Shares of Ball Corp. (NYSE:BALL) tumbled 5.50% in pre-market trading on Tuesday, following the release of the company's second-quarter earnings report that showed a significant earnings miss.
The company reported adjusted earnings per share of $0.77, falling short of the analyst consensus estimate of $0.98 by 21.43%. This represents a 14.44% decline from the $0.90 per share reported in the same quarter last year. While quarterly sales of $3.997 billion beat expectations by 7.67%, the bottom-line miss overshadowed the top-line beat, triggering a sharp sell-off.
The disappointing earnings figure came despite an increase in global aluminum packaging shipments and a positive full-year outlook for free cash flow and comparable diluted EPS growth. Investors appeared to focus on the immediate earnings shortfall, driving the stock lower in early trading.