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Ball Corp (BALL) Q4 Earnings Miss Estimates, Decrease Y/Y
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Ball Corporation (BALL - Free Report) has reported fourth-quarter 2022 adjusted earnings of 44 cents per share, missing the Zacks Consensus Estimate of 54 cents. The bottom line declined 55% year over year. The downside was driven by lower volume across the Americas, higher costs to maintain inventory levels, and decisive actions to balance supply and demand.
On a reported basis, the company has posted earnings per share of 17 cents compared with the prior-year quarter’s earnings per share of 90 cents.
Total sales were $3,548 million in the reported quarter, down 3.4% from the year-ago quarter. However, the top line surpassed the Zacks Consensus Estimate of $3,526 million. Global beverage can shipments were down 0.9%.
Operational Update
The cost of sales was $3,030 million in fourth-quarter 2022, up 1.6% from the year-ago quarter. The gross profit totaled $518 million, down from the year-ago quarter’s $693 million. The gross margin was 14.6%, a contraction from the prior-year quarter’s 18.9%.
Selling, general and administrative expenses fell 1.6% year over year to $120 million. Adjusted operating profit was $188 million compared with the prior-year quarter’s $380 million. The adjusted operating margin was 5.3% compared with 10.3% recorded in the year-ago quarter.
Ball Corporation Price, Consensus and EPS Surprise
The Beverage Packaging North and Central America segment’s revenues decreased 0.3% year over year to $1,512 million in the fourth quarter. Operating earnings amounted to $99 million, down 38.9% year over year.
Sales in the Beverage Packaging, EMEA segment were $748 million in the quarter, down 14% year over year. Operating earnings were $47 million, marking a 54.4% year-over-year downfall. The Beverage Packaging South America segment’s revenues declined 0.2% year over year to $614 million in the reported quarter. Operating earnings dipped 24.3% to $78 million.
The Aerospace segment’s sales were down 4.5% year over year to $506 million. Operating earnings decreased 18.5% to $44 million. At the end of the quarter, the segment’s contracted backlog was $3 billion, up 20% year over year. Contracts already won but not yet booked into the current contracted backlog were $5 billion.
Financial Condition
The company reported cash and cash equivalents of $548 million at the end of fourth-quarter 2022, down from $563 million at the end of the prior-year quarter. Cash provided by operating activities amounted to $283 million in 2022 compared with $1,760 million reported last year.
The company’s long-term debt decreased to $7.5 billion at the end of Dec 31, 2022, from $7.7 billion at the end of Dec 31, 2021.
2022 Performance
Ball Corp has reported 2022 adjusted earnings of $2.78 per share, missing the Zacks Consensus Estimate of $2.88. The bottom line declined 20% year over year.
On a reported basis, the company has posted earnings per share of $2.25 compared with the prior year’s earnings per share of $2.65.
Total sales were $15.35 billion in 2022, up 11.1% from the prior year. The same surpassed the Zacks Consensus Estimate of $15.33 billion. Global beverage can shipments were up 2.1%.
Price Performance
The company’s shares have lost 38.2% over the past year compared with the industry’s decline of 28%.
Some other top-ranked stocks from the Industrial Products sector are KnowBe4, Inc. , Tenaris (TS - Free Report) and Deere & Company (DE - Free Report) . KNBE and TS flaunt a Zacks Rank #1 at present, and DE has a Zacks Rank #2.
KnowBe4’s earnings surprise in the last four quarters was 216.7%, on average. The Zacks Consensus Estimate for the company’s 2022 earnings is pegged at 24 cents, indicating a year-over-year increase of 127.3%. The consensus estimate for 2022 earnings has moved up 9% in the past 60 days. KNBE’s shares have gained 4% in a year.
Tenaris has an average trailing four-quarter earnings surprise of 20.9%. The Zacks Consensus Estimate for TS’s 2022 earnings is pegged at $4.38 per share. This indicates a 134.2% increase from the prior-year reported figure. The consensus estimate for 2022 earnings has moved 2.1% north in the past 60 days. Its shares gained 36.9% in the last year.
The Zacks Consensus Estimate for Deere & Company’s fiscal 2023 earnings per share is pegged at $28.01, suggesting an increase of 19.6% from that reported in the last year. The consensus estimate for fiscal 2023 earnings moved 2.7% upward in the last 60 days. DE has a trailing four-quarter average earnings surprise of 7.1%. Its shares gained 11.7% in the last year.
