Ball Corp. 3rd-qtr profit rises on restructuring

Ball posts slight 3rd-quarter profit increase on prior restructuring moves, beats Street views

• On 10:10 am EDT, Thursday October 29, 2009

BROOMFIELD, Colo. (AP) -- Plastic and metal packaging company Ball Corp. said Thursday its third-quarter profit rose slightly, crediting cost savings from previous restructuring efforts, and beat Wall Street predictions.

Ball earned $103.7 million, or $1.09 per share, up 1.8 percent from $101.9 million, or $1.05 per share, in the same quarter last year.

The recent quarter's results included charges of $5.5 million, or 6 cents per share, related to the acquisition of four metal beverage packaging plants and $8.8 million, or 9 cents per share, related to the closure of the two manufacturing plants.

Excluding those charges, the company posted an adjusted profit of $1.24 per share compared with an adjusted $1.13 per share in the third quarter of 2008.

Sales fell 1.9 percent to $1.97 billion from $2.01 billion.

Analysts polled by Thomson Reuters expected a profit of $1.17 per share, excluding one-time charges, on $1.96 billion in sales.

Ball said that despite global economic uncertainty and costs related to its acquisition of the four metal beverage packaging plants, it expects its fourth quarter results from continuing operations to be "well above" those of the fourth quarter of 2008.

Ball shares rose 27 cents to $48.70 in morning trading.