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02.11.2017 11:05
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Ball Reports Improved Third Quarter 2017 Operating Results; Reaffirms Long-Term Goals
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PR Newswire
BROOMFIELD, Colo., Nov. 2, 2017
BROOMFIELD, Colo., Nov. 2, 2017 /PRNewswire/ -- Ball Corporation (NYSE: BLL) today reported, on a U.S. GAAP basis, third quarter 2017 net earnings attributable to the corporation of $48 million (including the net effect of after-tax charges of $140 million, or 39 cents per diluted share for business consolidation and other non-comparable costs) or 13 cents per diluted share, on sales of $2.91 billion, compared to $31 million attributable to the corporation, or 9 cents per diluted share (including the net effect of after-tax charges of $140 million, or 39 cents per diluted share for business consolidation, debt refinancing and other costs and gain on the sale of divested assets), on sales of $2.75 billion in 2016. Results for the first nine months of 2017 were net earnings attributable to the corporation of $215 million, or 60 cents per diluted share, on sales of $8.24 billion compared to $210 million, or 67 cents per diluted share, on sales of $6.54 billion for the first nine months of 2016.
Ball's third quarter and year-to-date 2017 comparable diluted earnings per share were 52 cents and $1.44, respectively, versus third quarter and year-to-date 2016 comparable earnings per diluted share of 48 cents and $1.30, respectively.
Earnings per share figures include the impact of the company's two-for-one stock split effective May 16, 2017. The 2016 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, and catch-up depreciation entries for the last six months of 2016 and recorded in 2017 related to the finalization of the fair values for the June 30, 2016, Rexam acquisition can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release.
"Strong performance across our diverse global business portfolio offset the challenging environment we experienced late in the quarter in our North American beverage business due to out-of-pattern and higher cost freight, operational downtime and lower absorption following two U.S. hurricanes. Our global beverage can volumes grew 2 percent in the quarter, largely due to strong demand across South America versus difficult domestic U.S. beer demand, where Ball has a majority position," said John A. Hayes, chairman, president and chief executive officer.
"Our European and South American beverage businesses continued their improved performance, and we continue to make progress on our global finance transformation projects and corporate cost-out initiatives with the opening of shared service centers in Belgrade, Serbia, and Querétaro, Mexico. These multi-year activities, coupled with normalized operating conditions in our Beverage Packaging, North and Central America segment, planned 2018 beverage manufacturing plant network optimizations, new U.S. and Spain specialty beverage can plants and continuing aerospace and aerosol growth, provide a bridge to our long-standing financial goals of $2 billion of comparable EBITDA and in excess of $1 billion of free cash flow by 2019."
Beverage Packaging, North and Central America
Beverage packaging, North and Central America, comparable segment operating earnings in the third quarter of 2017 were $121 million on sales of $1.08 billion, compared to $145 million on sales of $1.08 billion in 2016. Segment operating earnings in the first nine months of 2017 were $400 million on sales of $3.18 billion, compared to $356 million on sales of $2.65 billion in 2016. Year-to-date 2017 comparable segment operating earnings included $3 million of incremental depreciation expense related to the final acquisition accounting completed on June 30, 2017.
Year-over-year results reflect the notable impact of unplanned operational and logistics costs associated with two U.S. hurricanes during peak summer demand when inventory levels are seasonally low. The compounding effect of these natural events inflicted meaningful pressure on our southern and lower-Atlantic supply chain late in the quarter. Despite the steep decline in September's U.S. domestic beer demand, overall third quarter segment volumes were flat largely due to continued growth in Mexican beer imports and differentiated specialty can sizes for carbonated soft drinks and other non-alcoholic beverages.
During the quarter, the company announced the closure of two beverage can plants and an end manufacturing facility in the U.S., as well as construction of a state-of-the-art specialty beverage can manufacturing facility in Goodyear, Arizona. These plant network initiatives will largely be completed in the second half of 2018.
Beverage Packaging, South America
Beverage packaging, South America, comparable segment operating earnings for the third quarter of 2017 were $78 million on sales of $425 million, compared to $60 million on sales of $318 million during the same period in 2016. Segment operating earnings in the first nine months of 2017 were $205 million on sales of $1.15 billion compared to $100 million on sales of $577 million in 2016. Year-to-date 2017 comparable segment operating earnings included $3 million of incremental depreciation expense related to the final acquisition accounting completed on June 30, 2017.
Year-to-date results include the benefit of acquired assets and, for the third quarter, segment volumes were up double digits with mid-single digit growth in Brazil. Packaging mix shift from two-way glass to beverage cans continues across South America.
Beverage Packaging, Europe
Beverage packaging, Europe, comparable segment operating earnings for the third quarter 2017 were $74 million on sales of $651 million, compared to $72 million on sales of $624 million during the same period in 2016. Comparable segment operating earnings in the first nine months of 2017 were $184 million on sales of $1.82 billion, compared to $184 million on sales of $1.46 billion in 2016. Year-to-date 2017 comparable segment operating earnings included $24 million of incremental year-over-year depreciation expense related to the final acquisition accounting completed on June 30, 2017.
Comparable segment earnings for the first nine months of 2017 reflect the inclusion of operations from the acquisition. Overall segment demand was up low-single digits in the quarter led by favorable demand trends across continental Europe. In the quarter, improved manufacturing performance and initiatives around optimizing our plant network were partially offset by $8 million of incremental transaction-related depreciation.
