Why Crown Holdings Stock Plunged This Week
Week to date, shares of Crown Holdings (NYSE: CCK) were down 31% as of 12:12 p.m. ET on Friday, according to data provided by S&P Global Market Intelligence. The sharp decline comes after the company reported disappointing third-quarter earnings results earlier this week.
Earnings per share missed estimates badly, coming in at $1.06 compared to the consensus estimate calling for $1.79. The earnings miss comes on weaker-than-expected revenue of $3.26 billion, lower than expectations of $3.32 billion. The post-earnings drop brings the stock down 37% year to date.
Investors can blame negative foreign currency fluctuation for the revenue miss. The company said foreign currency represented a $127 million headwind in the quarter.
Source Fool.com
