Ball Corporation

Ball’s performance in the quarter was extremely disappointing and the company missed out on meeting Wall Street expectations with respect to revenues as well as earnings. The company did see a decent performance in EMEA aerospace and aerosol operations, especially in its newly constructed facilities in EMEA. The management believes that Ball’s aerospace and aerosol segments are having ongoing success and will complement the activities of its global beverage operations. For 2023, the company anticipates its volume growth, excluding Russia, to be in the range of 4%, with North America flat to slightly declining, South America up mid-to-high single digits, EMEA up high single digits, and other non-reportable business volumes up mid-to-high single digits as new EMEA capacity ramps up and exiting 2023 exports from Saudi Arabia into EMEA wind down. We give the company a ‘Buy’ rating with a revised target price.