Company Reports

Ball Corp's second-quarter global aluminum packaging volumes increased by 4.3% from the same period last year. Adjusted EPS increased by 14.4%, trending above management's goal to deliver at least 10% EPS growth.

Ball is the world's largest producer of aluminum beverage cans. Used primarily for carbonated soft drinks and beer, aluminum cans are historically a low-growth industry but one with favorable competitive dynamics for incumbents. Ball became the world’s largest producer of aluminum beverage cans in 2016 with its sizable acquisition of Rexam. As a condition of the acquisition, Ball was required to divest eight aluminum can plants in the United States. These assets were sold to Ball’s competitor, Ardagh. Since the acquisition, Ball has divested from specific industries (such as steel food and aerosol containers) and regions (China) to focus on producing aluminum cans in markets where it can earn strong economic profits.

Ball Corp reported first-quarter revenue of $3.6 billion, up 16.3% from $3.1 billion in the same period last year. Comparable EPS grew 22.1% year over year to $0.94, as the company benefited from higher volumes and aluminum prices.

Ball is the world's largest producer of aluminum beverage cans. Used primarily for carbonated soft drinks and beer, aluminum cans are historically a low-growth industry but one with favorable competitive dynamics for incumbents. Ball became the world’s largest producer of aluminum beverage cans in 2016 with its sizable acquisition of Rexam. As a condition of the acquisition, Ball was required to divest eight aluminum can plants in the United States. These assets were sold to Ball’s competitor, Ardagh. Since the acquisition, Ball has divested from specific industries (such as steel food and aerosol containers) and regions (China) to focus on producing aluminum cans in markets where it can earn strong economic profits.

Ball Corp's fourth-quarter adjusted EPS of $0.91 came in a penny above the FactSet consensus estimate. Full-year adjusted EPS increased by 13% year over year, trending above management's long-term target of at least 10%.

Ball is the world's largest producer of aluminum beverage cans. Used primarily for carbonated soft drinks and beer, aluminum cans are historically a low-growth industry but one with favorable competitive dynamics for incumbents. Ball became the world’s largest producer of aluminum beverage cans in 2016 with its sizable acquisition of Rexam. As a condition of the acquisition, Ball was required to divest eight aluminum can plants in the United States. These assets were sold to Ball’s competitor, Ardagh. Since the acquisition, Ball has divested from specific industries (such as steel food and aerosol containers) and regions (China) to focus on producing aluminum cans in markets where it can earn strong economic profits.

Ball is the world's largest producer of aluminum beverage cans. Used primarily for carbonated soft drinks and beer, aluminum cans are historically a low-growth industry but one with favorable competitive dynamics for incumbents. Ball became the world’s largest producer of aluminum beverage cans in 2016 with its sizable acquisition of Rexam. As a condition of the acquisition, Ball was required to divest eight aluminum can plants in the United States. These assets were sold to Ball’s competitor, Ardagh. Since the acquisition, Ball has divested from specific industries (such as steel food and aerosol containers) and regions (China) to focus on producing aluminum cans in markets where it can earn strong economic profits.

Ball Corp increased its third-quarter adjusted earnings per share by 12.1% from the prior-year period to $1.02. Management reiterated its outlook for full-year 2025 and continues to anticipate comparable EPS growth in the range of 12% to 15%.

Ball is the world's largest producer of aluminum beverage cans. Used primarily for carbonated soft drinks and beer, aluminum cans are historically a low-growth industry but one with favorable competitive dynamics for incumbents. Ball became the world’s largest producer of aluminum beverage cans in 2016 with its sizable acquisition of Rexam. As a condition of the acquisition, Ball was required to divest eight aluminum can plants in the United States. These assets were sold to Ball’s competitor, Ardagh. Since the acquisition, Ball has divested from specific industries (such as steel food and aerosol containers) and regions (China) to focus on producing aluminum cans in markets where it can earn strong economic profits.

Ball is the world's largest producer of aluminum beverage cans. Used primarily for carbonated soft drinks and beer, aluminum cans are historically a low-growth industry but one with favorable competitive dynamics for incumbents. Ball became the world’s largest producer of aluminum beverage cans in 2016 with its sizable acquisition of Rexam. As a condition of the acquisition, Ball was required to divest eight aluminum can plants in the United States. These assets were sold to Ball’s competitor, Ardagh. Since the acquisition, Ball has divested from specific industries (such as steel food and aerosol containers) and regions (China) to focus on producing aluminum cans in markets where it can earn strong economic profits.

Ball is the world's largest producer of aluminum beverage cans. Used primarily for carbonated soft drinks and beer, aluminum cans are historically a low-growth industry but one with favorable competitive dynamics for incumbents. Ball became the world’s largest producer of aluminum beverage cans in 2016 with its sizable acquisition of Rexam. As a condition of the acquisition, Ball was required to divest eight aluminum can plants in the United States. These assets were sold to Ball’s competitor, Ardagh. Since the acquisition, Ball has divested from specific industries (such as steel food and aerosol containers) and regions (China) to focus on producing aluminum cans in markets where it can earn strong economic profits.

