NEW YORK (TheStreet) -- Shares of Ball Corporation (BLL - Get Report) were climbing 9.39% to $76.68 late Thursday morning after the company posted mixed 2016 second-quarter results but provided an upbeat outlook given its recent acquisition of Rexam (REXMY).
Before Thursday's market open, the Broomfield, CO-based metal packaging company reported adjusted earnings of $1.05 per share, up 18% year-over-year and beating estimates on Wall Street of 99 cents per share.
Revenue for the period was $2.03 billion, lower than analysts' projected $2.15 billion.
Ball completed an acquisition of London-based metal beverage can maker Rexam for $6.1 billion in cash and equity at the end of June, assuming approximately $2.4 billion of net debt.
Following the deal, Ball became the largest manufacturer of beverage cans in the world.
"Our strong second quarter results, the completion of legacy metal packaging growth projects, a robust aerospace backlog and the recent Rexam acquisition provide a very solid foundation for a multi-year, value-compounding growth period for our company and our shareholders," CEO John A. Hayes said in a statement.
"One month into the acquisition integration, business-related services and manufacturing operations are running smoothly," he added. The company's synergy execution process is well underway.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C.
Among the primary strengths of the company is its solid stock price performance. At the same time, however, TheStreet Ratings finds weaknesses including deteriorating net income, generally higher debt management risk and weak operating cash flow.
You can view the full analysis from the report here: BLL