Technology  April 28, 2016

Ball’s 1Q earnings, revenue miss estimates

BROOMFIELD — Citing tough price competition in China and startup costs for growth projects, Ball Corp. on Thursday reported a loss of 90 cents per share for the first quarter, compared with earnings of 15 cents a share for the same period last year.

During the first quarter that ended March 31, Broomfield-based Ball (NYSE: BLL) had costs related to the startup of a can-manufacturing line at its facility in Monterrey, Mexico, and its Boulder-based aerospace division acquired Wavefront Technologies.

Total revenue declined 8.7 percent year over year to $1.76 billion in the first quarter, also falling short of the Zacks estimate of $1.9 billion.

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Revenue declined 8.4 percent year over year to $937 million in the metal beverage packaging segment for the Americas and Asia; that division’s operating earnings of $102 million were down 18.4 percent year over year.

In the aerospace and technologies segment, sales fell 16.3 percent year over year to $180 million. Operating earnings decreased to $18 million from $20 million in the year-ago quarter. The segment reported a backlog of $729 million.

Ball had cash and cash equivalents of $205 million at the end of the first quarter that ended March 31, compared with $229 million at the end of the first quarter of 2015. Its long-term debt increased to $5.4 billion from $3.1 billion at the end of the same quarter last year.

Near the close of Thursday’s trading on the New York Stock Exchange, Ball’s shares were down 2.5 percent at $73.01.

Dallas Heltzell
With BizWest since 2012 and in Colorado since 1979, Dallas worked at the Longmont Times-Call, Colorado Springs Gazette, Denver Post and Public News Service. A Missouri native and Mizzou School of Journalism grad, Dallas started as a sports writer and outdoor columnist at the St. Charles (Mo.) Banner-News, then went to the St. Louis Post-Dispatch before fleeing the heat and humidity for the Rockies. He especially loves covering our mountain communities.
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