Beer can maker Ball Corp misses fourth-quarter sales view on tepid demand

Ball

01/02/2024 11:46

Feb 1 (Reuters) - Ball Corp  BALL.N , missed
fourth-quarter revenue estimates on Thursday, hit by a drop in
demand for its beverage cans as customers tightened their purse
strings. 
  The beer can maker saw weaker volumes in North America,
especially in the mass beer segment, facing challenges beyond
the impact of the Anheuser-Busch ad boycott issue. 
    However, Ball also benefited from the cost-reduction
initiatives aimed at enhancing operational efficiencies as well
as from moderating input, freight and warehousing costs.
   North America beverage cans quarterly volumes were down 3.7%.
   Fourth-quarter sales declined about 4% to $3.40 billion,
falling short of estimates of $3.58 billion, as per LSEG data.
    However, lower aluminum costs and cost-cutting initiatives
helped the company to earn a profit of 78 cents per share,
topping expectations of 74 cents.   

 (Reporting by Annett Mary Manoj in Bengaluru; Editing by Maju
Samuel and Dhanya Ann Thoppil)
 ((AnnettMary.Manoj@thomsonreuters.com))