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Crown beats Street 1Q forecasts

PHILADELPHIA (AP) _ Crown Holdings Inc. (CCK) on Wednesday reported first-quarter net income of $107 million.

On a per-share basis, the Philadelphia-based company said it had profit of 77 cents. Earnings, adjusted for one-time gains and costs, came to 72 cents per share.

The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.

The packaging company posted revenue of $1.9 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $1.89 billion.

For the current quarter ending in July, Crown expects its per-share earnings to range from $1.05 to $1.15.

The company expects full-year earnings in the range of $3.80 to $4 per share.

Crown shares have risen slightly more than 4 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $54.86, a climb of slightly more than 5 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CCK at https://www.zacks.com/ap/CCK


Keywords: Crown Holdings, Earnings Report