24 Oct 13. Ball Corporation (BLL) reported third quarter net earnings attributable to the corporation of $115.2m, or 78 cents per diluted share, on sales of $2.3bn, compared to $115.1m, or 73 cents per diluted share, on sales of $2.3bn in the third quarter of 2012. Third quarter 2013 net earnings include after tax charges of $32.0m, or 22 cents per diluted share, of which $18 m or 12 cents per diluted share relate to a provision for a customer receivable, with the remaining after tax charges related to business consolidation and other costs. Results for the first nine months of 2013 were net earnings attributable to the corporation of $282.3m, or $1.88 per diluted share, on sales of $6.5bn, compared to $342.9m, or $2.16 per diluted share, on sales of $6.6bn in the first nine months of 2012. Year-to-date 2013 net earnings include after tax charges of $80.5 m for business consolidation costs, discontinued operations and a provision for a customer receivable. Comparable 2013 earnings per diluted share for the third quarter and year-to-date were $1.00 and $2.42, respectively versus third quarter and year-to-date 2012 comparable earnings per diluted share of 90 cents and $2.42, respectively. Aerospace and technologies results were comparable segment operating earnings of $18.0m on sales of $217.5m in the third quarter, compared to $22.5m on sales of $219.9m in 2012. For the first nine months, comparable segment operating earnings were $55.0m on sales of $675.0m compared to $62.4m on sales of $631.8m during the same period last year. Backlog at the end of the quarter was $942m. (Source: Yahoo!/PRNewswire)
?22 Oct 13. GKN plc Interim Management Statement covering the period since 1 July 2013. Market conditions and the Group’s performance in the third quarter have been consistent with expectations at the time of our 30 July 2013 statement. Commercial aerospace was strong while military aerospace and spares showed a continuation of the weaker demand evidenced in the first half. Global light vehicle production increased 4% with good growth in China and North America whilst Europe and Japan improved slightly. The weakness in construction and industrial markets continued while agricultural equipment demand remained broadly flat. GKN made good progress in the three months ended 30 September 2013. Sales totalled £1,865m, a 16% increase over the comparable period in 2012, including 6% organic growth. The increase in sales from acquisitions less divestments was £145m. Third quarter trading profit increased to £152m (2012: £113m). Trading margin increased to 8.2% (2012: 7.0%), as a result of improved profitability in the underlying business and a £21m contribution from GKN Aerospace Engine Systems. Group profit before taxation increased 34% to £131m. There has been no material change to the Group’s financial position with net debt at 30 September 2013 of £973m (30 June 2013: £928m), following the payment of the interim dividend and the final payment for GKN Aerospace Engine Systems. Automotive and commercial aerospace markets are expected to remain robust with industrial and military aerospace markets soft. As previously stated, the Group expects 2013 overall to show another year of good progress helped by the contribution of GKN Aerospace Engine Systems. Nigel Stein, Chief Executive, GKN plc, commented, “The third quarter showed good progress, supported by automotive demand in China and North America and sustained high output levels in commercial aerospace. GKN Aerospace Engine Systems made a strong contribution to the Group’s 34% growth in profit before tax.”
Divisional Markets and Performance
GKN Aerospace
GKN Aerospace markets showed strong organic growth in commercial aerospace partly offset by the continuing decline in military sales. Overall sales increased 42% to £555m, with organic growth of 3%. Trading profit increased 45% to £61m, with the organic change in trading profit showing a decline of £3m, largely due to reduced spa