Crown Holdings Plunges on Earnings

PHILADELPHIA (

TheStreet

) --

Crown Holdings

(CCK) - Get Crown Holdings, Inc. Report

is quickly fizzling after it reported a 5% slip in third-quarter profit due to a hefty restructuring charge.

Shares of the company are plunging 8.9% to $26.60 in morning trading.

During the quarter, Crown Holdings earned $108 million, or 67 cents a share, compared with $114 million, or 70 cents in the year-ago period.

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Excluding a $35 million restructuring charge related to the closing of three plants, the company actually earned 81 cents a share, better than the 80 cents analysts expected.

Its revenue fell by 4% to $2.28 billion from $2.37 billion.

-- Reported by Jeanine Poggi in New York

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