Ball Corporation reported its second quarter 2020 results.
On a US GAAP basis, second quarter 2020 net earnings attributable to the corporation were $94 million (including net after-tax charges of $122 million, or 37 cents per diluted share for business consolidation and other non-comparable items) or 28 cents per diluted share, on sales of $2.8 billion, compared to $197 million net earnings attributable to the corporation, or 58 cents per diluted share (including net after-tax charges of $22 million, or 6 cents per diluted share for business consolidation and other non-comparable items), on sales of $3 billion in 2019.
Results for the first six months of 2020 were net earnings attributable to the corporation of $117 million, or 35 cents per diluted share, on sales of $5.6 billion, compared to $314 million net earnings attributable to the corporation, or 92 cents per diluted share on sales of $5.8 billion for the first six months of 2019.
"The resiliency of our businesses and ability to maintain safe, continuous business operations is reflected in our results. Our team is working diligently to satisfy the needs of our global aluminum packaging and aerospace customers amidst a dynamic operating environment. Ball's financial strength, growth investments, sustainable products and ability to provide for our employees, customers and communities where we operate has never been more important," said John A. Hayes, chairman, president and CEO.
"With demand for our aluminum packaging solutions and aerospace technologies increasing even higher than we anticipated, much-needed capacity additions and hiring will benefit our company and customers in the second half of 2020 and beyond,” Hayes added.
"Our company continues to operate from a position of strength. Ample liquidity and cash flow continue to bolster our ability to accelerate growth investments while continuing to return value to shareholders. Given the exciting growth trajectory in our North American beverage business, we foresee 2020 capital expenditures exceeding $900 million and additional EVA-enhancing opportunities in 2021 and beyond," said Scott C. Morrison, senior VP and CFO.