Ball Corp's (BLL) Q1 Earnings Miss, Revenues Top Estimates
Zacks Investment Research | May 02, 2019 08:48AM ET
Ball Corporation (NYSE:BLL) reported first-quarter 2019 adjusted earnings of 49 cents per share, missing the Zacks Consensus Estimate of 50 cents. The reported figure also declined 2% on a year-over-year basis.
On a reported basis, the company posted earnings of 34 cents per share compared with 35 cents per share recorded in the prior-year quarter.
Total revenues remained flat year over year to $2,785 million in the reported quarter. The top line surpassed the Zacks Consensus Estimate of $2,654 million. Higher-than-expected global can demand driven by customers' shifting mix to aluminum packaging and product launches, drove top-line growth.
Operational Update
Cost of sales inched up 0.7% year over year to $2,253 million. Gross profit declined 3% year over year to $532 million. Gross margin came in at 19.1% during the first quarter compared with the prior-year quarter’s 19.6%.
Selling, general and administrative expenses flared up 13.4% year over year to $127 million. Adjusted operating income decreased 8.3% to $275 million from the year-ago quarter’s reported figure of $300 million. The company reported operating margin of 9.8% compared with the prior-year’s 10.7%.
Ball Corporation Price, Consensus and EPS Surprise
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