Global beverage-can demand drove up third quarter sales and earnings for Ball Corp. (NYSE: BLL), a Broomfield-based metal-packaging manufacturer with a major aerospace division.
The firm posted third quarter net earnings of $241 million on sales of $3.1 billion, up from $92 million in earnings on $3 billion in sales during the same period last year.
Ball beat Zacks Consensus Estimate for Q3 sales of $2.97 billion on the strength of can volumes, up 9% in the quarter.
“Our team continues to operate safely while responding to significant growth across our businesses. Capital investments are being executed to support sustained growth for our global aluminum packaging portfolio and aerospace technologies,” Ball CEO John Hayes said in a prepared statement. “Our company is well-positioned in the current environment, and our focus remains on our employees’ safety and our customers’ success, as well as the efficient and effective startup of our various capital projects in order to deliver significant value to our shareholders.”
While the firm didn’t provide full FY 2020 guidance, Ball did report that it “continue[s] to foresee 2020 capital expenditures exceeding $900 million.”
Hayes’ statement said, “The resiliency of our team and the strength in our businesses has never been more evident. We continue to be on track to execute multiple growth projects as efficiently and safely as possible with our employees, customers and supply chains. The momentum in our businesses is accelerating, and we are well positioned to further broaden our scale to serve future growth with an even higher level of customer service.”
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Ball rides strong beverage-can sales to beat earnings estimate - Longmont Times-Call
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