Ball Corporation reports net earnings of $117 million in H1 2020

Ball Corporation reported second quarter 2020 net earnings attributable to the corporation of $94 million on sales of $2.8 billion, compared to $197 million net earnings attributable to the corporation on sales of $3.0 billion in 2019.

For the first six months of 2020, net earnings attributable to the corporation of $117 million on sales of $5.6 billion, compared to $314 million net earnings attributable to the corporation on sales of $5.8 billion for the first six months of 2019.

Ball's second quarter and year-to-date 2020 comparable earnings per diluted share were 65 cents and $1.26, respectively, representing, year-over-year second quarter and year-to-date growth of 2 percent and 12 percent, respectively.

Second quarter and year-to-date 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.

"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 aluminium 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 chief executive officer.

"During the quarter, our company posted 2 percent comparable earnings per diluted share growth on flat operating earnings with strong aluminium beverage can demand in North America continuing to outpace regional supply offset somewhat by high single-digit volume declines in EMEA, early-quarter sharp volume declines in South America aluminium beverage and an aerospace supply chain issue impacting segment results. Our global beverage, aerosol and aerospace businesses rebounded swiftly following the initial impact of the global pandemic and all are exiting the quarter with momentum for improved performance in the second half and beyond."

"With demand for our aluminium 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. Our previously announced projects are on track and we will continue to deploy additional capital across our existing business portfolio to support new customer contracts. Ball remains well positioned to grow diluted earnings per share, and deliver shareholder returns now and into the future," Hayes said.