Why Crown Holdings Stock Jumped Today
Shares of packaging company Crown Holdings (NYSE: CCK) jumped on Tuesday after the company reported financial results for the first quarter of 2024. As of 11:15 a.m. ET, Crown Holdings stock was up about 3% but had been up by nearly 6% earlier in the day.
In Q1, net sales for Crown Holdings were down 6% year over year to about $2.8 billion. That would be discouraging without context.
The encouraging context is that the company has deals with certain customers that pass on fluctuations in material costs. This negatively impacted sales in Q1. But shipments were up, including a 2.5% increase for beverage-can shipments, arguably the more important metric.
Source Fool.com
