Ball Corp. (NYSE: BLL) posted increased earnings — topping Wall Street projections — this week for the fourth quarter of 2021 and closed on a deal to offload its Ball Metalpack business to Sonoco Co. (NYSE: SON).
The can manufacturer with a large aerospace division recorded sales of $3.7 billion last period, or 97 cents per share in adjusted earnings, up from $3.1 billion during the fourth quarter of 2020.
Net earnings for the quarter were $297 million, an increase over the $227 million figure Ball posted during the same period the prior year.
Zacks Consensus Estimate for revenue and earnings were $3.58 billion and 90 cents, respectively.
For the full 2021 fiscal year, net earnings were $1.16 billion, or $3.49 per diluted share, up from $987 million, or $2.97 per diluted share in 2020.
“We delivered a strong finish to 2021 and returned approximately $950 million to shareholders after deploying $1.7 billion of capital expenditures to support our growth during the year. Underlying demand for Ball’s sustainable aluminum packaging portfolio and innovative aerospace technologies continues to outpace supply,” Ball chairman John Hayes said in a statement accompanying the company’s quarterly report.
During the period, Ball “initiated additional cost recovery mechanisms and continued to hire talent and build back finished goods inventory to position the company for long-term growth despite challenges associated with the pandemic, natural disasters and global supply chain disruptions,” he said.
This week, Ball closed on a deal that sold off Ball Metalpack, a joint venture between Ball Corp. (NYSE: BLL) and California venture-capital firm Platinum Equity that manufactures steel containers for aerosol products, food, household consumables, pet food and other products for $1.35 billion.
“We are proud of our partnership with Ball Corporation and everything we accomplished working together over the past three years,” Platinum Equity partner Louis Samson said in a statement. “By joining forces we were able to deliver on behalf of the company and its shareholders. This investment is another successful story of aligning our interests with those of one of the world’s leading corporations and delivering value for both of us.”
This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2022 BizWest Media LLC.
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