Ball Corporation reported net earnings of $23 million in Q1 2020

Ball Corporation reported net earnings of $23 million on sales of $2.8 billion in Q1, compared to $117 million net earnings on sales of $2.8 billion in 2019. The company’s comparable net earnings were $202 million, from comparable net earnings of $167 million last year.

Ball said the results reflect the 2019 sale of the company's Argentine steel aerosol business and Chinese beverage can assets, and new segment reporting for the company's beverage packaging, EMEA business and other non-reportable results.

 “Ball is fortunate to have a strong balance sheet, ample liquidity, a "can-do" culture and a business model that has successfully weathered other turbulent economic times over our 140-year history. Our company is humbled by the resiliency with which we are able to execute our strategy, maintain employment across global economies and give back to the communities where we operate," said John A. Hayes, chairman, president and chief executive officer.

“Our global beverage business' comparable operating earnings grew 5 percent despite meaningful volume declines in South America during the second half of March, our aluminium aerosol business grew operating earnings 5 percent, and our aerospace business earnings increased 33 percent. With customer and consumer demand for aluminium packaging solutions continuing to outpace existing supply in North America, and our aerospace business supporting critical missions for the U.S. government, our previously announced growth projects are largely on track to add much needed capacity throughout 2020 and beyond."

"Our global business is resilient and, though certain regions may be impacted more significantly during the second quarter due to the socioeconomic dynamics associated with the pandemic, the long-term demand for our products continues to be strong and our strategy remains intact. We are focused on working safely, improving our operational excellence, amplifying the sustainability benefits of aluminium packaging, and executing on previously announced growth projects.”