Ball reports improved second quarter 2019 results

Ball Corporation reported, on a U.S. GAAP basis, second quarter 2019 net earnings attributable to the corporation of $197 million (including the net effect of after-tax charges of $22 million, or 6 cents per diluted share for business consolidation and other non-comparable costs) or 58 cents per diluted share, on sales of $3.0 billion, compared to $119 million net earnings attributable to the corporation, or 34 cents per diluted share (including the net effect of after-tax charges of $88 million, or 24 cents per diluted share for business consolidation and other non-comparable costs), on sales of $3.1 billion in 2018. Results for the first six months of 2019 were net earnings attributable to the corporation of $314 million, or 92 cents per diluted share, on sales of $5.8 billion, compared to $244 million net earnings attributable to the corporation, or 68 cents per diluted share, on sales of $5.9 billion for the first six months of 2018.

Ball's second quarter and year-to-date 2019 comparable earnings per diluted share were 64 cents and $1.13, respectively versus second quarter and year-to-date 2018 comparable earnings per diluted share of 58 cents and $1.09, respectively.

Results reflect the sale of the company's U.S. steel food and steel aerosol business effective July 31, 2018. References to volume data represent units shipped in respective periods. Details of comparable segment earnings, business consolidation activities and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release.

"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 aluminum 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 percent driven by a 13 percent 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 aluminum packaging," said John A. Hayes, chairman, president and chief executive officer.

"As we look out over the next 12 to 36 months, higher than expected growth in our global beverage container businesses will require additional investment and, when combined with recently negotiated contracts and our aerospace technologies being leveraged across multiple customer platforms, the stage is set for an exciting multi-year period of growth, innovation and disciplined capital allocation for our company."