Food and Aerosol Packaging
Food and aerosol packaging comparable segment operating earnings for the third quarter 2017 were $30 million on sales of $321 million, compared to $31 million on sales of $329 million during the same period in 2016. Segment operating earnings in the first nine months of 2017 were $76 million on sales of $867 million compared to $84 million on sales of $911 million in 2016.
During the third quarter, mid-single digit volume growth in our European, Indian and Argentine aerosol businesses, and improved U.S. metal service center manufacturing performance offset double-digit U.S. food can volume declines driven by delayed Midwest corn and tomato packs and lower consumer demand for canned food. Year-to-date and third quarter results also include the loss of sales and earnings from the Baltimore, Maryland, and Hubbard, Ohio, facilities, which were sold in late 2016 and early 2017, respectively.
Our aluminum aerosol capacity additions in Europe and India are largely complete, the segment's value-added aerosol innovations are being recognized with customer awards and the announced cessation of food can production in our Springdale, Arkansas, facility is on track for completion by early 2018.
Aerospace
Aerospace comparable segment operating earnings for the third quarter 2017 were $23 million on sales of $241 million, compared to $24 million on sales of $204 million during the same period in 2016. Comparable segment operating earnings in the first nine months of 2017 were $70 million on sales of $734 million compared to $61 million on sales of $577 million in 2016. The ramp up of new contracts and the mix of more cost-plus versus fixed-price contracts influenced year-over-year margins.
During the quarter, the aerospace business achieved several program milestones. The Ball-built Joint Polar Satellite System-1 (JPSS-1), NOAA's next-generation polar orbiting weather satellite, is preparing for a Nov. 10 launch from Vandenberg Air Force Base in California. JPSS-1 represents significant technological and scientific advancements in observations used for severe weather prediction and environmental monitoring, increasing the timeliness and accuracy of forecasts in advance of severe weather events.
The company continues to be awarded key defense and civil contracts and hiring will exceed 400 employees in 2017 with 350 more positions scheduled to be filled by the end of 2018. Quarter-end contracted backlog of $1.2 billion is expected to remain at these high levels through year-end, and could improve as the U.S. government makes strides toward a multi-year budget agreement between the legislative and executive branches. The multi-year growth trajectory of contracts already won, but not yet booked into current contracted backlog, and the outstanding requests for bids and proposals further supports anticipated year-over-year segment earnings improvement in 2018 and beyond.
Outlook
"Our quarter-end net debt is down $450 million versus the same time last year after approximately $85 million of net share buybacks, $115 million of dividends and the $95 million impact of higher year-over-year foreign exchange rates on our foreign currency-denominated debt. Free cash flow in 2017 is estimated to be in excess of $850 million after capital spending in the range of $550 million," said Scott C. Morrison, senior vice president and chief financial officer.
"The hurricane-related supply chain issues were largely transitory, and we are attempting to offset high-cost freight expenses incurred in North America with existing pass throughs and additional surcharges where commercial contracts allow. We will continue to be good stewards of our robust cash flow, balancing disciplined, high-returning growth capital investments with the additional return of value to our shareholders in the form of share repurchases and dividends in 2018 and beyond," 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 third 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 800-931-6358. International callers should dial 303-223-0118. Please use the following URL for a webcast of the live call:
https://edge.media-server.com/m6/p/bkjoccdc
For those unable to listen to the live call, a taped replay will be available from 11 a.m. Mountain time on Nov. 2, 2017, until 11 a.m. Mountain time on Nov. 9, 2017. To access the replay, call 800-633-8284 (North American callers) or 402-977-9140 (international callers) and use reservation number 21858551. 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 (Third Quarter 2017) | |||||||||||||
| | |||||||||||||
| Unaudited Condensed Consolidated Statements of Earnings | |||||||||||||
| | | | | | | | | | | | | | |
| | | | Three Months Ended | | | Nine Months Ended | | ||||||
| | | | September 30, | | | September 30, | | ||||||
| ($ in millions, except per share amounts) | | 2017 | | 2016 | | 2017 | | 2016 | | ||||
| | | | | | | | | | | | | | |
| Net sales | | $ | 2,908 | | $ | 2,752 | | $ | 8,236 | | $ | 6,537 | |
| | | | | | | | | | | | | | |
| Costs and expenses | | | | | | | | | | | | | |
| Cost of sales (excluding depreciation and amortization) | | | (2,338) | | | (2,275) | | | (6,583) | | | (5,288) | |
| Depreciation and amortization | | | (162) | | | (147) | | | (539) | | | (299) | |
| Selling, general and administrative | | | (127) | | | (135) | | | (398) | | | (348) | |
| Business consolidation and other activities | | | (157) | | | (63) | | | (253) | | | (302) | |
| | | | (2,784) | | | (2,620) | | | (7,773) | | | (6,237) | |
| | | | | | | | | | | | | | |
| Earnings before interest and taxes | | | 124 | | | 132 | | | 463 | | | 300 | |
| | | | | | | | | | | | | | |
| Interest expense | | | (74) | | | (80) | | | (216) | | | (159) | |
| Debt refinancing and other costs | | | - | | | (2) | | | (1) | | | (108) | |
| Total interest expense | | | (74) | | | (82) | | | (217) | | | (267) | |
| Earnings before taxes | | | 50 | | | 50 | | | 246 | | | 33 | |
| Tax (provision) benefit | | | (4) | | | (23) Werbung Mehr Nachrichten zur Ball Aktie kostenlos abonnieren
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