Crown beats by $0.38, beats on revs; guides Q4 EPS above consensus; guides FY20 EPS above consensus, announces plans to initiate a dividend
Briefing.com
Reports Q3 (Sep) earnings of $1.96 per share, $0.38 better than the S&P Capital IQ Consensus of $1.58; revenues rose 2.7% year/year to $3.17 bln vs the $3.04 bln S&P Capital IQ Consensus.Beverage can volumes up 8% over prior year.Food can volumes up 9% over prior year.
Co issues upside guidance for Q4, sees EPS of $1.22-$1.27 vs. $1.15 S&P Capital IQ Consensus. Co issues upside guidance for FY20, sees EPS of $5.65-$5.70 vs. $5.19 S&P Capital IQ Consensus. Adjusted free cash flow is currently expected to be approximately $550 million for 2020 with approximately $600 million of capital spending.Dividend & Share Repurchases: Company announces that it intends to initiate a regular quarterly dividend of at least $0.20 per share beginning with a payment in the first quarter of 2021. The actual amount and timing of any dividend will be provided in future communications after due authorization by the company's Board of Directors. The company also anticipates opportunistically repurchasing shares of its common stock during 2021 upon authorization of a share repurchase program by its Board.