Ball Corporation reported its first quarter 2023 results that showed global beverage can shipments down 6.7%.

That figure included impact of 2022 Russian business divestment, without it their global beverage can shipments were down 1.4%.

First quarter 2023 net earnings attributable to the corporation was $177 million (including a net after-tax loss of $40 million, or 13 cents per diluted share for business consolidation and other non-comparable items) or diluted earnings per share of 56 cents, on sales of $3.49 billion.

That was compared to $446 million net earnings attributable to the corporation, or $1.37 per diluted share (including a net after-tax gain of $194 million, or 60 cents per diluted share for business consolidation and other non-comparable items, including the sale of Ball’s former equity method investment in Metalpack) on sales of $3.72 billion in 2022. 

Ball’s first quarter 2023 comparable net earnings were $217 million, or 69 cents per diluted share compared to $252 million, or 77 cents per diluted share in 2022. Year-over-year financial results reflect the impact of the Russian aluminium beverage can business sale completed in the third quarter of 2022.

Daniel W. Fisher, chairman and chief executive officer, said: ”We delivered strong first quarter results amid tough year-over-year comparisons driven largely by 2022 business divestments. 

“Notable inflationary cost recovery, benefits of cost-out actions as well as improved operational efficiencies and aerospace program execution will significantly improve full-year results and more than offset higher interest expense and tepid first-half volume trends driven by varying global macroeconomic conditions impacting consumer demand.”