Sector Update: Consumer


Consumer stocks are lower this afternoon, with shares of consumer staples companies in the S&P 500 sinking about 0.9% while shares of consumer discretionary firms in the S&P 500 are down about 0.6%.

In company news, Crown Holdings Inc ( CCK ) is down just 0.25% at $43.36 a share, climbing back from 3.7% decline to a $41.85 intra-day low. The packaging company cut its guidance for the current quarter below Wall Street estimates, citing lower-than-expected demand in selected markets. It also announced plans to cut 300 jobs in Europe.

CCK now sees Q3 earnings in a range of $1.05 to $1.10, down from its prior guidance expecting EPS of $1.15 to $1.25 and trailing the Capital IQ consensus for the period by at least $0.11 per share.

The company also said it will record a $32-million pre-tax restructuring charge in Q3, reflecting plans to reduce headcount throughout its European operations, primarily in the food, aerosol and specialty packaging businesses. On a per-share basis, the restructuring charge will trim $0.21 from Q3 net income.

In other sector news,

(+) ASNA, (+14.4%) Q4 adjusted earnings of $0.34 per share beats analyst expectations by $0.13. Sales rise 27.5% year over year to $1.2 bln, also topping expectations by $40 mln. Guides FY14 EPS below consensus.

(-) AIR, (-9.9%) Q1 revenue declines 6.5% year over year to $514.5 mln, trailing the Capital IQ consensus by $27.61 million. Net income of $0.45 per share matches estimates.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: CCK

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