Shares of Crown Holdings Inc. (CCK) were trading up 4.10% after-hours at $105.50. At last session’s close, CCK stock concluded at $101.34, down -2.37% or $2.46. Over the course of the day, the price of CCK stock fluctuated between $100.80 and $103.36.  This day’s volume for CCK stock was 1.35 million shares, exceeding the company’s daily volume of 1.02 million for the past 50 days, and exceeding its volume of 1.03 million for the year to date.

In the past 12 months, CCK stock has retreated 48.46%, and in the last one week, the stock has moved down -4.24%. CCK stock has gained 6.45% over the last six months, and over the last three months, it has decreased by -6.83%. Thus far this year, CCK stock is up 1.14%. In addition, the price-to-earnings ratio of CCK stock stands at 19.41. In response to the release of its quarterly results, CCK stock rose.

How has CCK performed in the reported quarter?

Crown Holdings runs subsidiaries that provide rigid packaging products to consumer marketing companies worldwide. Among the services, equipment and products CCK offers is transit and protective packaging to a broad range of customers. Yardley, Pennsylvania, is home to CCK’s world headquarters.

The financial results of Crown Holdings for the second quarter ended June 30, 2021 have been announced.

• CCK’s net sales for the second quarter were $2,856 million, up from $2,137 million for the second quarter of 2020.
• Among the causes of the rise in net sales were higher unit volumes for beverage cans and transit packaging, higher material costs passed through, as well as $125 million in favorable currency exchange rates.
• Accordingly, CCK’s second-quarter earnings were $385 million compared to $208 million in the same quarter of 2020.
• Segment income in the second quarter at CCK was $395 million, compared with $250 million a year ago.
• Increased sales unit volumes and $18 million of favorable currency translation drove the CCK’s segment income.
• CCK continued to position itself for another record year in earnings despite its strong performance during the second quarter.
• In addition to the increased earnings per share and segment income, the volume of beverage cans at CCK rose by 20% across all global regions, contributing significantly to the growth.
• Several of the regions adversely affected by the pandemic, including Brazil, all of Europe, Mexico, the Middle East and Southeast Asia, have seen improved demand since the pandemic.
• Even with certain challenges posed by supply chain disruptions, each of CCK’s businesses performed exceptionally well.

What helped CCK to post positive results?

Several cost reduction initiatives initiated by Transit Packaging contributed to Crown Holdings (CCK)’s strong performance. CCK’s global manufacturing activity has also improved steadily. Its capital allocation strategy of returning cash to shareholders has resulted in CCK repurchasing $379 million of common stock thus far this year.