(Updated - April 18, 2018 5:07 PM EDT)

Crown Holdings (NYSE: CCK) reported Q1 EPS of $0.94, $0.14 better than the analyst estimate of $0.80. Revenue for the quarter came in at $2.2 billion versus the consensus estimate of $2.06 billion.

Highlights

• Earnings per share $0.67 versus $0.77 in 2017
• Adjusted earnings per share $0.94 versus $0.77 in 2017; excludes intangibles amortization and certain other items in both periods
• Global beverage can volumes grew 3% over prior year
• Completed acquisition of Signode Industrial Group on April 3

Outlook

The Company currently expects second quarter and full year 2018 adjusted diluted earnings to be in the ranges of $1.55 to $1.65 and $5.35 to $5.55 per share, respectively. Consistent with the Company\'s revised policy, adopted with the closing of the Signode acquisition, intangibles amortization charges are excluded when calculating adjusted net income and adjusted earnings per share. Accordingly, these adjusted earnings estimates exclude amortization arising from the Signode acquisition as well as from the Company\'s prior acquisitions of Mivisa in 2014 and Empaque in 2015. The pre-tax, after-tax and earnings per share impact of the new policy are summarized in the reconciliation tables below.

The adjusted effective income tax rate for the full year of 2018 is expected to be between 25% and 26%, although it may vary from quarter to quarter. Adjusted free cash flow, as defined below, is currently expected to be approximately $625 million for 2018 and $775 million for 2019.

GUIDANCE:

Crown Holdings sees FY2018 EPS of $5.35-$5.55, versus the consensus of $4.42.

Crown Holdings sees Q2 2018 EPS of $1.55-$1.65, versus the consensus of $1.24.

For earnings history and earnings-related data on Crown Holdings (CCK) click here.

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