Why Crown Holdings' Stock Dropped 21.2% on Tuesday
Shares of packaging company Crown Holdings (NYSE: CCK) fell as much as 21.2% in trading on Tuesday after the company reported fourth-quarter 2023 financial results. Shares were still down 12.9% at 3:15 p.m. ET.
Revenue for the quarter was $2.86 billion, down from $3.01 billion a year ago, including positive impact from foreign currency of $42 million and lower material costs passed on to customers of $145 million. Income from operations increased from $229 million to $259 million in the quarter.
Management said North America had 5% volume growth in beverages and Brazil volumes grew 2%.
Source Fool.com
