Why Crown Holdings Stock Was Tumbling Today
Shares of Crown Holdings (NYSE: CCK) were tumbling today after the packaging manufacturer said rising costs ate into profits in its third-quarter earnings report, and it slashed its guidance for the full year.
As a result, the stock was down 18.5% as of 11:53 a.m. ET on Tuesday.
Crown Holdings, which makes products like aluminum and steel cans for food and beverages, posted solid top-line growth in the quarter as revenue was up 11.6% to $3.26 billion, though that was slightly below analyst estimates at $3.3 billion. Beverage-can volumes increased 6%, showing that demand for its products is strong.
Source Fool.com
