BALL CORPORATION ANNOUNCES SECOND QUARTER LOSS

Multinational Ball Corporation announced a second quarter 2022 net loss attributable to the corporation of $174 million for the second quarter of the year.

Ball’s comparable second quarter and year-to-date 2022 earnings per diluted share were 82 cents and $1.59, respectively, compared to comparable second quarter and year-to-date 2021 earnings per diluted share of 86 cents and $1.58, respectively.

In response to the slowdown in customer demand at the end of the second quarter, construction of Ball’s new beverage can manufacturing plant in North Las Vegas, Nevada, has been delayed, and certain actions have been announced across its existing North American manufacturing footprint, including the cessation of production at its Phoenix, Arizona and St. Louis, Missouri facilities. The project is being implemented in St. Paul, Minnesota, to address localized supply/demand imbalances.

“We delivered stable year-over-year comparable operating earnings amid notable cost inflation, demand volatility and headwinds from euro earnings translation. Global growth in sustainable aluminum beverage and personal care packaging continues and, in certain regions, varied from original expectations,” said Daniel Fisher, the company’s president and CEO.

He added, “To balance the short-term effects of economic volatility on consumer demand with long-term growth opportunities for our aluminum packaging and aerospace technologies portfolio, the global team has initiated actions to refocus capital projects and further manage costs to maximize EVA, cash and returns. Through our capital discipline, financial strength, ownership mentality, manufacturing footprint and innovative product portfolio, we can successfully navigate the current economic environment and create value for our stakeholders.”

As a result of the war in Ukraine, the company previously announced its intention to suspend future investments in Russia and pursue a sale of its Russian business.