Ball Reports 2022 Results
Ball Corporation reported its 2022 financial results, highlighting a full-year GAAP diluted EPS of $2.25 on sales of $15.35 billion, down from $2.65 in 2021. The fourth quarter saw a diluted EPS of 17 cents on $3.55 billion sales, compared to 90 cents on $3.67 billion in the previous year. Beverage can shipments decreased, particularly in the fourth quarter, with a 6.1% decline globally. However, aerospace backlog increased 20% to $3.0 billion. The company aims for diluted EPS growth of 10-15% in 2023, despite challenges from inflation and the impact of the Russian business sale.
- Aerospace backlog increased 20% to $3.0 billion.
- Targeting $200 million in net inflation recovery and at least $150 million in cost savings for 2023.
- Positioned for long-term EPS growth of 10-15%, inclusive of recent divestitures.
- Full-year net earnings down 18.1% to $719 million from $878 million in 2021.
- Fourth quarter diluted EPS declined by 81.1% from 90 cents to 17 cents year-over-year.
- Global beverage can shipments down 6.1% in Q4, with a significant drop in North America.
Highlights
- Full-year and fourth quarter
U.S. GAAP diluted earnings per share of and$2.25 17 cents , respectively - Full-year and fourth quarter comparable diluted earnings per share of
and$2.78 44 cents , respectively - Full-year and fourth quarter global beverage can shipments up .
8% and down6.1% , respectively, includingRussia - Full-year and fourth quarter global beverage can shipments up
2.1% and down .9% , respectively, excludingRussia - Year-over-year aerospace backlog increased
20% to ; contracts won-not-booked reached$3.0 billion $5.0 billion - Positioned to generate free cash flow and EVA, achieve leverage targets and return value to shareholders in 2023
- Reiterate ability to achieve
of net inflation recovery and at least$200 million of cost savings in 2023$150 million - In 2023, positioned business to achieve long-term diluted earnings per share growth goal of 10 to 15 percent, inclusive of divested Russian operating earnings headwind
Ball's fourth quarter 2022 net earnings attributable to the corporation on a
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. Year-over-year global and EMEA segment volume data exclude the impact of the Russian beverage can business sale completed in third quarter of 2022, unless specifically noted otherwise.
"The company's 2022 results were driven by macroeconomic and geopolitical conditions leading to lower volume across the
Beverage packaging, North and
Full-year and fourth quarter segment comparable operating earnings decreased year-over-year due to lower than anticipated volume, unfavorable fixed cost absorption and the timing effect of high-cost inventory ahead of customer sell through to align year-end inventory levels and customer mix. Segment volumes decreased 7.1 percent in the fourth quarter and were flat on a full-year basis due to lower than anticipated customer demand driven by higher year-over-year retail prices impacting consumer demand, particularly in the
To ensure supply/demand balance and optimize low-cost production during the current macroeconomic environment, the company previously disclosed the permanent closures of two
Beverage packaging, EMEA, segment comparable operating earnings for full-year 2022 were
Full-year and fourth quarter 2022 segment comparable operating earnings decreased year-over-year due to continued volume growth being more than offset by unfavorable currency translation, the impact of higher inflation and energy costs across the region and the sale of the Russian business. Packaging mix shift to aluminum cans supported by ongoing packaging legislation in certain countries continues to be a driver of aluminum beverage packaging growth. Segment volumes increased 11.0 percent and 8.6 percent in the fourth quarter and full year, respectively, excluding
The recently constructed
During 2023, contractual recovery of 2022 inflation and cost savings are anticipated to offset the earnings headwind associated with the Russian business sale. See Note 1 "Business Segment Information" for additional information about the Russian historical results.
