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04.05.2017 12:00
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Ball Reports Improved First Quarter 2017 Results
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PR Newswire
BROOMFIELD, Colo., May 4, 2017
BROOMFIELD, Colo., May 4, 2017 /PRNewswire/ -- Ball Corporation (NYSE: BLL) today reported, on a U.S. GAAP basis, first quarter 2017 net earnings attributable to the corporation of $68 million (including the net effect of after-tax charges of $68 million, or 38 cents per diluted share for business consolidation and other non-comparable costs) or 38 cents per diluted share, on sales of $2.5 billion, compared to a net loss of $127 million attributable to the corporation, or a loss of 90 cents per diluted share (including the net effect of after-tax charges of $213 million, or $1.49 per diluted share for business consolidation costs, economic hedging losses, and debt refinancing and other costs), on sales of $1.8 billion in 2016. Ball's comparable first quarter 2017 results were net earnings of $136 million, or 76 cents per diluted share, compared to $86 million, or 59 cents per diluted share in 2016. Year-over-year earnings per share figures include the impact of shares issued for the recent acquisition and exclude the impact of the company's recently announced two-for-one stock split, which will be effective on May 16, 2017.
During the second half of 2016, Ball realigned its operating segments as a result of the Rexam transaction. The company retrospectively adjusted prior period amounts to conform to the current segment presentation. Comparable operating results prior to June 30, 2016, exclude the effects of the Rexam transaction. Details of comparable segment earnings, business consolidation activities and other non-comparable costs, as well as descriptions of the company's new business segments, can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release. Regional beverage packaging segment volumes referenced in today's news release reflect the pro forma effects of the Rexam transaction and related divestitures.
On April 26, 2017, Ball announced a two-for-one split of the company's common stock, effective May 16 to shareholders of record on May 8, and a 54 percent increase in the company's quarterly cash dividend, payable June 15 to shareholders of record on June 1. Ball's existing share repurchase authorization exceeds 20 million of the company's post-split shares.
"Our first quarter results from operations exceeded our expectations and higher corporate costs were offset by a lower effective tax rate. The company's global beverage can volume increased in the quarter on a pro forma basis led by improved volumes in the Americas and Europe, global metal aerosol growth offset continued declines in U.S. food cans and aerospace won additional work," said John A. Hayes, chairman, president and chief executive officer. "Higher corporate costs were driven by higher compensation costs and certain one-time items that are expected to recede in the second half of the year. We, once again, reaffirm our financial goals for 2017 through 2019 and we are on track to recognize at least $150 million of the targeted $300 million plus synergies largely in the second half of 2017."
Beverage Packaging, North and Central America
Beverage packaging, North and Central America, comparable segment operating earnings in the first quarter of 2017 were $123 million on sales of $949 million, compared to $93 million on sales of $734 million in 2016.
First quarter results include the benefit of acquired assets and continued growth in specialty packaging particularly in the energy, alternative beverage and beer categories. Overall pro forma volumes for the segment were up mid-single digits. Manufacturing performance improved in the seasonally small quarter due to better absorption and the lack of plant and project start-up costs versus last year.
Beverage Packaging, South America
Beverage packaging, South America, comparable segment operating earnings for the first quarter 2017 were $58 million on sales of $371 million, compared to $18 million on sales of $126 million during the same period in 2016.
First quarter revenues and operating earnings were higher due largely to the inclusion of operations from the acquisition. After a slow start to the year, overall beverage can pro forma volume improved sequentially throughout the quarter, and finished up mid-single digits. Package mix shift into specialty cans continues and during the quarter, specialty cans represented approximately 50 percent of the package mix for the segment.
Beverage Packaging, Europe
Beverage packaging, Europe, comparable segment operating earnings for the first quarter 2017 were $47 million on sales of $508 million, compared to $39 million on sales of $356 million during the same period in 2016.
Comparable segment earnings in the first quarter reflect the inclusion of operations from the acquisition. Overall demand was up low single digits led by solid demand trends across continental Europe and continued growth in Eastern Europe. To further align costs, capabilities and resources across the European manufacturing network, the company announced its intention to cease production at its Recklinghausen, Germany, facilities. Customers currently being supported out of these locations are expected to be serviced from Ball's remaining European facilities.
Food and Aerosol Packaging
Food and aerosol packaging comparable segment operating earnings for the first quarter 2017 were $21 million on sales of $272 million, compared to $20 million on sales of $284 million during the same period in 2016.
During the first quarter, mid-single digit aerosol volume growth, particularly in North America, Europe and India, offset mid-single digit U.S. food can volume declines in the segment. Also in the quarter, the company announced the sale of its Hubbard, Ohio, paint and general line business and production ceased at the Weirton, West Virginia, tinplate metal service center in early April. Management continues to focus on reducing invested capital, increasing plant efficiencies and aligning costs across the segment.
Aerospace
Aerospace comparable segment operating earnings for the first quarter 2017 were $21 million on sales of $236 million, compared to $18 million on sales of $180 million during the same period in 2016.
Contracted backlog ended the quarter at $1.4 billion. The company recently broke ground on the expansion of its Westminster, Colorado, aerospace manufacturing center. This project, as well as additional capital expenditures to expand testing and engineering capabilities, will further support anticipated quarter-on-quarter segment earnings improvement throughout 2017.