Net sales for Ball rose almost 13% in the second quarter from a year ago, driven by price and volume gains across most of its operations. Global shipments for its aluminum packaging products rose 4.1% year over year.

Ball is the world's largest producer of aluminum beverage cans. Used primarily for carbonated soft drinks and beer, aluminum cans are historically a low-growth industry but one with favorable competitive dynamics for incumbents. Ball became the world’s largest producer of aluminum beverage cans in 2016 with its sizable acquisition of Rexam. As a condition of the acquisition, Ball was required to divest eight aluminum can plants in the United States. These assets were sold to Ball’s competitor, Ardagh. Since the acquisition, Ball has divested from specific industries (such as steel food and aerosol containers) and regions (China) to focus on producing aluminum cans in markets where it can earn strong economic profits.

Narrow-moat-rated Ball reported solid first quarter results that were slightly ahead of our expectations. Net sales rose almost 8% year over year, driven by strength in EMEA and South America. Notably, global aluminum packaging shipments grew 2.6% from a year ago, a welcomed change given shipment growth headwinds in the past few quarters. Demand in Europe remains strong, and results in North America appear to have finally turned a corner. Management noted the company’s exposure to tariffs is limited because most packaging products are manufactured and sold in the same region. In North America, some products cross country lines, but these products are generally included in USMCA. Nevertheless, Ball is not immune to a potential economic slowdown, which would have a material impact on the company’s beverage can shipments and affect operating rates at its plants. Ball has started the year on solid footing, but economic uncertainty and potential slowdown in consumer spending loom. We’ve increased our fair value estimate to $59 per share from $58 due to the time value of money.

On April 2, President Donald Trump announced a wide array of tariffs on all US imports. For packaging producers, we see heightened risks in packaging demand, driven by a potential slowdown in consumer spending and further softening of industrial production. While packaging companies have different degrees of exposure to tariffs, and many will be able to offset the direct impact by passing through cost increases, a slowdown in demand could have a significant impact on their near-term results. Given the uncertainty around the duration of new tariffs and potential industry or regional exclusions, we are maintaining our fair value estimates.

Narrow-moat-rated Ball reported an underwhelming fourth quarter that came with few surprises. Net sales fell about 1% year over year, mainly due to declines in the North, South, and Central America markets. Demand in Europe remained strong, which buoyed Ball’s results in the quarter. That said, Ball continued to make progress on its cost-cutting initiatives and benefited from improving operating efficiencies in the quarter. While we are encouraged by the continued strength experienced in Europe, headwinds in North and South America persisted into the fourth quarter. As such, we’ve decreased our fair value estimate to $58 per share from $60 due to lower near-term revenue in our forecast.

Ball is the world's largest producer of aluminum beverage cans. Used primarily for carbonated soft drinks and beer, aluminum cans are historically a low-growth industry but one with favorable competitive dynamics for incumbents. Ball became the world’s largest producer of aluminum beverage cans in 2016 with its sizable acquisition of Rexam. As a condition of the acquisition, Ball was required to divest eight aluminum can plants in the United States. These assets were sold to Ball’s competitor, Ardagh. Since the acquisition, Ball has divested from specific industries (such as steel food and aerosol containers) and regions (China) to focus on producing aluminum cans in markets where it can earn strong economic profits.

Narrow-moat-rated Ball reported third-quarter results that came with few surprises. Net sales fell roughly 1% year over year due to flat shipment growth and slightly unfavorable prices. Demand was mixed across Ball’s portfolio as the company experienced strong demand in Europe but had some end-market softness in North and South America. That said, most of the headwinds experienced in the quarter were largely expected, and we think Ball will benefit from recovering demand heading into next year. Nevertheless, we are monitoring Ball’s progress in reducing costs as the company optimizes its network following the overbuilding of capacity in recent years, and we expect additional cost improvements in 2025. As such, we have maintained our $60 fair value estimate.

Ball is the world's largest producer of aluminum beverage cans. Used primarily for carbonated soft drinks and beer, aluminum cans are historically a low-growth industry but one with favorable competitive dynamics for incumbents. Ball became the world’s largest producer of aluminum beverage cans in 2016 with its sizable acquisition of Rexam. As a condition of the acquisition, Ball was required to divest eight aluminum can plants in the United States. These assets were sold to Ball’s competitor, Ardagh. Since the acquisition, Ball has divested from specific industries (such as steel food and aerosol containers) and regions (China) to focus on producing aluminum cans in markets where it can earn strong economic profits.

Narrow-moat-rated Ball reported solid second quarter results that were in line with our expectations. Net sales fell 3.5% year over year, largely due to the pass-through of lower aluminum costs. Notably, global beverage can shipments rose almost 3% year over year as inventory destocking headwinds that have weighed on Ball for over a year relented. While the pass-through of aluminum costs continues to weigh on top-line growth, recovering demand in many of Ball’s end markets should drive volume growth in the second half of the year. As such, we have maintained our $60 fair value estimate.