Ball Corp. (BLL) Tops Q2 EPS by 9c, Revenues Beat

Ball Corp. (NYSE: BLL) reported Q2 EPS of $0.65, $0.09 better than the analyst estimate of $0.56. Revenue for the quarter came in at $2.81 billion versus the consensus estimate of $2.86 billion.

"The resiliency of our businesses and ability to maintain safe, continuous business operations is reflected in our results. 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," said John A. Hayes, chairman, president and chief executive officer.

"During the quarter, our company posted 2 percent comparable earnings per diluted share growth on flat operating earnings with strong aluminum beverage can demand in North America continuing to outpace regional supply offset somewhat by high single-digit volume declines in EMEA, early-quarter sharp volume declines in South America aluminum beverage and an aerospace supply chain issue impacting segment results. Our global beverage, aerosol and aerospace businesses rebounded swiftly following the initial impact of the global pandemic and all are exiting the quarter with momentum for improved performance in the second half and beyond."

"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. Ball remains well positioned to grow diluted earnings per share, and deliver shareholder returns now and into the future," Hayes said.

Outlook

"Our company continues to operate from a position of strength. Ample liquidity and cash flow continue to bolster our ability to accelerate growth investments while continuing to return value to shareholders. Given the exciting growth trajectory in our North American beverage business, we foresee 2020 capital expenditures exceeding $900 million and additional EVA-enhancing opportunities in 2021 and beyond," said Scott C. Morrison, senior vice president and chief financial officer.

"We are proud of our colleagues around the world. During the quarter, we faced many challenges on both a human and operational level, and our team came together to execute our global business strategy as effectively and safely as possible. While lingering challenges are likely, our products and operations have proven their resiliency by exiting the second quarter with notable momentum across all of our operations. We currently expect to grow our earnings per diluted share this year while returning capital to our shareholders. Beyond 2020, we look forward to continuing to grow our EVA dollars on an even larger capital base and achieving our long-term diluted earnings per share growth goal of 10 to 15 percent," Hayes said.

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

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