Packaging company Ball Corp. reports 4th-qtr profit more than doubles

Ball Corp. says 4th-qtr profit more than doubles

BROOMFIELD, Colo. — Packaging supplier Ball Corp.’s sales rose and its profit more than doubled in its fiscal fourth quarter compared with a year earlier, when its results included large costs for closing factories.

In the quarter that ended Dec. 31, Ball earned $81.4 million, or 85 cents per share, compared with $33.8 million, or 36 cents per share, a year earlier. For the final part of 2008, the company reported a $19.6 million charge related to the closings.

Excluding costs that cost and gains from selling some of its assets, the company’s adjusted profit was 84 cents per share. That beat the average prediction for profit of 71 cents per share from analysts polled by Thomson Reuters.

Ball’s quarterly revenue rose 7.6 percent as it sold more products. It took in $1.86 billion for the period compared with $1.73 billion a year earlier. Analysts had expected $1.85 billion.

Ball said volume improved for its metal beverage, metal food and household products businesses, mostly because of increased promotional activity by its customers. Also, four U.S. beverage packaging plants acquired in October were accretive to earnings in the quarter.

For all of 2009, the company’s profit rose 21 percent to $387.9 million, or $4.08 per share, from $319.5 million, or $3.29 per share. Adjusted profit of $4.05 per share bested a $3.92-per-share estimate from Wall Street.

Yearly revenue fell 3 percent to $7.35 billion from $7.56 billion, compared analysts’ prediction of $7.32 billion.

Ball expects 2010 profit to be higher than 2009. It did not offer more specifics. Analysts expect 2010 profit of $4.39 per share.

Shares of Ball, based in Broomfield, Colo., closed up 9 cents, or 2 percent, at $50.54 Thursday.