Ball announces third quarter 2022 results

Ball Corporation (NYSE: BALL) has reported, on a U.S. GAAP basis, third quarter 2022 net earnings attributable to the corporation of $392 million (including a net after-tax gain of $154 million, or 49 cents per diluted share for business consolidation and other non-comparable items, including the gain on disposal for the Russian beverage packaging operations) or diluted earnings per share of $1.24, on sales of $3.95 billion, compared to $179 million net earnings attributable to the corporation, or 54 cents per diluted share (including net after-tax charges of $134 million, or 40 cents per diluted share for business consolidation and other non-comparable items) on sales of $3.55 billion in 2021. Results for the first nine months of 2022 were net earnings attributable to the corporation of $664 million, or $2.07 per diluted share, on sales of $11.80 billion compared to $581 million, or $1.75 per diluted share, on sales of $10.14 billion for the first nine months of 2021.

Ball’s third quarter and year-to-date 2022 comparable diluted earnings per share were 75 cents and $2.34, respectively, versus third quarter and year-to-date 2021 comparable diluted earnings per share of 94 cents and $2.52, respectively. The impact of unfavourable foreign exchange translation on comparable net earnings was 3 cents per diluted share in third quarter of 2022, and 7 cents per diluted share for the first nine months of 2022.

Details of segment comparable operating earnings, business consolidation and other activities, business segment descriptions and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release. References to volume data represent units shipped except where specifically referenced otherwise. Beginning in the fourth quarter of 2022, year-over-year global and EMEA segment volume data will exclude the impact of the Russian beverage can business sale completed in third quarter of 2022.

“Our year-to-date comparable net earnings reflect resilient global demand for our sustainable aluminum beverage and personal care packaging solutions, up 3.2 percent and 11.2 percent, respectively, and solid aerospace segment performance, offset by inflation and unfavorable foreign exchange translation headwinds. During the quarter, we proactively prepared the business for continued macroeconomic volatility by executing a comprehensive fixed and variable cost-out plan. In 2023, the cost-out plan benefits of at least $150 million will more than offset the loss of operating earnings from the recently divested Russian beverage can business and will be complemented by net contractual inflationary cost pass through across all of our packaging businesses throughout 2023 and beyond. Our recent actions will reinforce Ball’s durable growth characteristics, significantly improve our cost structure, maximize cash and EVA generation, and improve our financial performance in 2023 and beyond,” said Daniel W. Fisher, president and CEO.

For more details, please visit Ball’s website.