Scott C. Morrison

Ball Announces Third Quarter 2022 Results

November 3, 2022 Published by Roboticulized.com

Ball Corporation (NYSE: BALL) today reported, on a U.S. GAAP basis, third quarter 2022 net earnings attributable to the corporation of $392 million (including a net after-tax gain of $154 million, or 49 cents per diluted share for business consolidation and other non-comparable items, including the gain on disposal for the Russian beverage packaging operations) or diluted earnings per share of $1.24, on sales of $3.95 billion, compared to $179 million net earnings attributable to the corporation, or 54 cents per diluted share (including net after-tax charges of $134 million, or 40 cents per diluted share for business consolidation and other non-comparable items) on sales of $3.55 billion in 2021. Results for the first nine months of 2022 were net earnings attributable to the corporation of $664 million, or $2.07 per diluted share, on sales of $11.80 billion compared to $581 million, or $1.75 per diluted share, on sales of $10.14 billion for the first nine months of 2021.

Ball’s third quarter and year-to-date 2022 comparable diluted earnings per share were 75 cents and $2.34, respectively, versus third quarter and year-to-date 2021 comparable diluted earnings per share of 94 cents and $2.52, respectively. The impact of unfavorable foreign exchange translation on comparable net earnings was 3 cents per diluted share in third quarter of 2022, and 7 cents per diluted share for the first nine months of 2022.

Details of segment comparable operating earnings, business consolidation and other activities, business segment descriptions and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release. References to volume data represent units shipped except where specifically referenced otherwise. Beginning in the fourth quarter of 2022, year-over-year global and EMEA segment volume data will exclude the impact of the Russian beverage can business sale completed in third quarter of 2022.

“Our year-to-date comparable net earnings reflect resilient global demand for our sustainable aluminum beverage and personal care packaging solutions, up 3.2 percent and 11.2 percent, respectively, and solid aerospace segment performance, offset by inflation and unfavorable foreign exchange translation headwinds. During the quarter, we proactively prepared the business for continued macroeconomic volatility by executing a comprehensive fixed and variable cost-out plan. In 2023, the cost-out plan benefits of at least $150 million will more than offset the loss of operating earnings from the recently divested Russian beverage can business and will be complemented by net contractual inflationary cost pass through across all of our packaging businesses throughout 2023 and beyond. Our recent actions will reinforce Ball’s durable growth characteristics, significantly improve our cost structure, maximize cash and EVA generation, and improve our financial performance in 2023 and beyond,” said Daniel W. Fisher, president and CEO.

Beverage Packaging, North and Central America

Beverage packaging, North and Central America, segment comparable operating earnings for the third quarter 2022 were $205 million on sales of $1.80 billion compared to $186 million on sales of $1.52 billion during the same period in 2021. For the first nine months, segment comparable operating earnings were $543 million on sales of $5.18 billion compared to $519 million on sales of $4.34 billion during the same period in 2021. Year-over-year sales reflect the contractual pass through of higher aluminum costs.

Third quarter segment comparable operating earnings improved year-over-year due to higher volume offset by the impact of higher manufacturing and inflationary costs and unfavorable customer mix. Segment volumes increased 2.5 percent in the third quarter and aluminum beverage packaging continues to be more resilient than other substrates. Despite this favorable trend, customer demand continues to be lower than expectations driven by higher year-over-year retail prices impacting consumer demand, particularly in the U.S.

In response to lower than expected near-term demand and to optimize low-cost production across our North American manufacturing footprint, during the quarter the company announced permanently ceasing production at the company’s Phoenix, Arizona, and St. Paul, Minnesota, facilities, in the fourth quarter of 2022, and the first quarter of 2023, respectively, resulting in approximately $65 million of fixed cost savings largely in 2023 and beyond.

Beverage Packaging, EMEA

Beverage packaging, EMEA, segment comparable operating earnings for third quarter 2022 were $82 million on sales of $1.03 billion compared to $125 million on sales of $937 million during the same period in 2021. For the first nine months, segment comparable operating earnings were $311 million on sales of $3.11 billion compared to $349 million on sales of $2.64 billion during the same period in 2021. Year-over-year sales reflect higher shipments and the contractual pass through of higher aluminum costs offset by unfavorable foreign exchange translation and the sale of the Russian operations during the third quarter of 2022. Historical results for the Russian operations will continue to be reflected in beverage packaging, EMEA segment results. See Note 1 “Business Segment Information” for additional information about the sale agreement and historical results.

