Ball has reported net earnings of $204m in the third quarter (Q3) of 2023, a decline of 48.2% from $394m in Q3 2022.
On a US generally accepted accounting principles (GAAP) basis, net earnings attributable to Ball were $203m, as against $392m a year ago.
For the quarter ending on 30 September 2023, basic and diluted earnings per share (EPS) was $0.64 while the basic and diluted EPS in Q3 2022 was $1.25 and $1.24, respectively.
Comparable net earnings for the reported quarter was up by 10.5% to $263m from $238m in the prior year’s third quarter.
The company’s comparable diluted EPS in Q3 2023 was $0.83 versus $0.75 in Q3 2022.
Net sales in the third quarter of 2023 declined by 9.6% to $3.57bn from $3.95bn reported last year during the same quarter.
The company operates its Beverage Packaging segment in different regions, including Africa, Europe, the Middle East (EMEA), and North/Central America.
In Q3 2023, Ball recorded net sales of $1.54bn in its North and Central America segment, down by 14.3% from $1.80bn in the previous year’s Q3.
Net sales in the EMEA region decreased to $902m in Q3 2023 from $1.03bn reported in the same quarter last year.
South America’s net sales in the Q3 of 2023 stood at $489m while it was $466m a year ago.
Ball chair and CEO Daniel W Fisher said: “During Q3, the initial phase of sequential improvement in our quarter-over-quarter global beverage can shipments emerged and was driven by double-digit volume growth in our Brazilian beverage can business.
“In North America, we further optimised our plant network to ensure proper supply/demand balance while continuing to enable access to high-quality, innovative aluminium beverage cans and bottles at a growth cadence appropriate for current market conditions and our customer mix.
“These actions and improved plant performance, in addition to deploying aerospace sale proceeds to significantly reduce our leverage and increase share repurchases, serve as catalysts for higher shareholder returns.”
Ball Aluminium Cups has collaborated with Denver Arts and Venues for the installation of a reverse vending machine on the Red Rocks Amphitheatre’s Top Plaza in Colorado, US.
