(RTTNews) - Ball Corp. (BLL: News ), a supplier of metal and plastic packaging, Thursday reported higher third-quarter profit despite a fall in revenue, benefiting from cost-cutting measures and lower expenses. Earnings and revenue beat Wall Street estimates.

The Broomfield, Colorado-based company's third-quarter earnings increased to $103.7 million or $1.09 cents per share from $101.9 million or $1.05 cents per share in the third quarter of 2008.

Third quarter results included $9.1 million or $0.06 per share of transaction costs related to acquisition of four metal beverage packaging plants as well as a charge of $13.6 million or $0.09 per share for accelerated depreciation and other costs related primarily to the closure of two plastic manufacturing plants.

On a comparable basis, earnings per share increased to $1.24 per share from $1.13 per share in the prior-year quarter. On average, 11 analysts polled by Thomson Reuters estimated earnings of $1.17 per share for the quarter. Analysts' estimates typically exclude special items.

David Hoover, chief executive officer of Ball Corp., said, "Excellent operating performance from our plants, as well as cost savings from prior rationalization activities, drove improved performance."

Revenues for the third quarter of 2009 decreased to $1.97 billion from $2.01 billion for the third quarter of 2008. Analysts expected revenues of $1.96 billion for the period.
Segment wise, metal beverage packaging Americas and Asia operations' comparable segment operating earnings were $102.9 million on sales of $706.4 million, compared to $77 million on sales of $767 million for the same period in 2008.

Metal beverage packaging Europe segment reported operating earnings of $68.8 million on sales of $478 million, compared to $76.7 million on sales of $511.3 million in 2008. Metal food and household products packaging Americas segment reported operating earnings of $27.8 million on sales of $459.5 million, compared to $15.8 million in 2008 on sales of $365 million.

Plastic packaging Americas segment reported operating earnings of $3.8 million on sales of $156.8 million, compared to $5.3 million on sales of $184.1 million in the third quarter of 2008. Aerospace and technologies segment reported operating earnings of $16.2 million on sales of $168.4 million in the quarter, compared to $18.4 million on sales of $180.8 million in 2008.

Earnings before interest and taxes increased to $179.5 million from $177.8 million in the year-earlier quarter. Costs and expenses decreased to $1.79 billion from $1.83 billion a year ago.

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