Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.
On Feb. 2, 2009,
reported that it swung to a net loss in Q4 FY08, hurt by restructuring and other charges. Net loss stood at $14.00 million or $0.09 per share compared to a profit of $326.00 million or $2.00 per share in Q4 FY07. Excluding one-time items, the company earned $35.00 million or $0.22 per share, which beat the most recent consensus estimate of $0.17 per share.
During the latest fourth quarter, revenue grew marginally to $1.88 billion from $1.87 billion a year ago, driven by increased beverage and food cans unit volume growth, and pass-through of higher raw material costs through higher selling prices. Excluding the negative impact of $166.00 million from unfavorable foreign currency translation, CCK net sales increased 9.2% year-over-year. Looking at its segments, American Beverage revenue ascended 8.7% to $451.00 million from $415.00 million; North American Food segment's revenue spiked 15.6% to $230.00 million from $199.00 million, while revenue from European Beverage segment stood at $329.00 million, down 3.5% from $341.00 million a year ago. However, revenue from the European Food and European Specialty Packaging segment fell 8.2% and 20.7% to $458.00 million and $88.00 million, respectively. Additionally, CCK's global food can unit volumes were up more than 2.0%, while global beverage can unit volumes rose 5.0%, boosted by increased growth from developing markets, such as Brazil, the Middle East and Asia.
Crown Holdings shut down its operations at its food can plant in Dorval, Canada, during the quarter under review, and a beverage can and bottle cap facility in Montreal during Q1 FY09. The company expects the two plant closures in Canada to shed approximately 175 jobs and eventually save about $11.00 million a year.
For FY08, CCK's net income plunged 57.2% to $226.00 million or $1.39 per share from $528.00 million or $3.19 per share, while its revenue rose 7.5% to $8.31 billion from $7.73 billion in FY07.
A detailed report covering this quarterly release is now available. To purchase the report, click here.