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