Ball earns $3080 thousand in the third quarter 2024

Ball Corporation has reported better-than-expected third-quarter earnings, although revenue fell short of analysts’ estimates due to lower volumes in some regions. BALL shares were flat in pre-market trading following the announcement.

The aluminum packaging manufacturer posted adjusted earnings per share of $0.91, beating the consensus forecast of $0.86. Revenues came in at $3.08 billion, below expectations of $3.13 billion.

Ball’s North and Central America beverage packaging segment experienced a 5.5% year-over-year sales decline to $1.46 billion, with volume down 3.1%. The company noted that continued economic pressure on consumers is affecting demand.

In Europe, the Middle East and Africa, sales of beverage containers increased by 5.3% to $950 million, with a volume increase of 6.7%. Ball indicated that packaging legislation in certain countries is driving a shift to aluminum cans.

Beverage packaging revenues in South America declined 1% to US$484 million, with a 10% volume decline due to difficult economic conditions in Argentina and supply constraints in Brazil.

“Our company is performing well and on track to meet or exceed our stated goal of comparable earnings growth,” said CFO Howard Yu. He added that Ball remains positioned to achieve comparable EPS growth in the high mid-single digits by 2024.

CEO Daniel Fisher stated that the company is focused on “executing our business strategy with purpose and pace to advance aluminum packaging and deliver consistently high quality results, products and yields.”

Ball expects to return more than $1.6 billion to shareholders in 2024 through share repurchases and dividends. The company aims to achieve comparable EPS growth in excess of 10% per year in 2025 and beyond.