Ball Corporation (BLL) Earnings Surge But Miss Estimates

Ball Corporation BLL released financial results on Thursday morning that missed Wall Street earnings estimates, while just beating revenue expectations. Ball Corporation announced that its 3rd quarter net earnings from continuing operations climbed to $222.2 million, $2.44 per share, up from $108.9 million, or $1.14 per share. On a comparable basis, the company's 3rd quarter net earnings came in at $127.7 million, or $1.40 per share, up from $115 million, or $1.21 per share, a year earlier. Revenue rose to $2.035 billion, up from $1.812 billion a year. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $1.43 per share, on revenue of $2.03 billion. President and chief operating officer John A. Hayes said, "During the quarter, Ball completed the sale of the company's plastic packaging business, increased our investment in the growing Brazilian market, initiated the consolidation of our salmon can production capacity, acquired a metal packaging-related business to expand our product portfolio and was awarded significant new contracts in our aerospace business. The strategic actions taken by the company broadened our metal packaging profile and we continue to evaluate opportunities around the world." Ball Corporation (BLL) finished the previous trading day at $60.80 per share. The consensus price target of analysts covering the company's stock is $67.45 per share. Read more from Benzinga's Company news.