Ball Corporation BLL is one of the world’s leading suppliers of metal packaging to the beverage, food, personal care and household products industries. It also supplies aerospace and other technologies and services to government and commercial customers.Ball Corporation continues to grow from capacity additions, focus on ramping up capital projects and expansion in developing regions. Ball Corporation’s pending acquisition of Rexam will bring growth opportunities. However, unfavorable foreign exchange, elevated aluminum premiums and impact of uncertainty regarding government funding programs on Aerospace segment remain headwinds for the company.Let’s have a quick look at the first-quarter 2016 earnings release of the company.Estimate Trend & Surprise HistoryYou should note that the earnings estimate revisions for Ball Corporation depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate has remained stable over the last 30 days and currently stands at 69 cents for the first quarter.Coming to earnings surprise history, Ball Corporation beat the Zacks Consensus Estimate in 2 out of the trailing 4 quarters with an average positive earnings surprise of around 1.12%.EarningsBall Corporation delivered adjusted earnings of 58 cents per share in the the first-quarter 2016. Earnings missed the Zacks Consensus Estimate of 69 cents. Earnings also declined around 16% on a year over year basis due to competitive pricing in China, tough year-over-year comparisons in metal food packaging and start-up costs for growth projects.RevenueBall Corporation misses on revenues in the first quarter. Ball Corporation posted revenues of $1.76 billion, fell short of the Zacks Consensus Estimate for revenues of $1.90 billion.Key StatsBall Corporation continues to progress on proposed offer for Rexam and expect the transaction to close in late June. The company also expects to benefit from increasing EVA dollar generation and multiple growth capital projects ramping up in the remainder of 2016 and beyond.The company expects its businesses to gain momentum through the balance of this year as cost optimization efforts are further realized and the growth capital deployed in 2015 transitions into full production.Zacks RankCurrently, Ball Corporation has a Zacks Rank #2 (Buy), but that could change following Ball Corporation’s earnings report which was just released.Market ReactionBall Corporation’s shares were inactive following the release. It would be interesting to see how the market reacts to the results during the trading session today.Check back later for our full write up on this Ball Corporation’s earnings report later!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BALL CORP (BLL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research