DOW JONES NEWSWIRES
Ball Corp.'s (BLL) first-quarter earnings rose 15%, beating
analysts' estimates, as the metal-packaging and aerospace company
reported strong volume growth in each of its businesses fueled by
acquisitions.
Ball has seen its sales grow in six straight quarters after
orders rebounded from low levels seen during the economic downturn.
The company spent last year shedding its less-profitable
plastic-packaging division and expanding its footprint in emerging
markets that have delivered double-digit revenue growth in the past
quarters.
The company reported a profit of $91.3 million, or 53 cents a
share, up from $79.3 million, or 42 cents a share, a year earlier.
Excluding the impact of a closed metal beverage can plant in
California and other business consolidation costs and discontinued
operations, earnings were 58 cents compared with 43 cents a year
earlier.
Revenue increased 26% to $2.01 billion on consolidation of
Ball's Brazilian joint venture, acquisitions of its North American
slug and European extruded aluminum aerosol businesses and Chinese
beverage can joint venture, and growth in the aerospace
segment.
Analysts polled by Thomson Reuters had most recently forecast
earnings of 48 cents on $1.9 billion in revenue.
Gross margin widened to 18.9% from 16.8%.
Earnings from the metal beverage-packaging segment for the
Americas and Asia--the company's biggest segment--surged 56% as
sales jumped 33%. Metal beverage packaging in Europe saw earnings
soar 52% and sales increase 21%.
Shares closed at $37.01 Wednesday and were inactive premarket.
The stock has surged 36% over the past year.
-By Ian Thomson, Dow Jones Newswires; 212-416-2314;
ian.thomson@dowjones.com