Ball Corp. reports $369M in net income for second quarter

BROOMFIELD — Ball Corp. (NYSE: BLL) on Thursday reported net earnings of $369 million, or $2.54 per share, for its second quarter that ended June 30.

The Broomfield-based can manufacturer generated $2.03 billion in revenue for the quarter.

The net earnings included after-tax income of $217 million, or $1.49 per diluted share, associated with the sale of certain assets required by regulators before they approved Ball’s acquisition of London-based metal beverage-can maker Rexam for $6.1 billion in cash and equity at the end of June.

Following the deal, Ball became the largest manufacturer of beverage cans in the world.

By comparison, during the second quarter of last year, Ball Corp. generated $2.2 billion in revenue and net earnings of $160 million, or $1.60 per share.

Ball Corp.’s quarterly results included Ball Aerospace and Technologies Corp., a subsidiary based in Boulder, that generated net earnings of $19 million on sales of $193 million for the second quarter, compared with net earnings of $20 million on sales of $230 million in the second quarter of 2015.

“Our strong second-quarter results, the completion of legacy metal packaging growth projects, a robust aerospace backlog and the recent Rexam acquisition provide a very solid foundation for a multiyear, value-compounding growth period for our company and our shareholders,” John A. Hayes, Ball Corp.’s chairman, president and chief executive, said in a prepared statement.

Hayes said one month into the acquisition integration that business-related services and manufacturing operations are running smoothly. “The past 17 months of planning have evolved into action, and the synergy execution process is well underway in all value-capture work streams.”