Third quarter segment comparable operating earnings decreased versus the same period in 2021 and reflect 5.5 percent segment volume growth being more than offset by unfavorable currency translation, the impact of higher inflation, energy costs and supply chain disruptions across the region and unfavorable year-over-year performance in the Russian business ahead of the sale. Packaging mix shift to aluminum cans supported by ongoing packaging legislation in certain countries continues to be a driver of aluminum beverage packaging growth. Given strong regional demand, the construction of new beverage can manufacturing facilities in the U.K. and Czech Republic remain on track and will enable further growth for sustainable aluminum beverage packaging across the region. Projects are supported by long-term contracts with improved contractual terms and conditions. In advance of new production coming online in EMEA, imports from the company’s joint venture beverage can manufacturing facility in Saudi Arabia supplemented existing production capabilities across Europe during the quarter.

Beverage Packaging, South America

Beverage packaging, South America, segment comparable operating earnings for third quarter 2022 were $67 million on sales of $466 million compared to $74 million on sales of $462 million in 2021. For the first nine months, comparable segment operating earnings were $197 million on sales of $1.49 billion compared to $245 million on sales of $1.40 billion during the same period in 2021. Year-over-year sales reflect lower revenue recognition volumes, the contractual pass through of higher aluminum costs and regional price/mix. Third quarter segment comparable operating earnings decreased year-over-year and reflect unfavorable regional customer/product mix and fixed cost absorption in Brazil.

Demand trends across the company’s South American operations remain favorable as we enter the summer selling season and shipments during the third quarter were up 5.2 percent. During the quarter, the company permanently ceased operations at its Santa Cruz, Brazil, beverage can manufacturing facility to further optimize low-cost production across our broad Brazilian manufacturing footprint. This action will generate approximately $10 million of fixed cost savings and aid supply/demand balance across Brazil.

Aerospace

Aerospace segment comparable operating earnings for third quarter 2022 were $47 million on sales of $477 million compared to $46 million on sales of $498 million in 2021. Third quarter backlog reached $3.0 billion, and contracts won, but not yet booked into backlog, ended the quarter at $4.6 billion. For the first nine months, segment comparable operating earnings were $126 million on sales of $1.47 billion compared to $115 million on sales of $1.38 billion during the same period in 2021.

Third quarter segment comparable operating earnings reflect solid execution on existing and new programs offset by supply chain inefficiencies. The segment continues to leverage its talent, manufacturing and test capabilities, engineering, and support workspace to secure additional defense, climate change and Earth-monitoring contracts to provide mission-critical programs and technologies to U.S. government, defense, intelligence, reconnaissance and surveillance customers.

In mid-November, the joint NASA and NOAA Earth observation JPSS-2 satellite with the Ball-built OMPS (Ozone Mapping Profiler Suite) is scheduled to launch from Vandenberg Space Force Base. Ball’s contributions to the JPSS series of satellites reinforces our commitment to delivering extreme weather data, weather forecasts and ozone measurements to develop climate models and monitor global ozone and atmospheric temperature. Because of its wide swath, the satellite will observe every spot on Earth at least twice daily.

Non-reportable

In addition to undistributed corporate expenses, the results for the company’s global aluminum aerosol business, beverage can manufacturing facilities in India, Saudi Arabia and Myanmar and investments in the company’s aluminum cup business continue to be reported in other non-reportable.

Third quarter 2022 results reflect higher year-over-year undistributed corporate expenses, higher aluminum cup demand in food service channels, 12.2 percent volume growth for extruded aluminum bottles and aerosol containers and 46.7 percent volume growth in the other non-reportable beverage can manufacturing facilities where certain production is being exported to support EMEA segment demand prior to new capital projects coming online in 2022. During the quarter, the company’s global aluminum aerosol customers continued to pursue next generation lightweight sustainable personal care packaging solutions and the company entered an alliance with Boomerang Water to expand usage of refillable aluminum bottled water at closed-loop venues.

Outlook

“We are focused on cost, cash and capital management. The successful completion of the Russian business sale allows us to incrementally de-leverage and focus regional resources on improving operational performance. We are controlling the things we can control in today’s global economic and geopolitical environment. Demand continues to be quite resilient and supports the durability of our earnings and cash generation. We remain well-positioned for growth and returning value to shareholders,” said Scott C. Morrison, executive vice president and chief financial officer.

