Crown Holdings' 2017 Was in Line With Our Expectations; Maintaining $59 Fair Value Estimate
Crown Holdings' fourth quarter wrapped up a year that largely matched our expectations. Sales rose 5% to nearly $8.7 billion in 2017, led by strong demand growth in Latin and South America, as well as in the Asia-Pacific region. The company also benefited from capacity growth in Monterrey, Mexico, which offset weaker beer demand in the United States. Operating income rose roughly 4% in 2017, as margins narrowed throughout much of Crown's business. We've left our long-term outlook, $59 per share ...
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