Ball Posts Lower Q1 Earnings

reported a drop in its earnings for the first quarter on Thursday. The Broomfield, Colorado-based company reported quarterly net income of $20.7 million, or $0.15 per share, compared to $93.5 million, or $0.65 per share, in the year-ago period. Excluding non-recurring items, the company's comparable earnings fell to $0.69 per share from $0.81 per share. Its revenue declined to $1.92 billion from $2.0 billion. However, analysts were expecting earnings of $0.79 per share on revenue of $1.91 billion. Comparable earnings for metal beverage packaging, Americas and Asia, segment slipped slightly to $125.0 million in the latest quarter, from $125.1 million in the year-ago quarter. Metal beverage packaging, Europe, comparable segment earnings declined to $28.9 million from $55.5 million, while metal food and household products packaging comparable segment earnings dropped to $30.2 million from $36.3 million. Aerospace and technologies comparable quarterly segment earnings slipped to $20.0 million in the first quarter, versus $24.1 million in the year-ago period. "First quarter results were largely impacted by expected headwinds totaling 16 cents per diluted share from foreign currency translation, higher metal premiums in Europe, and start-up costs related to growth capital investments. We continue to invest in our future with ongoing capital projects in North America, Europe and Southeast Asia that will fully ramp up in the second half of 2015 and the first half of 2016," said John A. Hayes, chairman, president and chief executive officer. Ball shares slipped 0.81 percent to close at $73.84 yesterday.