“We continue to actively manage our businesses through the lens of Drive for 10 and EVA to execute cost-out initiatives, ensure tight supply/demand balance across our global plant network and benefit from contractual inflationary cost recovery to achieve our long-term diluted earnings per share growth goal over time, generate cash and return value to shareholders. Our aluminum product portfolio and aerospace technologies and offerings remain resilient and bolster our prospects for improved sustainable performance in 2023 and the years ahead,” Fisher said.

Ball Reports Strong Second Quarter 2021 Results

August 5, 2021 Published by Roboticulized.com

Ball Corporation (NYSE: BLL) today reported, on a U.S. GAAP basis, second quarter 2021 net earnings attributable to the corporation of $202 million (including net after-tax charges of $85 million, or 25 cents per diluted share for business consolidation and other non-comparable items), or 61 cents per diluted share, on sales of $3.5 billion, compared to $94 million net earnings attributable to the corporation, or 28 cents per diluted share (including net after-tax charges of $122 million, or 37 cents per diluted share for business consolidation and other non-comparable items), on sales of $2.8 billion in 2020. Results for the first six months of 2021 were net earnings attributable to the corporation of $402 million, or $1.20 per diluted share, on sales of $6.6 billion compared to $117 million, or 35 cents per diluted share, on sales of $5.6 billion for the first six months of 2020.

Ball’s second quarter and year-to-date 2021 comparable earnings per diluted share were 86 cents and $1.58, respectively, versus second quarter and year-to-date 2020 comparable earnings per diluted share of 65 cents and $1.26, respectively.

Details of comparable segment earnings, business consolidation activities, business segment descriptions and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release. References to volume data represent units shipped.

“During the quarter, the company increased comparable earnings per diluted share by 32% on 13% aluminum beverage volume growth and 20% aluminum aerosol growth, and secured new aerospace contracts to achieve record backlog. In addition to global operations executing at a high level, the company started up the new Pittston, Pennsylvania, beverage can manufacturing facility, initiated further global capacity investments and successfully launched The Aluminum Cup at retail in the United States. Global projects in North America, South America and EMEA are supported by long-term contracts and will contribute meaningfully to 2021 and beyond,” said John A. Hayes, chairman and chief executive officer.

“Our focus remains on our employees’ safety, training and development, the efficient startups of EVA-enhancing projects and opportunities to build optimal inventory to further improve operational efficiencies and customer service. Positive momentum continues across the entire company. Our recently announced 2030 sustainability goals and plans to expand the return of value to shareholders through higher dividends and share repurchases while deploying significant capital to increase the availability of sustainable aluminum packaging and best-in-class aerospace technologies will benefit our stakeholders in 2021 and beyond,” said Daniel W. Fisher, president.

Beverage Packaging, North and Central America

Beverage packaging, North and Central America, comparable segment operating earnings for the second quarter 2021 were $193 million on sales of $1.5 billion compared to $189 million on sales of $1.3 billion in 2020. For the first six months, comparable segment operating earnings were $333 million on sales of $2.8 billion compared to $335 million on sales of $2.4 billion during the same period in 2020. Year-over-year sales reflect higher shipments, the contractual pass through of higher aluminum costs and improved price/mix.

Second quarter comparable segment earnings reflect 5% volume growth, the benefits from new contractual terms and higher specialty mix largely offset by startup and labor costs associated with three new manufacturing plants and the impact of low finished goods inventory entering peak season.

Demand for aluminum beverage cans and bottles continues to outstrip supply across North America. The company’s new Glendale, Arizona, facility successfully started up its second and third lines during the quarter, and the new Pittston, Pennsylvania, facility started up initial beverage can production on two lines late in the second quarter. Project execution is on or above our targets and additional capacity investments in North America are supported by long duration contracts and will serve growing demand for aluminum beverage cans across all beverage categories.

The company’s new aluminum end manufacturing facility in Bowling Green, Kentucky, is scheduled to begin production in the fourth quarter and full-year 2021 startup costs are still anticipated to be in the range of $50 million.

Beverage Packaging, EMEA

Beverage packaging, EMEA, comparable segment operating earnings for second quarter were $124 million on sales of $906 million compared to $63 million on sales of $699 million in 2020. For the first six months, comparable segment operating earnings were $224 million on sales of $1.7 billion compared to $131 million on sales of $1.4 billion during the same period in 2020. Year-over-year sales reflect higher shipments, the contractual pass through of higher aluminum costs and favorable foreign exchange.

