance for FY23, sees EPS of $6.20-$6.40 vs. $6.28 S&P Capital IQ Consensus.
• "Operating results for the Company during the first quarter exceeded our earlier estimates as better than anticipated results in European Beverage and Transit Packaging more than offset softer than expected overall volumes. The benefits from actions taken in 2022 to negotiate more comprehensive raw material and other inflationary pass-through provisions in European Beverage and a significant overhead reduction program initiated in Transit Packaging were clearly visible in the first quarter and will continue to yield benefits throughout the balance of the year..."