Citi梳理包装股二季度财报预期，部分公司已披露业绩或被调整评级

Wall Street makes small moves ahead of closely-watched tech earnings for AI cues
Investing.com -- Citi analysts have identified their top picks in the Paper & Packaging sector ahead of the second quarter earnings season, with beverage can and containerboard producers expected to deliver mostly upbeat results. The firm anticipates management teams will reiterate their 2026 outlooks as underlying demand appears in-line for most producers, while recent price hikes in containerboard and solid bleached sulfate could drive optimistic commentary on earnings calls.
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Crown Holdings (NYSE:CCK)
Citi’s third-ranked pick is expected to report second quarter earnings Monday after market close, with the firm projecting earnings per share of $2.20 versus consensus of $2.15. Analysts model second quarter EBITDA declining 1% year-over-year to $544 million, with total company beverage can volumes up 4.3% year-over-year. The firm expects Crown could reiterate 2026 guidance of $7.90-$8.30 per share versus consensus of $8.12, with second quarter demand largely meeting expectations. Citi maintains a Buy rating on compelling low-to-mid single digit underlying growth and reasonable valuation at 9.0x next twelve months EBITDA versus a 9.1x five-year average.
Crown Holdings reported second-quarter adjusted earnings of $2.49 per share, exceeding estimates, and raised its full-year profit outlook. Following the results, JPMorgan downgraded the company’s rating to Neutral, though several other firms, including BMO and Truist, raised their price targets.
Sonoco Products (NYSE:SON)
Ranked as Citi’s second-best pick in packaging, Sonoco is scheduled to report second quarter earnings Wednesday after market close. Citi projects earnings per share of $1.52 versus consensus of $1.43, with second quarter EBITDA forecast up 2% year-over-year at $333 million. The firm expects Sonoco to reiterate full-year guidance including EBITDA of $1.25 billion to $1.35 billion versus consensus of $1.28 billion. Citi maintains a Buy rating on potentially solid second quarter results, compelling valuation at 7.8x next twelve months EBITDA, and muted investor sentiment.
In recent developments, Sonoco Products announced a price increase for its uncoated recycled paperboard products in the United States and Canada and declared a quarterly dividend of $0.54 per share. Truist also named the company a "best idea," citing pricing power and productivity.
Packaging Corporation of America (NYSE:PKG)
Set to report second quarter earnings Wednesday after market close, Citi projects earnings per share of $2.30 versus consensus of $2.32. The firm models second quarter EBITDA up 11% year-over-year to $489 million, with corrugated shipments showing year-over-year growth in April and May. Citi maintains a Neutral rating on fair valuation at 10.9x versus a 9.9x five-year average.
Packaging Corporation of America indicated it may fall short of its second-quarter earnings guidance. Wells Fargo downgraded the company’s rating to Equal Weight citing valuation, while Truist named it a "best idea" due to its consistent track record.
Ardagh Metal Packaging (NYSE:AMBP)
Scheduled to report second quarter earnings Thursday before market open, Citi projects earnings per share of $0.06 versus consensus of $0.05. The firm expects Ardagh could modestly raise 2026 EBITDA guidance to reflect first quarter outperformance and supportive demand trends. Citi maintains a Buy rating on compelling underlying growth.
Ardagh Metal Packaging reported first-quarter earnings of $0.05 per share on revenue of $1.5 billion, surpassing market expectations for both metrics.
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