Crown Holdings (CCK) Q4 FY2023 earnings: revenue $2.9 billion, down 5.1% on the year

Crown Holdings, Inc. (CCK) reported revenue of $2.9 billion for Q4 FY2023, the quarter ended 31 December 2023, down 5.1% on the same quarter a year earlier. Net income was $32 million, down 64.0% on the year, and diluted earnings per share $0.27. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2024.

Revenue$2.9 billiondown 5.1%

Net income$32 milliondown 64.0%

Diluted EPS$0.27

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	2,858	3,069	n/a	n/a
Cost of revenue	2,245	2,427	n/a	n/a
Gross profit	613	642	n/a	n/a
Gross margin	21.4%	20.9%	n/a
Selling, general and administrative	145	129	n/a	n/a
Operating income	259	374	n/a	n/a
Operating margin	9.1%	12.2%	n/a
Interest expense	113	111	n/a	n/a
Pre-tax income	143	252	n/a	n/a
Income tax	59.0	62.0	n/a	n/a
Effective tax rate	41.3%	24.6%	n/a
Net income	32.0	159	n/a	n/a
Net margin	1.1%	5.2%	n/a
Diluted EPS	$0.27	$1.33	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	621	539	n/a	n/a
Capital expenditure	179	160	n/a	n/a
Free cash flow	442	379	n/a	n/a
Free cash flow margin	15.5%	12.3%	n/a
Cash from investing	-284	-142	n/a	n/a
Cash from financing	151	-136	n/a	n/a
Share-based compensation	4.0	10.0	n/a	n/a
Buybacks	0.0	1.0	n/a	n/a
Dividends paid	29.0	29.0	n/a	n/a
Dividend per share	n/a	$0.24	n/a	n/a
Diluted shares, weighted	120m	120m	n/a	n/a
Shares outstanding at period end	121m	121m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	2,410	2,341	n/a	n/a
Non-controlling interest	454	487	n/a	n/a
Short-term borrowings	16.0	51.0	n/a	n/a
Debt	7,458	7,014	n/a	n/a
Operating lease liabilities	175	178	n/a	n/a
Finance lease liabilities	5.0	n/a	n/a	n/a
Other liabilities	4,516	4,250	n/a	n/a
Total liabilities and equity	15,034	14,321	n/a	n/a
Fixed assets	5,062	4,876	n/a	n/a
Goodwill	3,117	2,994	n/a	n/a
Intangible assets	1,258	1,248	n/a	n/a
Cash and equivalents	1,310	807	n/a	n/a
Receivables	1,093	1,751	n/a	n/a
Inventory	1,613	1,664	n/a	n/a
Other assets	1,581	981	n/a	n/a
Total assets	15,034	14,321	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,069	2,858	2,784	3,040	3,074	2,903	2,887	3,149	3,202	3,127	3,259	3,668
Cost of revenue	2,427	2,245	2,247	2,379	2,383	2,253	2,262	2,436	2,478	2,465	2,615	2,920
Gross profit	642	613	537	661	691	650	625	713	724	662	644	748
Gross margin	21%	21%	19%	22%	22%	22%	22%	23%	23%	21%	20%	20%
SG&A	129	145	154	150	146	147	152	161	155	164	159	166
Operating income	374	259	245	379	444	351	365	391	423	374	365	464
Operating margin	12%	9%	9%	12%	14%	12%	13%	12%	13%	12%	11%	13%
Interest expense	111	113	113	112	119	108	99.0	103	101	95.0	97.0	105
Pre-tax income	252	143	134	265	-177	521	272	293	322	273	275	365
Tax rate	25%	41%	30%	20%	n/a	25%	17%	27%	26%	27%	25%	24%
Net income	159	32.0	67.0	174	-175	358	193	181	214	150	175	245
Net margin	5%	1%	2%	6%	-6%	12%	7%	6%	7%	5%	5%	7%
Diluted EPS	$1.33	$0.27	$0.56	$1.45	-$1.47	$3.02	$1.65	$1.56	$1.85	$1.31	$1.56	$2.23
Operating cash flow	539	621	-102	445	554	295	14.0	449	580	487	-54.0	713
Capital expenditure	160	179	94.0	84.0	76.0	149	33.0	56.0	92.0	232	87.0	116
Free cash flow	379	442	-196	361	478	146	-19.0	393	488	255	-141	597
Buybacks	1.0	0.0	5.0	2.0	110	100	203	6.0	105	191	212	305
Dividends paid	29.0	29.0	30.0	30.0	30.0	29.0	30.0	30.0	30.0	30.0	39.0	38.0
Shares outstanding	121m	121m	121m	121m	120m	119m	116m	116m	115m	113m	112m	109m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 27 February 2024, accession 0001219601-24-000009: the filing on EDGAR. All of Crown Holdings, Inc.'s filings: EDGAR company page.

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