Ball reveals Q2 2019 financial results
Sustainable packaging company Ball has published its Q2 2019 financial report, revealing a $78 million (approximately €69.7 million) increase in earnings year on year.
The report revealed that the corporation had net earnings of $197 million (€176 million) (including the net effect of after-tax charges of $22 million (€19.6 million), or $0.60 (€0.53) per diluted share for business consolidation and other non-comparable costs) or $0.58 (€0.51) per diluted share, on sales of $3 billion (€2.68 billion).
This is compared to $119 million (€106 million) net earnings, or $0.34 (€0.30) per diluted share (including the net effect of after-tax charges of $88 million (€78.5 million), or $0.24 (€0.21) per diluted share for business consolidation and other non-comparable costs), on sales of $3.1 billion (€2.76 billion) in 2018.
The company’s results for the first six months of 2019 were net earnings of $214 million (€191.2 million), or $0.92 (€0.82) per diluted share, on sales of $5.8 billion (€5.18 billion), compared to $244 million (€218 million) net earnings, or $0.68 (€0.60) per diluted share, on sales of $5.9 billion (€5.27 billion) in the first six months of 2018.
The results reflect the sale of the company’s US steel food and steel aerosol business in July 2018. John A Hayes, Ball’s chairman, president and CEO, said: “Strong demand trends in both our metal beverage packaging and aerospace businesses continue.
“During the quarter, rising global beverage can demand driven by continued specialty can growth from new product introductions by our customers and initial efforts by existing customers to shift established brands to aluminium packaging, resulted in tight supply conditions for specialty cans and higher short-term costs to serve growth, particularly in North and South America.
“Overall global volumes were up nearly 5% driven by a 13% increase in global specialty volumes. As we look forward in the near term, recent specialty can manufacturing line speed-ups across our existing global plant network will allow us to keep pace with our customers’ needs for infinitely recyclable aluminium packaging.”
The report revealed that the corporation had net earnings of $197 million (€176 million) (including the net effect of after-tax charges of $22 million (€19.6 million), or $0.60 (€0.53) per diluted share for business consolidation and other non-comparable costs) or $0.58 (€0.51) per diluted share, on sales of $3 billion (€2.68 billion).
This is compared to $119 million (€106 million) net earnings, or $0.34 (€0.30) per diluted share (including the net effect of after-tax charges of $88 million (€78.5 million), or $0.24 (€0.21) per diluted share for business consolidation and other non-comparable costs), on sales of $3.1 billion (€2.76 billion) in 2018.
The company’s results for the first six months of 2019 were net earnings of $214 million (€191.2 million), or $0.92 (€0.82) per diluted share, on sales of $5.8 billion (€5.18 billion), compared to $244 million (€218 million) net earnings, or $0.68 (€0.60) per diluted share, on sales of $5.9 billion (€5.27 billion) in the first six months of 2018.
The results reflect the sale of the company’s US steel food and steel aerosol business in July 2018. John A Hayes, Ball’s chairman, president and CEO, said: “Strong demand trends in both our metal beverage packaging and aerospace businesses continue.
“During the quarter, rising global beverage can demand driven by continued specialty can growth from new product introductions by our customers and initial efforts by existing customers to shift established brands to aluminium packaging, resulted in tight supply conditions for specialty cans and higher short-term costs to serve growth, particularly in North and South America.
“Overall global volumes were up nearly 5% driven by a 13% increase in global specialty volumes. As we look forward in the near term, recent specialty can manufacturing line speed-ups across our existing global plant network will allow us to keep pace with our customers’ needs for infinitely recyclable aluminium packaging.”
