Crown Holdings sees FY24 adjusted EPS $5.80-$6.20, consensus $6.80

Reflecting demand softness in the company’s beverage can making equipment and North American aerosol businesses, and a consumer that remains under pressure in most markets. It expects a tax rate of approximately 25% and cash provided by operating activities of approximately $1.23B. “Looking ahead to 2024, our focus will be on cash generation and continuous operational improvement. The company has established a manufacturing platform which will allow us to service existing and additional market demand with significantly reduced levels of capital investment. The company expects capital expenditures of no more than $500 million in each of 2024 and 2025, with the resulting increased cash flow being used to further reduce net leverage and return capital to shareholders,” stated CEO Donahue.