Ball Corp. (BLL) Tops Q4 EPS by 3c, Revenues Beat
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Ball Corp. (NYSE: BLL) reported Q4 EPS of $0.81, $0.03 better than the analyst estimate of $0.78. Revenue for the quarter came in at $3.1 billion versus the consensus estimate of $2.94 billion.
- Full-year and fourth quarter U.S. GAAP earnings per diluted share of $1.76 and 68 cents, respectively
- Full-year and fourth quarter comparable earnings per diluted share of $2.97 and 81 cents, respectively; up 17% and 14% year-over-year, respectively
- Full-year and fourth quarter global beverage can volumes up 5% and 12%, respectively
- Aerospace contracted backlog of $2.4 billion; year-over-year unfunded backlog increased 30% to $5.5 billion
- Launched industry-leading framework to advance circular economy for Ball operations and aluminum packaging
- Hired over 3,000 employees to support long-term aluminum packaging and aerospace business growth
- Strong balance sheet, liquidity and cash from operations enabled over $1.1 billion of growth capital investments
- Positioned to exceed long-term diluted earnings per share growth goal of 10 to 15%
"We finished 2020 with positive momentum. Significant demand growth for our aluminum packaging products and aerospace technologies continues, full-year comparable diluted earnings per share increased 17 percent, and our strong balance sheet and cash flow from operations underpinned $1.1 billion of capital investments to address sustainable growth across our global operations. Our company continues to be well-positioned, and our focus remains on our employees' safety, our customers' success, the efficient startup of various multi-year, EVA-enhancing capital projects, and the training and development of our workforce to ensure value creation for our stakeholders in 2021 and beyond," said John A. Hayes, chairman and chief executive officer.
"Our company generates significant cash from operations, and we will continue to allocate significant capital to organic growth investments while continuing to return value to shareholders. In 2020, capital expenditures exceeded $1.1 billion, and given the substantial growth in contracted volumes and backlog, total capital expenditures are expected to exceed $1.5 billion in 2021, to support additional EVA-enhancing projects," said Scott C. Morrison, executive vice president and chief financial officer.
"As we embark on our 141st year in operation, our company has never been stronger and the opportunities never so vast. We achieved record 2020 results because of our team's ability to adapt and work safely together while also leveraging our Drive for 10 vision and enduring culture to guide our journey through unforeseen challenges and emerging opportunities. The momentum in our businesses is accelerating, and we continue to hire and develop a diverse workforce and mentor next-generation leaders to execute multiple growth projects as efficiently and safely as possible with our employees, customers and supply chains. In 2021 and beyond, we look forward to continuing to grow our cash from operations and EVA dollars on an even larger capital base while returning capital to our shareholders and exceeding our long-term diluted earnings per share growth goal of at least 10 to 15 percent," Hayes said.
For earnings history and earnings-related data on Ball Corp. (BLL) click here.
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