Skip to main content



) --

Crown Holdings

(CCK) - Get Free 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.

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

Follow on


and become a fan on


Copyright 2009 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.