Beer can maker Ball Corp tops fourth-quarter profit estimates as costs ease (updated)

Ball

01/02/2024 13:27

(Recasts first paragraph, adds details throughout)
       Feb 1 (Reuters) - 
    Ball Corp  BALL.N  beat fourth-quarter profit estimates on
Thursday, benefiting from lower input costs, including aluminum.
  
        Although higher interest rates and rentals have
tightened consumer purse strings, customers continued to spend
on beverages like sodas and beers, helping the aluminum
packaging company's can sales.
  
        Shares of the beverage can maker edged up 5.4% in
premarket trading.
  
    The company earned a profit of 78 cents per share in the
quarter, topping analysts' expectations of 74 cents, as per LSEG
data. 
        Ball has seen a benefit from customers opting for
eco-friendly aluminum packaging over plastic packaging. The
lower freight and aluminum costs also boosted its quarterly
profits.  
  
        The company's fourth-quarter sales, however, declined
about 4% to $3.40 billion, falling short of estimates of $3.58
billion, as per LSEG data.
  
        
  

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