Packaging manufacturer Ball Corp. said its third quarter earnings were $101.9 million, or $1.05 per share, on sales of $2 billion, up 67 percent from $60.9 million, or 59 cents per share, on sales of $1.9 billion in the third quarter 2007.
Ball (NYSE: BLL) is based in Broomfield, Colo. Ball has 220 employees at its Saratoga Springs plant.
Third-quarter 2008 results included a $9.1 million charge — $7.2 million after taxes — or 8 cents per share, for closing costs related to three previously announced plant closures in California, Ontario and Washington state.
The third-quarter 2007 results included an $85.6 million charge — $51.8 million after taxes — or 50 cents per share, for a customer settlement.
Analysts were expecting results of 66 cents per share.
“Our overall performance in the quarter was very good, and in a difficult economic environment all but one of our business segments reported improved profitability compared to the third quarter of 2007,” Chairman, President and CEO R freecreditreport. David Hoover, said in a statement.
Hoover also said the company is confident that Ball’s packaging products are recession-resistant, and the company will generate cash flow by growing its worldwide metal beverage packaging business, improving other packaging business lines and by using its aerospace specialties.
Ball also announced it will close two plants, in Kansas City, Mo., and Guayama, Puerto Rico, and expects a $32 million charge related to the closings to be recorded in the fourth quarter of 2008 and the first quarter of 2009.
Cost savings from the closings are expected to be more than $30 million in 2009.