11.03.17
Ball Corporation reported, on a US GAAP basis, third quarter 2017 net earnings attributable to the corporation of $48 million (including the net effect of after-tax charges of $140 million, or 39 cents per diluted share for business consolidation and other non-comparable costs) or 13 cents per diluted share, on sales of $2.91 billion, compared to $31 million attributable to the corporation, or 9 cents per diluted share (including the net effect of after-tax charges of $140 million, or 39 cents per diluted share for business consolidation, debt refinancing and other costs and gain on the sale of divested assets), on sales of $2.75 billion in 2016.
Results for the first nine months of 2017 were net earnings attributable to the corporation of $215 million, or 60 cents per diluted share, on sales of $8.24 billion compared to $210 million, or 67 cents per diluted share, on sales of $6.54 billion for the first nine months of 2016.
Ball’s third quarter and year-to-date 2017 comparable diluted earnings per share were 52 cents and $1.44, respectively, versus third quarter and year-to-date 2016 comparable earnings per diluted share of 48 cents and $1.30, respectively.
Earnings per share figures include the impact of the company’s two-for-one stock split effective May 16, 2017. The 2016 comparable operating results prior to June 30, 2016, exclude the effects of the Rexam transaction.
“Strong performance across our diverse global business portfolio offset the challenging environment we experienced late in the quarter in our North American beverage business due to out-of-pattern and higher cost freight, operational downtime and lower absorption following two U.S. hurricanes. Our global beverage can volumes grew 2% in the quarter, largely due to strong demand across South America versus difficult domestic US beer demand, where Ball has a majority position,” said John A. Hayes, chairman, president and CEO.
“Our European and South American beverage businesses continued their improved performance, and we continue to make progress on our global finance transformation projects and corporate cost-out initiatives with the opening of shared service centers in Belgrade, Serbia, and Querétaro, Mexico. These multi-year activities, coupled with normalized operating conditions in our Beverage Packaging, North and Central America segment, planned 2018 beverage manufacturing plant network optimizations, new US and Spain specialty beverage can plants and continuing aerospace and aerosol growth, provide a bridge to our long-standing financial goals of $2 billion of comparable EBITDA and in excess of $1 billion of free cash flow by 2019.”
“Our quarter-end net debt is down $450 million versus the same time last year after approximately $85 million of net share buybacks, $115 million of dividends and the $95 million impact of higher year-over-year foreign exchange rates on our foreign currency-denominated debt. Free cash flow in 2017 is estimated to be in excess of $850 million after capital spending in the range of $550 million,” said Scott C. Morrison, SVP and CFO.
Results for the first nine months of 2017 were net earnings attributable to the corporation of $215 million, or 60 cents per diluted share, on sales of $8.24 billion compared to $210 million, or 67 cents per diluted share, on sales of $6.54 billion for the first nine months of 2016.
Ball’s third quarter and year-to-date 2017 comparable diluted earnings per share were 52 cents and $1.44, respectively, versus third quarter and year-to-date 2016 comparable earnings per diluted share of 48 cents and $1.30, respectively.
Earnings per share figures include the impact of the company’s two-for-one stock split effective May 16, 2017. The 2016 comparable operating results prior to June 30, 2016, exclude the effects of the Rexam transaction.
“Strong performance across our diverse global business portfolio offset the challenging environment we experienced late in the quarter in our North American beverage business due to out-of-pattern and higher cost freight, operational downtime and lower absorption following two U.S. hurricanes. Our global beverage can volumes grew 2% in the quarter, largely due to strong demand across South America versus difficult domestic US beer demand, where Ball has a majority position,” said John A. Hayes, chairman, president and CEO.
“Our European and South American beverage businesses continued their improved performance, and we continue to make progress on our global finance transformation projects and corporate cost-out initiatives with the opening of shared service centers in Belgrade, Serbia, and Querétaro, Mexico. These multi-year activities, coupled with normalized operating conditions in our Beverage Packaging, North and Central America segment, planned 2018 beverage manufacturing plant network optimizations, new US and Spain specialty beverage can plants and continuing aerospace and aerosol growth, provide a bridge to our long-standing financial goals of $2 billion of comparable EBITDA and in excess of $1 billion of free cash flow by 2019.”
“Our quarter-end net debt is down $450 million versus the same time last year after approximately $85 million of net share buybacks, $115 million of dividends and the $95 million impact of higher year-over-year foreign exchange rates on our foreign currency-denominated debt. Free cash flow in 2017 is estimated to be in excess of $850 million after capital spending in the range of $550 million,” said Scott C. Morrison, SVP and CFO.