Second quarter comparable segment earnings reflect 18% segment volume growth, specialty mix and strong year-over-year consumption trends across Europe. Packaging mix shift to sustainable aluminum cans for traditional and non-traditional beverages continues, and demand is outstripping supply. In addition to 2021 beverage can line investments across the region, the company recently announced its intention to build two new beverage can manufacturing facilities in the U.K. and Russia with production anticipated to begin in 2023. Line speed ups and greenfield projects are largely on track and will support growing demand for aluminum beverage cans in 2021 and beyond.

Beverage Packaging, South America

Beverage packaging, South America, comparable segment operating earnings for second quarter were $78 million on sales of $452 million compared to $46 million on sales of $329 million in 2020. For the first six months, comparable segment operating earnings were $171 million on sales of $939 million compared to $109 million on sales of $734 million during the same period in 2020. Year-over-year sales reflect higher shipments, the contractual pass through of higher aluminum costs and improved mix.

Segment volume ended the quarter up 15% and second quarter earnings also reflect favorable price/mix and solid operating performance across South America. In Brazil, demand remains strong and continues to outstrip supply despite COVID-19 related restrictions and cooler than anticipated weather.

To support long-term contracted volume growth and can-filling investments across South America, multiple can manufacturing investments are ongoing across our existing footprint in 2021 and beyond. The previously announced multi-line facility in Frutal, Brazil, is on schedule to begin production in the second half of 2021.

Aerospace

Aerospace comparable segment operating earnings for the second quarter were $34 million on sales of $459 million compared to $30 million on sales of $438 million in 2020. For the first six months, comparable segment operating earnings were $69 million on sales of $883 million compared to $70 million on sales of $870 million during the same period in 2020. Contracted backlog ended the quarter at $3 billion and contracts won, but not yet booked into contracted backlog was $5.1 billion.

Segment results reflect moderation in the inefficiencies created from certain customer supply-chain disruptions. The company continues to win defense, climate change and Earth-monitoring contracts to provide mission-critical programs and technologies to U.S. government, defense, intelligence, and reconnaissance and surveillance customers. New contracts booked late in the second quarter are anticipated to ramp quickly and full-year earnings remain on track to grow double-digits. Hiring to support future growth and multiple projects to expand manufacturing capacity, test capabilities, engineering, and support workspace remain on track.

Non-reportable

In addition to undistributed corporate expenses, the results for the company’s global aluminum aerosol business, beverage can manufacturing facilities in India, Saudi Arabia and Myanmar and investments in the company’s new aluminum cup business continue to be reported in other non-reportable.

Second quarter and year-to-date results reflect higher year-over-year undistributed corporate expenses and marketing costs associated with the aluminum cup national retail launch. During the quarter, the company’s global aluminum aerosol volumes increased 20% versus 2020, and customers continue to pursue sustainable personal care packaging solutions including the company’s new Infinity aluminum bottle.

Outlook

“The company is well-positioned for long-term growth and we recently accelerated return of value to shareholders in 2021 by increasing our dividend 33% and initiating share repurchases of at least $500 million. Our financial strength and flexibility provide the opportunity to return value to shareholders while also investing in excess of $1.5 billion in capital expenditures to further grow cash from operations, earnings and EVA dollars. We look forward to investing in more organic growth opportunities and returning even more to our shareholders in the future as our cash from operations continues to accelerate,” said Scott C. Morrison, executive vice president and chief financial officer.

“We continue to perform at a high level despite certain transitory inefficiencies and costs. Our talented team, Drive for 10 vision, enduring culture, capital allocation discipline and strong demand for our sustainable packaging and technologies will enable our long-term growth. In 2021 and beyond, we look forward to growing our cash from operations and EVA dollars on an even larger capital base while returning capital to our shareholders and exceeding our long-term diluted earnings per share growth goal of at least 10 to 15%,” Hayes said.

Ball Reports Strong Third Quarter Results

November 7, 2020 Published by Roboticulized.com

Ball Corporation (NYSE: BLL) today reported, on a U.S. GAAP basis, third quarter 2020 net earnings attributable to the corporation of $241 million (including net after-tax charges of $56 million, or 17 cents per diluted share for business consolidation and other non-comparable items), or 72 cents per diluted share, on sales of $3.1 billion, compared to $92 million net earnings attributable to the corporation, or 27 cents per diluted share (including net after-tax charges of $145 million, or 43 cents per diluted share for business consolidation and other non-comparable items), on sales of $3.0 billion in 2019. Results for the first nine months of 2020 were net earnings attributable to the corporation of $358 million, or $1.08 per diluted share, on sales of $8.7 billion, compared to $406 million net earnings attributable to the corporation, or $1.19 per diluted share on sales of $8.8 billion for the first nine months of 2019.

