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How Did Crown Holdings Perform in 3Q16?

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Oct. 21 2016, Updated 10:05 a.m. ET

Price movement

Crown Holdings (CCK) has a market cap of $7.9 billion. It rose 1.4% to close at $56.76 per share on October 19, 2016. The stock’s weekly, monthly, and year-to-date (or YTD) price movements were 2.3%, 5.9%, and 12.0%, respectively, on the same day. CCK is trading 2.1% above its 20-day moving average, 3.6% above its 50-day moving average, and 10.7% above its 200-day moving average.

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Related ETF and peers

The Guggenheim Mid-Cap Core ETF (CZA) invests 0.97% of its holdings in Crown. The ETF tracks the Zacks Mid-Cap Core Index, a selected proprietary portfolio of 100 midcap stocks that seeks to outperform pure market-cap indexes. The YTD price movement of CZA was 10.3% as of October 19.

The market caps of Crown Holdings’ competitors are as follows:

  • Ball (BLL) — $14.2 billion
  • Silgan Holdings (SLGN) — $3.1 billion

Performance of Crown Holdings in 3Q16

Crown Holdings reported 3Q16 net sales of $2.3 billion, a fall of 5.5% from the net sales of $2.5 billion in 3Q15, due to the impact of unfavorable currency translation. Net sales of the Americas Beverage, North America Food, European Beverage, European Food, and Asia-Pacific segments fell 0.42%, 5.0%, 3.3%, 6.6%, and 6.3%, respectively, between 3Q15 and 3Q16. The company’s cost of products sold as a percentage of net sales fell 170 basis points, and its operating margin rose 210 basis points.

Its net income and EPS (earnings per share) rose to $183.0 million and $1.31, respectively, in 3Q16, compared with $141.0 million and $1.01, respectively, in 3Q15. It reported adjusted EPS of $1.33 in 3Q16, a fall of 0.75% from 3Q15.

CCK’s cash and cash equivalents rose 12.9%, and its inventories fell 0.15% between 3Q15 and 3Q16. Its current ratio and long-term debt-to-equity ratio fell to 1.1x and 6.5x, respectively, in 3Q16, compared with 1.2x and 12.8x in 3Q15. It reported adjusted free cash flow of $212.0 million in 3Q16, a fall of 20.0% from 3Q15. Next, we’ll look at Reynolds American (RAI).

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