08.05.22
Ball Corporation reported, on a U.S. GAAP basis, a second quarter 2022 net loss attributable to the corporation of $174 million (including a net after-tax loss of $437 million, or $1.37 per diluted share for business consolidation and other non-comparable items, including the non-cash, long-lived asset impairment for the Russian beverage packaging operations) or a loss of 55 cents per diluted share, on sales of $4.13 billion, compared to $202 million net earnings attributable to the corporation, or 61 cents per diluted share (including net after-tax charges of $85 million, or 25 cents per diluted share for business consolidation and other non-comparable items) on sales of $3.46 billion in 2021.
Results for the first six months of 2022 were net earnings attributable to the corporation of $272 million, or 84 cents per diluted share, on sales of $7.85 billion compared to $402 million, or $1.20 per diluted share, on sales of $6.58 billion for the first six months of 2021.
"We delivered stable year-over-year comparable operating earnings amid notable cost inflation, demand volatility and euro earnings translation headwinds," said Daniel W. Fisher, Ball’s president and CEO. “Global growth for sustainable aluminum beverage and personal care products packaging continues and, in certain regions, varied from original expectations.
“To balance the near-term effects of economic volatility on consumer demand with long-term growth opportunities for our aluminum packaging portfolio and aerospace technologies, the global team has initiated actions to rephase capital projects and further manage costs to maximize EVA, cash, and returns,” Fisher added.
"Business execution, being good stewards of our cash and controlling the things we can control in today's global economic and geopolitical environments is key," said Scott C. Morrison, EVP and CFO.
"Our company's resiliency, financial strength, recession resistant business portfolio and low cost of capital continue to provide stability, optionality and opportunities for long-term growth," added Morrison. "We remain well-positioned for medium-term and long-term growth and returning significant value to shareholders through share repurchases and dividends."
" Over our 142-year history, we have remained agile and successfully weathered numerous periods of economic volatility and its associated effects. Through our ability to offset inflationary costs over time, achieve higher returns on invested capital, leverage sustainability and enable supply chain partnerships to support continued mix shift to aluminum packaging, as well as to serve growing demand for our critical aerospace technologies and environmental intelligence, we look forward to achieving our long-term diluted earnings per share growth goal over time and returning even more value to shareholders," Fisher concluded.
Results for the first six months of 2022 were net earnings attributable to the corporation of $272 million, or 84 cents per diluted share, on sales of $7.85 billion compared to $402 million, or $1.20 per diluted share, on sales of $6.58 billion for the first six months of 2021.
"We delivered stable year-over-year comparable operating earnings amid notable cost inflation, demand volatility and euro earnings translation headwinds," said Daniel W. Fisher, Ball’s president and CEO. “Global growth for sustainable aluminum beverage and personal care products packaging continues and, in certain regions, varied from original expectations.
“To balance the near-term effects of economic volatility on consumer demand with long-term growth opportunities for our aluminum packaging portfolio and aerospace technologies, the global team has initiated actions to rephase capital projects and further manage costs to maximize EVA, cash, and returns,” Fisher added.
"Business execution, being good stewards of our cash and controlling the things we can control in today's global economic and geopolitical environments is key," said Scott C. Morrison, EVP and CFO.
"Our company's resiliency, financial strength, recession resistant business portfolio and low cost of capital continue to provide stability, optionality and opportunities for long-term growth," added Morrison. "We remain well-positioned for medium-term and long-term growth and returning significant value to shareholders through share repurchases and dividends."
" Over our 142-year history, we have remained agile and successfully weathered numerous periods of economic volatility and its associated effects. Through our ability to offset inflationary costs over time, achieve higher returns on invested capital, leverage sustainability and enable supply chain partnerships to support continued mix shift to aluminum packaging, as well as to serve growing demand for our critical aerospace technologies and environmental intelligence, we look forward to achieving our long-term diluted earnings per share growth goal over time and returning even more value to shareholders," Fisher concluded.