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Ball Corp (BALL) Q4 Earnings Miss Estimates, Decrease Y/Y
Ball Corporation (BALL - Free Report) has reported fourth-quarter 2022 adjusted earnings of 44 cents per share, missing the Zacks Consensus Estimate of 54 cents. The bottom line declined 55% year over year. The downside was driven by lower volume across the Americas, higher costs to maintain inventory levels, and decisive actions to balance supply and demand.
On a reported basis, the company has posted earnings per share of 17 cents compared with the prior-year quarter’s earnings per share of 90 cents.
Total sales were $3,548 million in the reported quarter, down 3.4% from the year-ago quarter. However, the top line surpassed the Zacks Consensus Estimate of $3,526 million. Global beverage can shipments were down 0.9%.
Operational Update
The cost of sales was $3,030 million in fourth-quarter 2022, up 1.6% from the year-ago quarter. The gross profit totaled $518 million, down from the year-ago quarter’s $693 million. The gross margin was 14.6%, a contraction from the prior-year quarter’s 18.9%.
Selling, general and administrative expenses fell 1.6% year over year to $120 million. Adjusted operating profit was $188 million compared with the prior-year quarter’s $380 million. The adjusted operating margin was 5.3% compared with 10.3% recorded in the year-ago quarter.
Ball Corporation Price, Consensus and EPS Surprise
Ball Corporation price-consensus-eps-surprise-chart | Ball Corporation Quote
Segmental Performance
The Beverage Packaging North and Central America segment’s revenues decreased 0.3% year over year to $1,512 million in the fourth quarter. Operating earnings amounted to $99 million, down 38.9% year over year.
Sales in the Beverage Packaging, EMEA segment were $748 million in the quarter, down 14% year over year. Operating earnings were $47 million, marking a 54.4% year-over-year downfall.
The Beverage Packaging South America segment’s revenues declined 0.2% year over year to $614 million in the reported quarter. Operating earnings dipped 24.3% to $78 million.
The Aerospace segment’s sales were down 4.5% year over year to $506 million. Operating earnings decreased 18.5% to $44 million. At the end of the quarter, the segment’s contracted backlog was $3 billion, up 20% year over year. Contracts already won but not yet booked into the current contracted backlog were $5 billion.
Financial Condition
The company reported cash and cash equivalents of $548 million at the end of fourth-quarter 2022, down from $563 million at the end of the prior-year quarter. Cash provided by operating activities amounted to $283 million in 2022 compared with $1,760 million reported last year.
The company’s long-term debt decreased to $7.5 billion at the end of Dec 31, 2022, from $7.7 billion at the end of Dec 31, 2021.
2022 Performance
Ball Corp has reported 2022 adjusted earnings of $2.78 per share, missing the Zacks Consensus Estimate of $2.88. The bottom line declined 20% year over year.
On a reported basis, the company has posted earnings per share of $2.25 compared with the prior year’s earnings per share of $2.65.
Total sales were $15.35 billion in 2022, up 11.1% from the prior year. The same surpassed the Zacks Consensus Estimate of $15.33 billion. Global beverage can shipments were up 2.1%.
Price Performance
The company’s shares have lost 38.2% over the past year compared with the industry’s decline of 28%.
Image Source: Zacks Investment Research
Zacks Rank and Other Key Picks
Ball Corp currently carries a Zacks #2 Rank (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Some other top-ranked stocks from the Industrial Products sector are KnowBe4, Inc. , Tenaris (TS - Free Report) and Deere & Company (DE - Free Report) . KNBE and TS flaunt a Zacks Rank #1 at present, and DE has a Zacks Rank #2.
KnowBe4’s earnings surprise in the last four quarters was 216.7%, on average. The Zacks Consensus Estimate for the company’s 2022 earnings is pegged at 24 cents, indicating a year-over-year increase of 127.3%. The consensus estimate for 2022 earnings has moved up 9% in the past 60 days. KNBE’s shares have gained 4% in a year.
Tenaris has an average trailing four-quarter earnings surprise of 20.9%. The Zacks Consensus Estimate for TS’s 2022 earnings is pegged at $4.38 per share. This indicates a 134.2% increase from the prior-year reported figure. The consensus estimate for 2022 earnings has moved 2.1% north in the past 60 days. Its shares gained 36.9% in the last year.
The Zacks Consensus Estimate for Deere & Company’s fiscal 2023 earnings per share is pegged at $28.01, suggesting an increase of 19.6% from that reported in the last year. The consensus estimate for fiscal 2023 earnings moved 2.7% upward in the last 60 days. DE has a trailing four-quarter average earnings surprise of 7.1%. Its shares gained 11.7% in the last year.