Ball Corp. misses earnings estimate in Q3
BROOMFIELD — Ball Corp. (NYSE: BLL), a Broomfield-based metal-packaging manufacturer with a major aerospace division, saw its stock price tumble Thursday morning after the company posted lower-than-expected third-quarter earnings.
The firm reported diluted earnings per share of 70 cents. While that figure is higher than the 56-cent EPS recorded in the third quarter of fiscal year 2018, it missed Wall Street estimates of 73 cents per share.
While global can-production volumes were up 4 percent in the quarter and Ball’s aerospace order backlog jumped 9 percent, revenues also missed Zacks Consensus Estimate. Sales in the third quarter totaled $2.95 billion. Analysts predicted revenues of more than $3 billion.
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Ball’s stock price hovered around $70 during early trading Thursday, down about 5 percent on the day.
“Long-term growth prospects for our sustainable aluminum packaging solutions and aerospace technologies continue to remain strong, and we are excited to support this growth with disciplined, multi-year investments in facilities, talent, training and systems infrastructure to improve customers’ access to our packaging products and to broaden our mission-partner position in aerospace,” Ball CEO John Hayes said in a prepared statement. “Leveraging our innovative product portfolio across the most optimal customer base in both packaging and aerospace will expand shareholder returns for years to come.”
