UPDATE 1-Crown Holdings 3rd-quarter profit rises

Related Topics

Wed Oct 15, 2008 6:19pm EDT

* EPS of 71 cents, excluding items, tops view of 67 cents

* Revenue up 10 pct to $2.37 billion

(Adds dateline, details results)

NEW YORK, Oct 15 (Reuters) - Crown Holdings Inc (CCK.N), one of the world's largest makers of beverage cans, said on Wednesday its third-quarter profits rose more than 22 percent, driven by volume growth and margin expansion across its beverage and food can businesses.

Philadelphia-based Crown said net income in the quarter rose to $114 million, or 70 cents a share, up from $93 million, or 56 cents a share, a year earlier.

Excluding items, quarterly earnings were 71 cents a share. Wall Street was expecting earnings of 67 cents a share.

Revenue in the quarter rose 10 percent to $2.37 billion, driven by strong sales growth in its North American and European beverage can businesses.

Analysts on average had forecast quarterly revenue of $2.37 billion, according to Reuters Estimates.

In trading after the closing bell, the company's shares rose more than 10 percent to $20 after closing Wednesday's trading session at $18.12 on the New York Stock Exchange. (Reporting by Euan Rocha; Editing by Andre Grenon)

Related Quotes and News

Company
Price
Related News
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.