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Crown Holdings

Crown Holdings, Inc. (CCK) is engaged in the design, manufacture, and sale of packaging products for consumer goods. The company's products include steel and aluminum cans for food, beverages, household and other products, as well as metal vaccum closures and caps. CCK's business is organized geographically within three divisions, Americas, Europe and Asia Pacific. Within the European and American divisions, the company operates along two product lines: food and beverage. The Asia Pacific division primarily consists of beverage can operations. The company was founded in 1892 by William Painter who invented the crown cap for bottled carbonated beverages in 1891. CCK acquired Signode Industrial Group, a leading manufacturer of protective packaging systems. (06 Dec 2018)

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Transcript: 2018 IG & Crossover Conf-Basics Panel

Transcript: 11 Dec 2018, 5:51 AM ET - We present a transcript of the Basic Industries Panel discussion given at the CreditSights Investment Grade & Crossover conference on December 4, 2018.

Paper Trails: Soft Pulp, Buy or Build, And More...

Paper Trails: 10 Dec 2018, 4:25 AM ET - We present pulp and paper monthly data, as we note softness developing in the pulp markets. Lecta was weaker on the week due to concerns for management pursuing leveraging M&A. 

Paper Trails: Stocking Pre-Stuffed

Paper Trails: 03 Dec 2018, 4:26 AM ET - Our weekly recap was stocked with news, including WRK Sr. Notes issuance, comments from IP and UFS at an industry conference last week and our Pulp and Paper monthly previews. Also, the US/China reached a deal to suspend new tariffs. 

Paper Trails: Earnings and Containerboard Data

Paper Trails: 19 Nov 2018, 4:24 AM ET - Mixed earnings from several names in our HY space and SIGCBL's one-notch upgrade to BB+ by S&P headlines our weekly market recap. We also provide a preview of our October containerboard monthly data recap.

Paper Trails: Upgrades, Buybacks, Pulp Market View

Paper Trails: 12 Nov 2018, 4:04 AM ET - Good earnings from RYAM and LPX highlight the week plus an upgrade to IG for STERV. We highlight commentary from the London Pulp Conference from RISI competitor Hawkins Wright.

Owens-Illinois 3Q18: Benefits of Being Global

Earnings Note: 31 Oct 2018, 10:23 PM ET - OI remains a top pick despite facing some headwinds during the quarter. We review results and update our credit view.

Paper Trails: Earnings Season Kickoff, Box Data

Paper Trails: 21 Oct 2018, 8:13 PM ET - Earnings season kicks off in full swing this week. We published our 3Q18 previews last week ahead of reporting by CCK and a pre-announced miss by SEE. Additionally, containerboard data for September came in off trend. 
Focused

Crown Holdings: S&P Upgrade, Still M&A Risk Ahead

Worth Watching: 19 Oct 2018, 1:09 PM ET - Crown Holdings (CCK, Ba2/BB+) issuer rating was upgraded to BB+ from BB by S&P ratings. Additionally, CCK's senior secured rating was upgraded to BBB- from BB+. According to S&P, the upgrade reflects the company's integration of Signode and its ..
Focused

Crown Holdings 3Q18: Still On Track

Earnings Note: 18 Oct 2018, 7:50 PM ET - Crown Holding's results were just behind our estimates. The company reaffirmed its guidance for the full year, maintaining its goal to reduce leverage by year end. We update our thoughts on the credit. 

Sealed Air: Clear Miss, Lowered Guidance

Worth Watching: 17 Oct 2018, 11:43 PM ET - Sealed Air  (SEE, Ba3/BB+, Market perform) announced limited preliminary 3Q18 results that were below our estimates. 3Q18 sales are expected to be $1.2 billion, up 5% from the prior year and ahead of our $1.1 billion estimate. Excluding $39 mil ..
Focused

Crown Holdings: 3Q18 Narrow Miss FY Guidance Holds

Worth Watching: 17 Oct 2018, 11:43 PM ET - Crown Holdings (CCK, Ba2/BB) reported 3Q18 revenue of $3.17 billion, up 28.6% from $2.57 million in 3Q18 and ahead of our $3.00 billion estimate. Growth was driven by stronger beverage can volumes, the pass through of higher raw material costs a ..

Paper Trails: North American 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 5:17 AM ET - We present our North American earnings preview for 3Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter and our thoughts on what to listen for on the calls. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Resolute Forest Products: ITC Ends Newsprint Duty

Worth Watching: 03 Sep 2018, 5:44 PM ET - Resolute Forest Products (RFP B2/B+, SELL) and the rest of the newspaper industry received positive news during the slow holiday week. The United States International Trade Commission (ITC) ruled on August 29th that imports of uncoated groundwo ..

Resolute FP: Moody's Upgrade Rationale vs Our View

Worth Watching: 15 Aug 2018, 10:39 PM ET - Resolute FP (RFP, Ba3/BB-, SELL) received a one-notch Credit Family Rating upgrade today from Moody's to Ba3 with a Stable outlook. The unsecured notes were also upgraded one-notch to B1. According to the ratings agency, the upgrade reflects its ..

Paper Trails: Earnings, Macro Data and Trade Duties

Paper Trails: 06 Aug 2018, 4:55 AM ET - Our market recap is highlighted by earnings reports from a bulk of our names this week. We also present containerboard and paper data as well as a DOC decision for newsprint.

Paper Trails: 2Q18 Earnings Have Arrived

Paper Trails: 30 Jul 2018, 4:11 AM ET - Earnings season has started, and results have been mixed. Cenveo's census contract has been settled, clearing path to confirmation hearing. We review the week and more. 

Owens-Illinois 2Q18: Clear Leader In Packaging

Earnings Note: 24 Jul 2018, 9:48 PM ET - OI remains a top pick in Packaging, despite some headwinds during 2Q18. We review results and update our credit view.

Paper Trails: 2Q18 Earnings Are Coming

Paper Trails: 23 Jul 2018, 9:19 AM ET - Our 2Q18 earnings season kicked off this week with CCK reporting solid results. A bulk of our names will report earnings this week.
Focused

CCK 2Q18: Debt Reduction Remains In Focus

Earnings Note: 20 Jul 2018, 1:50 PM ET - CCK results came in line with estimates, however the company lowered guidance for the full year. We review results and update our thoughts on the credit.

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