Beverage packaging,
Demand trends across the company's South American operations were challenging throughout 2022 due to the previously disclosed first quarter 2022 customer contract breach and lower than anticipated customer demand leading up to and during the World Cup. Segment volumes decreased in the fourth quarter and full year by 4.2 percent and 6.3 percent, respectively. To ensure supply/demand balance and optimize low-cost production, the company ceased operations at its
Aerospace
Aerospace segment comparable operating earnings for full-year 2022 were
Full-year and fourth 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
Earlier this month, Ball completed the spacecraft bus for the Weather System Follow-on-Microwave (WSF-M) satellite, the
Non-reportable
In addition to undistributed corporate expenses, the results for the company's global aluminum aerosol business, beverage can manufacturing facilities in
Full-year and fourth quarter 2022 results reflect higher year-over-year undistributed corporate expenses offset by higher demand across all aluminum packaging businesses in other non-reportable. Volume across the company's global extruded aluminum bottles and aerosol containers increased in the fourth quarter and full-year 2022, by 14.5 percent and 12.0 percent, respectively. Volume also increased in the other non-reportable beverage can manufacturing facilities for the fourth quarter and full-year 2022, by 48.5 percent and 48.2 percent, respectively, to support EMEA segment demand prior to new capital projects coming online in early 2023. During the quarter, the company's global aluminum aerosol customers and regional water and personal care brands continued to pursue next generation lightweight sustainable packaging solutions and expand usage of refillable aluminum bottles for certain venues.
Outlook
"We are controlling the things we can control in today's global economic and geopolitical environment. Following actions executed in the second half of 2022, we remain well-positioned for earnings and free cash flow growth, achieving appropriate leverage targets and returning value to shareholders," said
"As a fellow shareholder, 2022 was a very challenging year. We continue to actively manage our businesses through the lens of Drive for 10 and EVA. Our team is focused on delivering free cash flow, cost savings and operational efficiencies while ensuring tight supply/demand across our global plant network in the current environment. Our collective success will further complement much anticipated contractual inflationary cost recovery. Including or excluding the Russian business divestment headwind, we are positioned to achieve our long-term diluted earnings per share growth goal of 10 to 15 percent in 2023. We look forward to driving a circular economy through the broader use of sustainable aluminum packaging and exquisite environmental, aerospace and defense technologies to preserve our planet, unlocking value and EVA generation from existing operations and maximizing cash flow to deleverage and return value to shareholders in 2023 and beyond," Fisher said.
About Ball Corporation
Conference Call Details
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Forward-Looking Statements This release contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates," "believes," and similar expressions typically identify forward-looking statements, which are generally any statements other than statements of historical fact. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. You should therefore not place undue reliance upon any forward-looking statements and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below. Ball undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the
Condensed Financial Statements (Fourth Quarter 2022) | ||||||||||||
Unaudited Condensed Consolidated Statements of Earnings | ||||||||||||
Three Months Ended | Year Ended | |||||||||||
($ in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||
Net sales | $ | 3,548 | $ | 3,674 | $ | 15,349 | $ | 13,811 | ||||
Costs and expenses | ||||||||||||
Cost of sales (excluding depreciation and amortization) | (3,030) | (2,981) | (12,766) | (11,085) | ||||||||
Depreciation and amortization | (162) | (185) | (672) | (700) | ||||||||
