UPDATE 1-Crown Holdings fourth-quarter net drops

HOUSTON Tue Feb 1, 2011 5:28pm EST

HOUSTON Feb 1 (Reuters) - Crown Holdings (CCK.N), which makes cans for food and beverages, said fourth-quarter net income fell 44 percent as the company increased its asbestos litigation reserves and year-ago results included a tax benefit.

Net income in the fourth quarter fell to $45 million, or 28 cents per share, from $81 million, or 50 cents a year earlier.

Excluding items, the company earned 42 cents a share.

Analysts on average had expected earnings of 38 cents per share, according to Thomson Reuters I/B/E/S.

Net sales in the fourth quarter rose to $1.95 billion from $1.92 billion a year ago, the Philadelphia company said on Tuesday. (Reporting by Anna Driver in Houston; editing by Carol Bishopric)

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