Ball posts higher Q2 earnings but misses estimates

BROOMFIELD — Ball Corp. (NYSE: BLL), a Broomfield-based metal-packaging manufacturer with a major aerospace division, reported adjusted earnings of $0.64 per share for the second quarter of fiscal year 2019.

While those earnings just barely missed Zacks Consensus Estimate of $0.65 per share, they were up significantly over the $0.58 per share earnings posted in the same period during the 2018 fiscal year. 

Ball’s North American beverage packing division’s operating earnings for the second quarter 2019 were $141 million on sales of $1.3 billion compared to $157 million on sales of $1.2 billion in the second quarter 2018.  European beverage packing had earnings of $87 million on sales of $715 million, compared to $75 million on sales of $703 million in the second quarter 2018. South American beverage packing had $65 million in earnings on sales of $377 million, compared to $66 million on sales of $379 million during the same period in 2018. 

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Earnings for Ball’s aerospace division for the second quarter 2019 were $38 million on sales of $379 million, compared to $24 million on sales of $290 million in the second quarter 2018.

“Strong demand trends in both our metal beverage packaging and aerospace businesses continue,” Ball CEO John Hayes said in a prepared statement. “During the quarter, rising global beverage can demand driven by continued specialty can growth from new product introductions by our customers and initial efforts by existing customers to shift established brands to aluminum packaging, resulted in tight supply conditions for specialty cans and higher short-term costs to serve growth, particularly in North and South America.”

Ball stock prices were dropped as low as $73.68 at 12:30 p.m. Eastern Time before recovering to close the day’s trading at $74.73, one cent lower than previous close.