US: Ball Corp endures 12-ounce can slump to post FY profits rise
- FY metal packaging unit EBIT up 6% to US$680m
- Net sales down 5% to $6.02bn
- Demand for 12-ounce beverage cans falls in North America
Ball Corp released its FY results yesterday
Ball Corp has posted a full-year profits increase in its global beverage can units despite a drop in sales.
The US-based group said yesterday (30 January) EBIT for global metal beverage packaging increased by 6% to US$680m in calender year 2013. Net sales were down 5% to $6.02bn over the same period.
In Asia & Americas, beverage can EBIT and sales were down because of sluggish 12-ounce can demand in North America, the group said. In China, Ball relocated equipment from its Shenzhen plant to the company's existing Foshan plant to “maximize efficiencies during a challenging period of industry overcapacity”, it added.
Europe performed better for the company, with “solid” demand for beverage containers across the region, Ball said.
“Though worldwide economic conditions have not changed materially, we have adapted well by effectively managing our asset base, leveraging our customer relationships to capture growth in key markets, and implementing programs to drive efficiencies and improve results," said John Hayes, Ball Corp's chairman, president and CEO.
Group profit across Ball's portfolio, which includes food packaging and aerospace technology, remained flat at $406m, while net sales were down by 3% to $8.47bn.
Ball Corp's shares increased by 6% yesterday after its full-year results release.
To read the company's full results, click here.
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