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Ball Corp. profit misses consensus by 30.9% in Q1

Ball Corp. said its first-quarter normalized net income amounted to 24 cents per share, compared with the S&P Capital IQ consensus estimate of 35 cents per share.

In the prior-year period, the per-share result was a profit of 24 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $85.5 million, a gain of 26.7% from $67.5 million in the prior-year period.

The normalized profit margin declined to 3.5% from 3.8% in the year-earlier period.

Total revenue increased 40.8% on an annual basis to $2.47 billion from $1.76 billion, and total operating expenses rose 41.7% on an annual basis to $2.27 billion from $1.60 billion.

Reported net income came to $68.0 million, or 19 cents per share, compared with a loss of $127.6 million, or a loss of 45 cents per share, in the prior-year period.