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Ball reports 119% earnings growth for third quarter

WESTMINSTER — Ball Corp. (NYSE: BLL) reported 119% earnings growth in the third quarter of 2022, to $392 million from $179 million.

Gross revenue also grew 11%, to $3.95 billion from $3.55 billion. 

North American earnings increased 10.2%, to $205 million from $186 million, and revenue in the region also grew 18.4%, to $1.8 billion from $1.52 billion. Ball also announced this quarter the closing of two North American manufacturing plants, in Phoenix and St. Paul, which will cease production by the end of the first quarter of 2023.

The company also sold its Russian operations for $530 million in cash following that country’s invasion of Ukraine. 

“Our year-to-date comparable net earnings reflect resilient global demand for our sustainable aluminum beverage and personal care packaging solutions,” said Ball president and CEO Daniel W. Fisher in a prepared statement. “Our recent actions will reinforce Ball’s durable growth characteristics, significantly improve our cost structure, maximize cash and EVA generation, and improve our financial performance in 2023 and beyond.”

Source: BizWest