TAMPA, Fla. (AP) — TAMPA, Fla. (AP) — Crown Holdings Inc. (CCK) on Monday reported first-quarter net income of $102 million.
The Tampa, Florida-based company said it had profit of 85 cents per share. Earnings, adjusted for one-time gains and costs, were $1.20 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.04 per share.
The packaging company posted revenue of $2.97 billion in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $3.09 billion.
For the current quarter ending in June, Crown expects its per-share earnings to range from $1.60 to $1.70.
The company expects full-year earnings in the range of $6.20 to $6.40 per share.
Crown shares have fallen almost 4% since the beginning of the year. In the final minutes of trading on Monday, shares hit $79.05, a decline of 34% in the last 12 months.
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