Ball’s third quarter and year-to-date 2020 comparable earnings per diluted share were 89 cents and $2.15, respectively, versus third quarter and year-to-date 2019 comparable earnings per diluted share of 70 cents and $1.82, respectively.

Third quarter and year-to-date results reflect the 2019 sale of the company’s Argentine steel aerosol business and Chinese beverage can assets, and new segment reporting for the company’s beverage packaging, EMEA business and other non-reportable results. References to volume data represent units shipped, and year-over-year global beverage volumes referenced exclude the impact of the 2019 sale of the Chinese beverage can assets. Details of comparable segment earnings, business consolidation activities, business segment descriptions and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release.

“Our team continues to operate safely while responding to significant growth across our businesses. Capital investments are being executed to support sustained growth for our global aluminum packaging portfolio and aerospace technologies. Our company is well-positioned in the current environment, and our focus remains on our employees’ safety and our customers’ success, as well as the efficient and effective startup of our various capital projects in order to deliver significant value to our shareholders,” said John A. Hayes, chairman, president and chief executive officer.

“During the quarter, our company posted 27 percent comparable earnings per diluted share growth on 9 percent global beverage volume growth and 14 percent aerospace contracted backlog growth. In addition, we recently completed our aluminum aerosol acquisition in Brazil, announced new beverage can manufacturing plants in Pittston, Pennsylvania, as well as Frutal, Brazil, and commenced production at our new aluminum cup manufacturing facility in Rome, Georgia. With demand continuing to increase for our sustainable aluminum packaging solutions and critical aerospace technologies, Ball remains well positioned to invest in EVA-enhancing capital projects, grow diluted earnings per share, increase cash from operations, and deliver shareholder returns now and into the future,” Hayes said.

Beverage Packaging, North and Central America

Beverage packaging, North and Central America, comparable segment operating earnings for third quarter 2020 were $209 million on sales of $1.3 billion compared to $157 million on sales of $1.2 billion during the same period in 2019. For the first nine months, comparable segment operating earnings were $544 million on sales of $3.8 billion compared to $416 million on sales of $3.6 billion during the same period in 2019.

Quarterly segment earnings increased supported by mid-single-digit volume growth, benefits from new contractual terms and improved operational performance. Higher at-home consumption and tight supply/demand conditions are expected to outpace domestically produced volume through 2021. In advance of the start-up of multi-line can manufacturing facilities in Glendale, Arizona, and Pittston, Pennsylvania in mid-2021, SKU rationalization with certain customers, production from recently commissioned can manufacturing lines in Rome, Georgia, and Fort Worth, Texas, and the short-term benefit of imported cans from our global network will continue to address consumers’ significant demand for soft drinks, sparkling water, spiked seltzers and beer throughout the remainder of 2020 and into 2021.

To further support our customers’ can-filling investments, additional can manufacturing investments in excess of the previously announced 6 billion units of capacity are anticipated to deliver contracted volumes beyond 2021.

Beverage Packaging, EMEA

Beverage packaging, EMEA, comparable segment operating earnings for the third quarter 2020 were $117 million on sales of $809 million compared to $105 million on sales of $763 million during the same period in 2019. For the first nine months, comparable segment operating earnings were $248 million on sales of $2.2 billion compared to $277 million on sales of $2.2 billion during the same period in 2019. Beginning in 2020, current and historical quarterly results for the company’s existing facilities in Cairo, Egypt, and Manisa, Turkey, have been consolidated into the segment.

Strong at-home consumption trends in the U.K., Nordics and Russia resulted in mid-single-digit volume growth for the segment during the quarter. Early in the quarter, seasonal demand patterns improved across Southern Europe, and, exiting the quarter, strength remained in this region as well as the U.K. and Russia. Packaging mix shift to sustainable aluminum cans for traditional and non-traditional beverages continues to accelerate.

Multiple beverage can line additions in the U.K. and Eastern Europe began production mid-year and, due to the strong recovery in regional demand, the European plant network provided minimal support for increased North American beverage can demand during the quarter.

Beverage Packaging, South America

Beverage packaging, South America, comparable segment operating earnings for the third quarter 2020, were $64 million on sales of $432 million compared to $60 million on sales of $392 million during the same period in 2019. For the first nine months, comparable segment operating earnings were $173 million on sales of $1.2 billion compared to $193 million on sales of $1.2 billion for the same period in 2019.