Outlook
"Our quarter-end net debt of $7.5 billion is right on top of our forecast and reflects the normal seasonal working capital build in our packaging businesses. We continue to expect that our 2017 free cash flow will be in the range of $750 million to $850 million after capital spending of approximately $500 million," said Scott C. Morrison, senior vice president and chief financial officer.
"We are pleased with our progress. The company remains on pace to deliver on its free cash flow, EVA dollar growth, diluted earnings per share growth and cost savings targets for 2017 and beyond. As we move closer to our 3.5 times net debt to comparable EBITDA target in 2017, we look forward to returning additional value to our shareholders in the form of share repurchases and higher dividends," Hayes said.
About Ball Corporation
Ball Corporation supplies innovative, sustainable packaging solutions for beverage, food and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government. Ball Corporation and its subsidiaries employ 18,450 people worldwide and reported 2016 net sales of $9.1 billion. For more information, visit www.ball.com, or connect with us on Facebook or Twitter.
Conference Call Details
Ball Corporation (NYSE: BLL) will hold its first quarter 2017 earnings call today at 9 a.m. Mountain time (11 a.m. Eastern). The North American toll-free number for the call is 800-672-1467. International callers should dial 303-223-4394. Please use the following URL for a webcast of the live call:
http://edge.media-server.com/m/p/99yzkmrb
For those unable to listen to the live call, a taped replay will be available from 11 a.m. Mountain time on May 4, 2017, until 11 a.m. Mountain time on May 11, 2017. To access the replay, call 800-633-8284 (North American callers) or 402-977-9140 (international callers) and use reservation number 21848202. A written transcript of the call will be posted within 48 hours of the call's conclusion to Ball's website at www.ball.com/investors under "news and presentations."
Forward-Looking Statements
This release contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates," "believes," "targets," "likely" and similar expressions typically identify forward-looking statements, which are generally any statements other than statements of historical fact. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. You should therefore not place undue reliance upon any forward-looking statements and any of such statements should be read in conjunction with, and, qualified in their entirety by, the cautionary statements referenced below. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Exhibit 99 in our Form 10-K, which are available on our website and at www.sec.gov. Additional factors that might affect: a) our packaging segments include product demand fluctuations; availability/cost of raw materials; competitive packaging, pricing and substitution; changes in climate and weather; competitive activity; failure to achieve synergies, productivity improvements or cost reductions; mandatory deposit or other restrictive packaging laws; customer and supplier consolidation, power and supply chain influence; changes in major customer or supplier contracts or a loss of a major customer or supplier; political instability and sanctions; currency controls; and changes in foreign exchange or tax rates; b) our aerospace segment include funding, authorization, availability and returns of government and commercial contracts; and delays, extensions and technical uncertainties affecting segment contracts; c) the company as a whole include those listed plus: changes in senior management; regulatory action or issues including tax, environmental, health and workplace safety, including U.S. FDA and other actions or public concerns affecting products filled in our containers, or chemicals or substances used in raw materials or in the manufacturing process; technological developments and innovations; litigation; strikes; labor cost changes; rates of return on assets of the company's defined benefit retirement plans; pension changes; uncertainties surrounding geopolitical events and governmental policies both in the U.S. and in other countries, including the U.S. government elections, budget, sequestration and debt limit; reduced cash flow; ability to achieve cost-out initiatives and synergies; interest rates affecting our debt; and successful or unsuccessful acquisitions and divestitures, including with respect to the Rexam PLC acquisition and its integration, or the associated divestiture; the effect of the acquisition or the divestiture on our business relationships, operating results and business generally.
Condensed Financial Statements (First Quarter 2017)
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| | ||||||
| Unaudited Condensed Consolidated Statements of Earnings | ||||||
| | ||||||
| | | Three Months Ended | ||||
| | | March 31, | ||||
| ($ in millions, except per share amounts) | | 2017 | | 2016 | ||
| | | | | | | |
| Net sales | | $ | 2,473 | | $ | 1,756 |
| | | | | | | |
| Costs and expenses | | | | | | |
| Cost of sales (excluding depreciation and amortization) | | | (1,975) | | | (1,416) |
| Depreciation and amortization | | | (148) | | | (75) |
| Selling, general and administrative | | | (143) | | | (108) |
| Business consolidation and other activities | | | (55) | | | (267) |
| | | | (2,321) | | | (1,866) |
| | | | | | | |
| Earnings (loss) before interest and taxes | | | 152 | | | (110) |
| | | | | | | |
| Interest expense | | | (68) | | | (38) |
| Debt refinancing and other costs | | | - | | | (61) |
| Total interest expense | | | (68) | | | (99) |
| Earnings (loss) before taxes | | | 84 | | | (209) |
| Tax (provision) benefit | | | (22) | | | 83 |
| Equity in results of affiliates, net of tax | | | 8 | | | (1) |
| | | | | | | |
| Net earnings (loss) | | | 70 | | | (127) |
| | | | | | | |
| Less net earnings attributable to noncontrolling interests | | | (2) | | | - |
| | | | | | | |
| Net earnings (loss) attributable to Ball Corporation | | $ | 68 | | $ | (127) |
| | | | | | | |
| Earnings (loss) per share: | | | | | | |
| Basic | | $ | 0.39 | | $ | (0.90) |
| Diluted | | $ | 0.38 | | $ | (0.90) |
| | | | | | | |
| Weighted average shares outstanding (000s): | | | | | | |
| Basic | | | 175,024 | | | 141,793 |
| Diluted | | | 178,967 Werbung Mehr Nachrichten zur Ball Aktie kostenlos abonnieren
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