Ball Corp Posts Lower 4Q Sales as Inflation Weighs on Demand

Dow Jones2023-02-02

By Will Feuer

Ball Corp. posted lower sales for the recently ended quarter as higher prices for everything from beer to soda and sparkling water weighed on U.S. demand for the company's aluminum cans.

The Westminster, Colo., canmaker posted fourth-quarter earnings of $55 million, or 17 cents a share, down from $297 million, or 90 cents a share, in the same period a year earlier.

Adjusted earnings came to 44 cents a share. Analysts surveyed by FactSet were expecting adjusted earnings of 55 cents a share.

Sales fell to $3.55 billion from $3.67 billion. Analysts surveyed by FactSet were expecting revenue of $3.67 billion.

In Ball's North and Central American beverage-packaging business, sales volume fell 7.1% as surging prices for drinks weighed on demand for the company's aluminum cans, especially in the U.S. However, the company said aluminum beverage cans are outperforming other substrates of containers in the "current retail pricing environment."

"We are controlling the things we can control in today's global economic and geopolitical environment," said Chief Financial Officer Scott Morrison. He added that the company is still targeting long-term earnings growth of 10% to 15%.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

February 02, 2023 06:12 ET (11:12 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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