Sustainable aluminium packaging company Ball has reported net earnings of $173m in the second quarter (Q2) of 2023 against a net loss of $165m recorded in the same period of 2022.
The net earnings attributable to the corporation in the latest quarter was $173m against a loss of $174m in Q2 2022.
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The net sales for the quarter, which ended on 30 June 2023, decreased by 13.7% to $3.56bn, as against $4.13bn in the prior year’s Q2.
For the reported quarter, the highest net sales of $1.53bn, were recorded in Ball’s Beverage Packaging business in North and Central America. This shows a decline of 13.4% within the business segment from $1.77bn in Q2 2022.
The company has attributed this decline in its Beverage Packaging segment to lower shipments as well as a ‘contractual pass-through of lower aluminium costs’, which was favourably offset by incremental inflation recovery in the region.
The company’s net sales in its Beverage Packaging segment in the Europe, Middle East, and Africa region also declined from $1.13bn in Q2 2022 to $920m this year.
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By GlobalDataNet sales in Ball’s Beverage Packaging segment in South America also decreased to $405m from $534m in the previous year.
Ball CEO and chair Daniel W Fisher said: “Maximising returns, improving free cash conversion, driving organic growth by leveraging sustainability and innovation tailwinds and being good stewards of our capital are our core areas of focus.
“Despite higher interest costs, year-to-date demand trends and the Russian business divestment headwind, the potential remains for us to achieve our long-term comparable diluted earnings per share growth goal of 10% to 15%, improve EVA [economic value added] generation, and increase cash flow to deleverage and return value to shareholders in 2023 and beyond.”
