Shares of Crown Holdings Inc. CCK dropped more than 2% in the extended session Monday after the packaging maker missed expectations for its second-quarter sales, saying that inflation and economic conditions continued to hurt volumes. Crown Holdings earned $157 million, or $1.31 a share, in the quarter, compared with $295 million, or $2.43 a share, in the second quarter of 2022. Adjusted for one-time items, the company earned $1.68 a share. Sales dropped to $3.1 billion, from $3.
Sales dropped to $3.1 billion, from $3.5 billion a year ago, in part thanks to lower volumes across most of its business except its Americas Beverage segment. That segment saw higher beverage-can volumes, the company said. Analysts polled by FactSet expected adjusted EPS of $1.63 on sales of $3.5 billion. “Cumulative inflationary effects and challenging macroeconomic conditions in certain markets continue to adversely impact volumes,” Chief Executive Timothy Donahue said in a statement.