Strong aluminum can demand drives Ball’s earnings up

BROOMFIELD — Ball Corp. (NYSE: BLL), a Broomfield-based metal-packaging manufacturer with a major aerospace division, posted higher than expected earnings Thursday on the strength of the firm’s North American aluminum beverage can sales. Ball reported second quarter adjusted earnings of $0.65 per share, significantly higher than the the Zacks Consensus Estimate of $0.57 per share. Revenues for the quarter were $2.8 billion, down from $3 billion in the second quarter of fiscal year 2019.  “The resiliency of our businesses and ability to maintain safe, continuous business operations is reflected in our results,” Ball CEO John Hayes said in a prepared statement. “Our team is working diligently to satisfy the needs of our global aluminum packaging and aerospace customers amidst a dynamic operating environment. Ball’s financial strength, growth investments, sustainable products and ability to provide for our employees, customers and communities where we operate has never been more important.” The firm’s North American beverage packing unit saw boosted demand and sales in Q2. Earnings for the division were $189 million on sales of $1.3 billion compared to $141 million on sales of $1.3 billion during the same period in 2019. “With demand for our aluminum packaging solutions and aerospace technologies increasing even higher than we anticipated, much needed capacity additions and hiring will benefit our company and customers in the second half of 2020 and beyond. Our previously announced projects are on track, and we will continue to deploy additional capital across our existing business portfolio to support new customer contracts,” Hayes said in a statement. “Ball remains well positioned to grow diluted earnings per share and deliver shareholder returns now and into the future.” Ball’s stock finished trading Thursday at $74.44, down 0.81%.   © 2020 BizWest Media LLC
Source: BizWest