Banking & Finance  May 4, 2017

Ball Corp. posts first-quarter profit of $68M; aerospace subsidiary clears $21M

BROOMFIELD – Can manufacturer Ball Corp. (NYSE: BLL) on Thursday reported a profit of $68 million, or 38 cents per share, on sales of $2.5 billion for its first quarter that ended March 31.

The first-quarter numbers were an improvement compared with the first quarter of 2016 when the Broomfield-based company reported a loss of $127 million, or 90 cents per share, on sales of $1.8 billion.

Late last month, Ball announced a two-for-one split of its common stock, effective May 16 to shareholders of record on May 8, and a 54 percent increase in the company’s quarterly cash dividend, payable June 15 to shareholders of record on June 1.

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“Our first quarter results from operations exceeded our expectations and higher corporate costs were offset by a lower effective tax rate,” said John A. Hayes, Ball Corp.’s chairman, president and chief executive. “The company’s global beverage can volume increased in the quarter on a pro forma basis led by improved volumes in the Americas and Europe, global metal aerosol growth offset continued declines in U.S. food cans and aerospace won additional work.”

Hayes said higher corporate costs were driven by higher compensation costs and certain one-time items that are expected to recede in the second half of the year.

Ball Corp.’s subsidiary, Ball Aerospace & Technologies Inc. based in Boulder, reported earnings of $21 million on sales of $236 million, compared with $18 million on sales of $180 million during the same period in 2016.

Ball Aerospace’s contracted backlog ended the quarter at $1.4 billion. The company recently broke ground on the expansion of its aerospace manufacturing center in Westminster.

Ball Corp.’s stock was trading at $80.85 per share mid-day Thursday. Its 52-week range was $67.51 to $82.24.

 

BROOMFIELD – Can manufacturer Ball Corp. (NYSE: BLL) on Thursday reported a profit of $68 million, or 38 cents per share, on sales of $2.5 billion for its first quarter that ended March 31.

The first-quarter numbers were an improvement compared with the first quarter of 2016 when the Broomfield-based company reported a loss of $127 million, or 90 cents per share, on sales of $1.8 billion.

Late last month, Ball announced a two-for-one split of its common stock, effective May 16 to shareholders of record on May 8, and a 54 percent increase in the…

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