Ball Corp. (BLL) Tops Q1 EPS by 1c

Ball Corp. (NYSE: BLL) reported Q1 EPS of $0.61, $0.01 better than the analyst estimate of $0.60. Revenue for the quarter came in at $2.785 billion versus the consensus estimate of $2.81 billion.

"First and foremost, we extend our gratitude to our front-line manufacturing teams, our supply chain and our customers for their dedication to working safely and maintaining a reliable supply of packaging, aerospace technologies and services to our customers and consumers. Ball is fortunate to have a strong balance sheet, ample liquidity, a "can-do" culture and a business model that has successfully weathered other turbulent economic times over our 140-year history. Our company is humbled by the resiliency with which we are able to execute our strategy, maintain employment across global economies and give back to the communities where we operate," said John A. Hayes, chairman, president and chief executive officer.

"During the quarter, our company posted 24 percent comparable earnings per diluted share growth and 12 percent operating earnings growth across our corporation. Our global beverage business' comparable operating earnings grew 5 percent despite meaningful volume declines in South America during the second half of March, our aluminum aerosol business grew operating earnings 5 percent, and our aerospace business earnings increased 33 percent. With customer and consumer demand for aluminum packaging solutions continuing to outpace existing supply in North America, and our aerospace business supporting critical missions for the U.S. government, our previously announced growth projects are largely on track to add much needed capacity throughout 2020 and beyond."

"Our global business is resilient and, though certain regions may be impacted more significantly during the second quarter due to the socioeconomic dynamics associated with the pandemic, the long-term demand for our products continues to be strong and our strategy remains intact. We are focused on working safely, improving our operational excellence, amplifying the sustainability benefits of aluminum packaging, and executing on previously announced growth projects. Ball remains well positioned to grow diluted earnings per share, and deliver shareholder returns now and into the future."

Outlook

"The company continues to operate with a high-functioning global supply chain, well-capitalized operations and ample committed liquidity composed of $800 million in cash on hand, $550 million in committed credit facilities as well as an additional $500 million in uncommitted lines of credit. During the initial stages of the pandemic, we have taken appropriate actions to focus on cash and liquidity, while continuing to pay dividends and execute on our growth investments. Looking forward, we expect to generate free cash flow in the range of $500 million in 2020, and will have the opportunity to accelerate the return of value to shareholders later in 2020 and beyond," said Scott C. Morrison, senior vice president and chief financial officer.

"We are proud of our company's ability to effectively run our global business remotely and safely while being nimble and responsive to our stakeholders' needs during this unprecedented time. Executing our disciplined capital allocation strategy and being recession resistant is important as we bridge this near-term uncertainty with a long-term outlook that remains bright. While there are near-term challenges, our business is resilient and our strategy remains intact. We currently expect to grow our earnings per diluted share this year and beyond, and we look forward to continuing to grow our EVA dollars on a larger capital base, and returning capital to our shareholders," Hayes said.

For earnings history and earnings-related data on Ball Corp. (BLL) click here.

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