Segment volume ended the quarter up strong double digits. Throughout the seasonally slow third quarter, Brazilian demand remained strong as small grocery stores and gas stations continued to emphasize recyclable aluminum beverage packaging over returnable glass and customers prepared for the busy summer season.

As we look forward, with customer packaging mix continuing to favor aluminum beverage packaging and supply/demand tightening dramatically, the new multi-line facility in Frutal, Brazil, will begin production in mid-2021, and additional projects in Brazil and surrounding countries are forthcoming to support contracted volume.

Aerospace

Aerospace comparable segment operating earnings for third quarter 2020 were $44 million on sales of $451 million compared to $35 million on sales of $374 million during the same period in 2019. For the first nine months, comparable segment operating earnings were $114 million on sales of $1.3 billion compared to $103 million on sales of $1.1 billion. Contracted backlog increased 14 percent to $2.4 billion and contracts already won, but not yet booked into current contracted backlog, remains strong at $4.9 billion.

Segment results were very strong in the quarter despite inefficiencies created from tighter safety protocols due to COVID-19, and the business is on track to hire 1,000 employees in 2020. The company continues to win and provide mission-critical programs and technologies to U.S. government, defense, intelligence, reconnaissance and surveillance customers. Multiple projects to expand manufacturing capacity, test capabilities engineering and support workspace remain on track.

During the quarter, Ball was chosen by NASA for three studies to explore next-generation technologies for the Landsat Program, a series of Earth-observing satellite missions jointly managed by NASA and the U.S. Geological Survey that is entering its fifth decade of existence. In addition, Ball recently shipped the OMPS instrument for integration onto NOAA’s next polar-orbiting operational weather satellite, the Joint Polar Satellite System-2 (JPSS-2). The OMPS instrument provides critical ozone measurements used by forecasters at the National Weather Service to produce ultraviolet (UV) radiation forecasts, by researchers to track the health of the ozone layer and by policy makers to help improve life on Earth. Ball has successfully built and delivered the two prior OMPS instruments currently in orbit providing critical ozone data.

Non-reportable

Third quarter results in non-reportable reflect higher year-over-year undistributed corporate expenses, the impact of the 2019 sale of the Chinese beverage can assets and Argentine steel aerosol business, lower operating results in the remaining non-reportable beverage and aluminum aerosol businesses, and start-up costs in the recently launched aluminum cup business. The current and historical results from the existing facilities in Cairo, Egypt, and Manisa, Turkey, have been consolidated into the beverage packaging, EMEA segment beginning in 2020.

The results for the company’s global aluminum aerosol business and beverage can manufacturing facilities in India, Saudi Arabia and Myanmar and investments in the company’s new aluminum cup business continue to be reported as non-reportable segments. During the quarter, the company’s global aluminum aerosol volumes declined low-teens with growth in India for sanitizing sprays offset by double-digit volume declines for personal care products in North America and Europe. In the third quarter, the company completed the acquisition of an aluminum aerosol manufacturing facility in Brazil and completed construction of its first dedicated aluminum cup manufacturing facility in Rome, Georgia. Multi-channel, retail shipments of aluminum cups are expected to commence in the first half of 2021.

Outlook

“Our company generates significant cash from operations, and we have the flexibility and opportunity to allocate significant capital to organic growth investments while continuing to return value to shareholders. We continue to foresee 2020 capital expenditures exceeding $900 million, and given additional EVA-enhancing opportunities supported by contracted volumes and backlog, growth investments are expected to be in excess of $1 billion in 2021 and beyond,” said Scott C. Morrison, senior vice president and chief financial officer.

“The resiliency of our team and the strength in our businesses has never been more evident. We continue to be on-track to execute multiple growth projects as efficiently and safely as possible with our employees, customers and supply chains. The momentum in our businesses is accelerating and we are well positioned to further broaden our scale to serve future growth with an even higher level of customer service. In 2020 and beyond, we look forward to continuing to grow our cash from operations and EVA dollars on an even larger capital base while returning capital to our shareholders and achieving our long-term diluted earnings per share growth goal of at least 10 to 15 percent,” Hayes said.

Tag: Scott C. Morrison

Ball Announces Third Quarter 2022 Results

Ball Reports Strong Second Quarter 2021 Results

Ball Reports Strong Third Quarter Results

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