Ball Reports Strong 3Q Results

Ball Corporation reported, on a US GAAP basis, third quarter 2021 net earnings attribut-able to the corporation of $179 million (including net after-tax charges of $134 million, or 40 cents per diluted share for business consolidation and other non-comparable items), or 54 cents per diluted share, on sales of $3.6 billion, compared to $241 million net earnings attributable to the corporation, or 72 cents per diluted share (including net after-tax charges of $56 million, or 17 cents per diluted share for business consolidation and other non-comparable items), on sales of $3.1 billion in 2020.

Ball’s results for the first nine months of 2021 were net earnings attributable to the corpora-tion of $581 million, or $1.75 per diluted share, on sales of $10.1 billion compared to $358 million, or $1.08 per diluted share, on sales of $8.7 billion for the first nine months of 2020.

“During the quarter, the company increased comparable earnings per diluted share by 6%, managed numerous supply chain inefficiencies and continued to hire and position talent to support multi-year growth initiatives,” said John A. Hayes, chairman and CEO. “Underlying demand for our sustainable aluminum packaging portfolio and aerospace technologies continues to outstrip supply, and our various growth projects around the world are supported by long-term contracts for committed volume with effective cost re-covery mechanisms.

“Positive momentum continues across the entire company despite unprecedented impacts to our customers’ and suppliers’ supply chains. Our focus remains on our employees’ safe-ty, training and development, and delivering EVA-enhancing returns on capital through profitably supporting our customers’ growth as they increasingly focus on the circularity of their products,” said Daniel W. Fisher, president.

Demand for aluminum beverage packaging continues to outstrip supply across North America. The company’s new Glendale, AZ, facility successfully started up its fourth line during the quarter, and the new Pittston, PA, facility started up its third beverage can production line late in the third quarter. Project execution is on target and recently an-nounced additional capacity investments in Nevada and North Carolina will serve long-term committed volume with global and regional strategic customers serving all beverage categories.

The company’s new aluminum end manufacturing facility in Bowling Green, KY, recently started production and full-year 2021 startup costs are still anticipated to be in the range of $50 million.

“Despite intermittent disruptions and cost inflections across direct and indirect supply chains, the company is well-positioned for long-term growth and cost/price recovery. Our businesses’ resiliency, financial strength and flexibility provide the opportunity to acceler-ate return of value to shareholders, grow cash from operations, earnings, EVA dollars and effectively manage the business during evolving economic environments,” said Scott C. Morrison, executive vice president and chief financial officer.