10.31.14
Ball Corporation reported third quarter net earnings attributable to the corporation of $147.4 million, or $1.04 per diluted share, on sales of $2.2 billion, compared to $115.2 million, or 78 cents per diluted share, on sales of $2.3 billion in the third quarter of 2013. Third quarter 2014 net earnings include after tax charges of $9.4 million, or 7 cents per diluted share, for business consolidation and other activities.
Results for the first nine months of 2014 were net earnings attributable to the corporation of $394.0 million, or $2.76 per diluted share, on sales of $6.5 billion, compared to $282.3 million, or $1.88 per diluted share, on sales of $6.5 billion in the first nine months of 2013. Year-to-date 2014 net earnings include after tax charges of $40.8 million for business consolidation and debt refinancing costs.
Comparable 2014 earnings per diluted share for the third quarter and year-to-date were $1.10 and $3.04, respectively versus third quarter and year-to-date 2013 comparable earnings per diluted share of $1.00 and $2.42, respectively.
“As anticipated, volume comparisons in the third quarter were challenging, led by weaker than expected customer demand for our beverage cans in Brazil following the World Cup and for steel food containers in North America,” said John A. Hayes, chairman, president and CEO. “Though we continue to navigate through aluminum premium headwinds in Europe, our focus on global cost containment, exceptional manufacturing performance and a lower effective tax rate led to improved third quarter results.”
“Year-to-date we have returned more than $350 million to shareholders in the form of share repurchases and dividends, and we remain confident that free cash flow will exceed $600 million for 2014 after capital spending of approximately $375 million,” said Scott C. Morrison, senior vice president and chief financial officer.
“Our third quarter results largely reflected the volume slowdown and current global economic conditions. As we close out the year, we remain confident in our ability to increase EVA dollar generation and achieve our long-term diluted earnings per share growth goal of 10 to 15%,” Hayes said.
Results for the first nine months of 2014 were net earnings attributable to the corporation of $394.0 million, or $2.76 per diluted share, on sales of $6.5 billion, compared to $282.3 million, or $1.88 per diluted share, on sales of $6.5 billion in the first nine months of 2013. Year-to-date 2014 net earnings include after tax charges of $40.8 million for business consolidation and debt refinancing costs.
Comparable 2014 earnings per diluted share for the third quarter and year-to-date were $1.10 and $3.04, respectively versus third quarter and year-to-date 2013 comparable earnings per diluted share of $1.00 and $2.42, respectively.
“As anticipated, volume comparisons in the third quarter were challenging, led by weaker than expected customer demand for our beverage cans in Brazil following the World Cup and for steel food containers in North America,” said John A. Hayes, chairman, president and CEO. “Though we continue to navigate through aluminum premium headwinds in Europe, our focus on global cost containment, exceptional manufacturing performance and a lower effective tax rate led to improved third quarter results.”
“Year-to-date we have returned more than $350 million to shareholders in the form of share repurchases and dividends, and we remain confident that free cash flow will exceed $600 million for 2014 after capital spending of approximately $375 million,” said Scott C. Morrison, senior vice president and chief financial officer.
“Our third quarter results largely reflected the volume slowdown and current global economic conditions. As we close out the year, we remain confident in our ability to increase EVA dollar generation and achieve our long-term diluted earnings per share growth goal of 10 to 15%,” Hayes said.