Ball, a sustainable aluminium packaging provider, has reported consistent net earnings of $217m for the first quarter (Q1) of financial year 2024 (FY24), mirroring its performance from the same period in the previous year.
The company’s comparable diluted earnings per share for the quarter was ¢68, a slight decrease from ¢69 per diluted share in FY23.
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Net sales for the quarter ending 31 March 2024 were $2.87bn, marking a decline from $2.98bn in the corresponding period in FY23.
Ball’s Beverage packaging, North and Central America segment saw sales of $1.40bn compared to $1.50bn in Q1 FY23.
The company’s comparable operating earnings for the first quarter was $192m, an improvement from $183m in Q1 FY23.
This quarter’s sales reflect lower shipments and the contractual pass-through of reduced aluminium costs, which were partially offset by the annual pass-through of inflationary costs.
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By GlobalDataBall’s Beverage packaging, Europe, Middle East, and Africa segment reported comparable operating earnings of $85m on sales of $810m for the first quarter of 2024, compared to $73m on sales of $834m during the same period in 2023.
Meanwhile, the Beverage packaging, South America segment’s comparable operating earnings for the first quarter of 2024 was $55m on sales of $482m, up from $50m on sales of $450m in the previous year.
Over the quarter, global beverage can shipments saw a 3.7% increase, but the company experienced a 3.0% decrease in volume across its global extruded aluminium bottles and aerosol containers.
The decline was attributed to challenging year-over-year comparisons and seasonal customer filling downtime.
In February this year, the company completed the divestiture of its aerospace business for approximately $5.6bn.
Ball chair and CEO Daniel Fisher said: “We delivered strong first-quarter results. Following the successful sale of the aerospace business in mid-February, we have executed on our plans to immediately deleverage, initiate a large multiyear share repurchase programme and position the company to enable our purpose of advancing the greater use of sustainable aluminium packaging.
“We continue to complement our purpose by driving innovation and sustainability on a global scale, unlocking additional manufacturing efficiencies and activating an operating model to enable high-quality, long-term shareholder value creation.”