Selling, general and administrative | (120) | (122) | (626) | (593) | ||||||||
Business consolidation and other activities | (48) | (6) | (71) | (142) | ||||||||
(3,360) | (3,294) | (14,135) | (12,520) | |||||||||
Earnings before interest and taxes | 188 | 380 | 1,214 | 1,291 | ||||||||
Interest expense | (96) | (69) | (312) | (270) | ||||||||
Debt refinancing and other costs | (16) | (12) | (18) | (13) | ||||||||
Total interest expense | (112) | (81) | (330) | (283) | ||||||||
Earnings before taxes | 76 | 299 | 884 | 1,008 | ||||||||
Tax (provision) benefit | (20) | (10) | (159) | (156) | ||||||||
Equity in results of affiliates, net of tax | - | 8 | 7 | 26 | ||||||||
Net earnings | 56 | 297 | 732 | 878 | ||||||||
Net earnings attributable to noncontrolling interests, net of tax | 1 | - | 13 | - | ||||||||
Net earnings attributable to | $ | 55 | $ | 297 | $ | 719 | $ | 878 | ||||
Earnings per share: | ||||||||||||
Basic | $ | 0.18 | $ | 0.92 | $ | 2.27 | $ | 2.69 | ||||
Diluted | $ | 0.17 | $ | 0.90 | $ | 2.25 | $ | 2.65 | ||||
Weighted average shares outstanding (000s): | ||||||||||||
Basic | 313,873 | 322,700 | 316,433 | 325,989 | ||||||||
Diluted | 316,127 | 328,218 | 320,008 | 331,615 |
Condensed Financial Statements (Fourth Quarter 2022) | ||||||
Unaudited Condensed Consolidated Statements of Cash Flows | ||||||
Year Ended | ||||||
($ in millions) | 2022 | 2021 | ||||
Cash Flows from Operating Activities: | ||||||
Net earnings | $ | 732 | $ | 878 | ||
Depreciation and amortization | 672 | 700 | ||||
Business consolidation and other activities | 71 | 142 | ||||
Deferred tax provision (benefit) | (2) | 35 | ||||
Other, net | (266) | (115) | ||||
Changes in working capital | (924) | 120 | ||||
Cash provided by (used in) operating activities | 283 | 1,760 | ||||
Cash Flows from Investing Activities: | ||||||
Capital expenditures | (1,651) | (1,726) | ||||
Business dispositions, net of cash sold | 759 | 112 | ||||
Other, net | 124 | (25) | ||||
Cash provided by (used in) investing activities | (768) | (1,639) | ||||
Cash Flows from Financing Activities: | ||||||
Changes in borrowings, net | 1,361 | 98 | ||||
Net issuances (purchases) of common stock | (582) | (719) | ||||
Dividends | (254) | (229) | ||||
Other, net | (40) | (44) | ||||
Cash provided by (used in) financing activities | 485 | (894) | ||||
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash | (21) | (29) | ||||
Change in cash, cash equivalents and restricted cash | (21) | (802) | ||||
Cash, cash equivalents and restricted cash - beginning of period | 579 | 1,381 | ||||
Cash, cash equivalents and restricted cash - end of period | $ | 558 | $ | 579 |
Condensed Financial Statements (Fourth Quarter 2022) | ||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||
($ in millions) | 2022 | 2021 | ||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 548 | $ | 563 | ||
Receivables, net | 2,594 | 2,560 | ||||
Inventories, net | 2,179 | 1,795 | ||||
Other current assets | 168 | 305 | ||||
Total current assets | 5,489 | 5,223 | ||||
Property, plant and equipment, net | 7,053 | 6,502 | ||||
4,235 | 4,378 | |||||
Intangible assets, net | 1,417 | 1,688 | ||||
Other assets | 1,715 | 1,923 | ||||
Total assets | $ | 19,909 | $ | 19,714 | ||
Liabilities and Equity | ||||||
Current liabilities | ||||||
Short-term debt and current portion of long-term debt | $ | 1,408 | $ | 15 | ||
Payables and other accrued liabilities | 5,600 | 5,938 | ||||
Total current liabilities | 7,008 | 5,953 | ||||
Long-term debt | 7,540 | 7,722 | ||||
Other long-term liabilities | 1,834 | 2,354 | ||||
Equity | 3,527 | 3,685 | ||||
Total liabilities and equity | $ | 19,909 | $ | 19,714 |
Notes to the Condensed Financial Statements (Fourth Quarter 2022)
1. Business Segment Information
Ball's operations are organized and reviewed by management along its product lines and geographical areas and presented in the four reportable segments outlined below.
Beverage packaging, North and
Beverage packaging, EMEA: Consists of operations in numerous countries throughout
Beverage packaging,
Aerospace: Consists of operations that manufacture and sell aerospace and other related products and provide services used in the defense, civil space and commercial space industries.
Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in
The company also has investments in operations in
As part of the company's process to continually evaluate the useful lives of its property, plant and equipment, the company utilized a third-party appraiser to assist in this evaluation, which was performed as a result of the company's experience with the duration over which the equipment and buildings of its aluminum packaging and aerospace businesses can be utilized. Effective
In the third quarter of 2022, the company completed the sale of its Russian aluminum beverage packaging business for total consideration of
In the first quarter of 2022, the company announced that it was pursuing the sale of its aluminum beverage packaging business located in
During the first quarter of 2022, Ball sold its remaining 49 percent owned equity method investment in
Three Months Ended | Year Ended | ||||||||||
($ in millions) | 2022 | 2021 | 2022 | 2021 | |||||||
Net sales | |||||||||||
Beverage packaging, North and | $ | 1,512 | $ | 1,517 | $ | 6,696 | $ | 5,856 | |||
Beverage packaging, EMEA (a) | 748 | 870 | 3,854 | 3,509 | |||||||
Beverage packaging, | 614 | 615 | 2,108 | 2,016 | |||||||
Aerospace | 506 | 530 | 1,977 | 1,911 | |||||||
Reportable segment sales | 3,380 | 3,532 | 14,635 | 13,292 | |||||||
Other | 168 | 142 | 714 | 519 | |||||||
Net sales | $ | 3,548 | $ | 3,674 | $ | 15,349 | $ | 13,811 | |||
Comparable operating earnings | |||||||||||
Beverage packaging, North and | $ | 99 | $ | 162 | $ | 642 | $ | 681 | |||
Beverage packaging, EMEA (a) | 47 | 103 | 358 | 452 | |||||||
Beverage packaging, | 78 | 103 | 275 | 348 | |||||||
Aerospace | 44 | 54 | 170 | 169 | |||||||
Reportable segment comparable operating earnings | 268 | 422 | 1,445 | 1,650 | |||||||
Other (b) | 1 | 2 | (25) | (65) | |||||||
Comparable operating earnings | 269 | 424 | 1,420 | 1,585 | |||||||
Reconciling items | |||||||||||
Business consolidation and other activities | (48) | (6) | (71) | (142) | |||||||
Amortization of acquired Rexam intangibles | (33) | (38) | (135) | (152) | |||||||
Earnings before interest and taxes | $ | 188 | $ | 380 | $ | 1,214 | $ | 1,291 |
____________________________ | |
(a) | See the accompanying information below for results of the Russian aluminum beverage packaging business divested on |
(b) | Includes undistributed corporate expenses, net, of |
For a summary of the results of the Russian aluminum packaging business and the non-Russian components of the beverage packaging, EMEA, segment, for the three months and years ended
Three Months Ended | Year Ended | |||||||||||
($ in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||
Net sales | ||||||||||||
$ | — | $ | 154 | $ | 554 | $ | 594 | |||||
Non- | 748 | 716 | 3,300 | 2,915 | ||||||||
Beverage packaging, EMEA, segment | $ | 748 | $ | 870 | $ | 3,854 | $ | 3,509 | ||||
Comparable operating earnings | ||||||||||||
$ | — | $ | 31 | $ | 86 | $ | 129 | |||||
Non- | 47 | 72 | 272 | 323 | ||||||||
Beverage packaging, EMEA, segment | $ | 47 | $ | 103 | $ | 358 | $ | 452 |
Three Months Ended | Nine Months Ended | |||||||||||
($ in millions) | ||||||||||||
Net sales | ||||||||||||
$ | 155 | $ | 226 | $ | 173 | $ | 554 | |||||
Non- | 787 | 907 | 858 | 2,552 | ||||||||
Beverage packaging, EMEA, segment | $ | 942 | $ | 1,133 | $ | 1,031 | $ | 3,106 | ||||
Comparable operating earnings | ||||||||||||
$ | 32 | $ | 40 | $ | 14 | $ | 86 | |||||
Non- | 68 | 89 | 68 | 225 | ||||||||
Beverage packaging, EMEA, segment | $ | 100 | $ | 129 | $ | 82 | $ | 311 |
The Russian sales and comparable operating earnings figures in the above tables include historical support by
2. Non-
Non-
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (Comparable EBITDA), Comparable Operating Earnings, Comparable Net Earnings, Comparable Diluted Earnings Per Share and Net Debt – Comparable EBITDA is earnings before interest, taxes, depreciation and amortization, business consolidation and other non-comparable costs. Comparable Operating Earnings is earnings before interest, taxes, business consolidation and other non-comparable costs. Comparable Net Earnings is net earnings attributable to
