Ball misses revenue estimates
Ball Corporation missed its revenue estimates for the second quarter of 2023 amid disruption to one of its biggest customers.
Anheuser-Busch has seen a drop in sales to its Bud Light brand following the backlash at it using a transgender influencer.
Ball said its global beverage can shipments fell by 5%, while volumes declined by 8.5% in its North and Central America segment.
Daniel W. Fisher, chairman and chief executive officer, said: ”We delivered strong second quarter results despite lower global volumes driven largely by a U.S. beer customer’s brand disruption and tough year-over-year comparisons associated with 2022 business divestments and higher interest costs.
“Notable inflationary cost recovery, benefits of cost-out actions and a diversified customer mix as well as improved operational efficiencies across all business operations will significantly improve full-year results.
“Following a multi-year period of investment, organic growth and leveraging our team and unique technologies to win an even larger portfolio of mission critical space-based aerospace contracts, additional actions are being assessed real time to further position the business for all stakeholders’ long-term success and accelerate our near-term return of value to Ball shareholders.
“We remain a trusted mission partner to our customers and colleagues and anticipate providing an update on the assessment in the second half.”
Second quarter 2023 net earnings attributable to the corporation of $173 million or diluted earnings per share of 55 cents, on sales of $3.57 billion, compared to a net loss attributable to the corporation of $174 million or a loss of 55 cents per diluted share, on sales of $4.13 billion in 2022.
Results for the first six months of 2023 were net earnings attributable to the corporation of $350 million, or $1.10 per diluted share, on sales of $7.06 billion compared to $272 million, or 84 cents per diluted share, on sales of $7.85 billion for the first six months of 2022.