Please see the company's website for further details of the company's non-
A summary of the effects of non-comparable items on after tax earnings is as follows:
Three Months Ended | Year Ended | ||||||||||||||
($ in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | |||||||||||
Net earnings attributable to | $ | 55 | $ | 297 | $ | 719 | $ | 878 | |||||||
Business consolidation and other activities | 48 | 6 | 71 | 142 | |||||||||||
Amortization of acquired Rexam intangibles | 33 | 38 | 135 | 152 | |||||||||||
Share of equity method affiliate non-comparable costs, net of tax | - | 1 | - | 4 | |||||||||||
Debt refinancing and other costs | 16 | 12 | 18 | 13 | |||||||||||
Non-comparable tax items | (14) | (37) | (52) | (32) | |||||||||||
Comparable Net Earnings | $ | 138 | $ | 317 | $ | 891 | $ | 1,157 | |||||||
Comparable diluted earnings per share | $ | 0.44 | $ | 0.97 | $ | 2.78 | $ | 3.49 |
A summary of the effects of non-comparable items on earnings before interest and taxes is as follows:
Three Months Ended | Year Ended | ||||||||||||
($ in millions) | 2022 | 2021 | 2022 | 2021 | |||||||||
Net earnings attributable to | $ | 55 | $ | 297 | $ | 719 | $ | 878 | |||||
Net earnings attributable to noncontrolling interests, net of tax | 1 | - | 13 | - | |||||||||
Net earnings | 56 | 297 | 732 | 878 | |||||||||
Equity in results of affiliates, net of tax | - | (8) | (7) | (26) | |||||||||
Tax provision (benefit) | 20 | 10 | 159 | 156 | |||||||||
Earnings before taxes | 76 | 299 | 884 | 1,008 | |||||||||
Total interest expense | 112 | 81 | 330 | 283 | |||||||||
Earnings before interest and taxes | 188 | 380 | 1,214 | 1,291 | |||||||||
Business consolidation and other activities | 48 | 6 | 71 | 142 | |||||||||
Amortization of acquired Rexam intangibles | 33 | 38 | 135 | 152 | |||||||||
Comparable Operating Earnings | $ | 269 | $ | 424 | $ | 1,420 | $ | 1,585 |
A summary of Comparable EBITDA and Net Debt is as follows:
Year Ended | |||
($ in millions, except ratios) | 2022 | ||
Net earnings attributable to | $ | 719 | |
Net earnings attributable to noncontrolling interests, net of tax | 13 | ||
Net earnings | 732 | ||
Equity in results of affiliates, net of tax | (7) | ||
Tax provision (benefit) | 159 | ||
Earnings before taxes | 884 | ||
Total interest expense | 330 | ||
Earnings before interest and taxes | 1,214 | ||
Business consolidation and other activities | 71 | ||
Amortization of acquired Rexam intangibles | 135 | ||
Comparable Operating Earnings | 1,420 | ||
Depreciation and amortization | 672 | ||
Amortization of acquired Rexam intangibles | (135) | ||
Comparable EBITDA | $ | 1,957 | |
Total interest expense | $ | (330) | |
Debt refinancing and other costs | 18 | ||
Interest expense | $ | (312) | |
Total debt at period end | $ | 8,948 | |
Cash and cash equivalents | (548) | ||
Net Debt | $ | 8,400 | |
Comparable EBITDA/Interest Expense (Interest Coverage) | 6.3 | x | |
Net Debt/Comparable EBITDA | 4.3 | x | |
3. Non-Comparable Items
Three Months Ended | Year Ended | |||||||||||
($ in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||
Non-comparable items - income (expense) | ||||||||||||
Beverage packaging, North and | ||||||||||||
Business consolidation and other activities | ||||||||||||
Facility closure costs (1) | $ | (13) | $ | - | $ | (47) | $ | - | ||||
Legal contingency (2) | (15) | - | (15) | - | ||||||||
Cost-out plan activities (3) | - | - | (2) | - | ||||||||
Costs incurred from climate-related disaster | - | (4) | - | (4) | ||||||||
Individually insignificant items | (9) | (1) | (10) | (2) | ||||||||
Other non-comparable items | ||||||||||||
Amortization of acquired Rexam intangibles | (7) | (7) | (28) | (28) | ||||||||
Total beverage packaging, North and | (44) | (12) | (102) | (34) | ||||||||
Beverage packaging, EMEA | ||||||||||||
Business consolidation and other activities | ||||||||||||
Sale of Russian aluminum beverage packaging business (4) | - | - | (216) | - | ||||||||
Cost-out plan activities (3) | - | - | (6) | - | ||||||||
Facility closure costs | - | (1) | - | (6) | ||||||||
Individually insignificant items | (2) | (1) | (5) | (1) | ||||||||
Other non-comparable items | ||||||||||||
Amortization of acquired Rexam intangibles | (12) | (16) | (53) | (65) | ||||||||
Total beverage packaging, EMEA | (14) | (18) | (280) | (72) | ||||||||
Beverage packaging, | ||||||||||||
Business consolidation and other activities | ||||||||||||
Facility closure costs (5) | - | - | (8) | (4) | ||||||||
Dispute with regional customer (6) | 3 | - | (19) | - | ||||||||
Brazilian indirect taxes | - | - | - | 22 | ||||||||
Individually insignificant items | (1) | (2) | (2) | (9) | ||||||||
Other non-comparable items | ||||||||||||
Amortization of acquired Rexam intangibles | (13) | (13) | (55) | (55) | ||||||||
Total beverage packaging, | (11) | (15) | (84) | (46) | ||||||||
Other | ||||||||||||
Business consolidation and other activities | ||||||||||||
Sale of equity method investment in Metalpack (7) | - | - | 298 | - | ||||||||
Cost-out plan activities (3) | 2 | - | (4) | - | ||||||||
Donation to | - | - | (30) | - | ||||||||
Metalpack loan repayment (9) | - | - | 16 | - | ||||||||
- | - | (5) | - | |||||||||
Pension settlements (10) | (10) | (5) | (10) | (135) | ||||||||
Adjustment to purchase price of aerosol business in | - | 6 | - | 6 | ||||||||
Sale of equity method investment in | - | - | - | (5) | ||||||||
Individually insignificant items | (3) | 2 | (6) | (4) | ||||||||
Other non-comparable items | ||||||||||||
Share of equity method affiliate non-comparable costs, net of tax | - | (1) | - | (4) | ||||||||
Amortization of acquired Rexam intangibles | (1) | (2) | 1 | (4) | ||||||||
Debt extinguishment and refinance costs (11) | (16) | (12) | (18) | (13) | ||||||||
Total other | (28) | (12) | 242 | (159) | ||||||||
Total business consolidation and other activities | (48) | (6) | (71) | (142) | ||||||||
Total other non-comparable items | (49) | (51) | (153) | (169) | ||||||||
Total non-comparable items | (97) | (57) | (224) | (311) | ||||||||
Impact of | - | - | - | (57) | ||||||||
Discrete non-comparable tax items (12) | (5) | 18 | - | 14 | ||||||||
Tax effect on business consolidation and other activities | 8 | 7 | 13 | 33 | ||||||||
Tax effect on other non-comparable items | 11 | 12 | 39 | 42 | ||||||||
Total non-comparable tax items | 14 | 37 | 52 | 32 | ||||||||
Total non-comparable items, net of tax | $ | (83) | $ | (20) | $ | (172) | $ | (279) |
(1) | Ball announced the closure of its aluminum beverage can manufacturing facilities in |
(2) | During the fourth quarter of 2022, Ball recorded charges of |
(3) | In 2022, Ball recorded charges for employee severance and employee benefits related to cost-out plan activities. |
(4) | During the third quarter of 2022, Ball sold its Russian aluminum beverage packaging business for |
(5) | During 2022, Ball permanently ceased production at its aluminum beverage can manufacturing facility in |
(6) | In |
(7) | Ball sold its remaining 49 percent owned equity method investment in |
(8) | The company donated funds to |
(9) | Ball recorded a gain from |
(10) | In 2022, more employees elected lump sum payouts, instead of annuities, as a result of rising interest rates which triggered settlement accounting in one of the company's pension plans. |
(11) | The company recorded debt extinguishment costs, principally related to the redemption of outstanding euro-denominated |
(12) | During the first quarter of 2022, Ball recorded a benefit for a reduction in the deferred tax liability on the investment in its Russian business which was partially offset by a charge to settle a tax dispute in |
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