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# Ball Posts $94 Million Quarterly Loss On A $475 Million Pension Charge
- URL: https://www.bullished.co/ball-posts-94-million-quarterly-loss-on-a-475-million-pension-charge-4d7c6e74/
- Published: 2026-11-03T14:22:35.000Z
- Updated: 2026-11-03T14:22:35.000Z
- Description: The can maker's adjusted earnings per share rose to $1.10 from $1.03, and its 2026 guidance calls for 10-plus percent growth.
- Author: Matteo Parrino
- Tags: Earnings, BALL, Industry: Materials

[Ball](https://www.bullished.co/tag/ball/), which makes aluminum beverage cans, swung to a [$94 million third-quarter net loss](https://markets.ft.com/data/announce/detail?dockey=600-202611030600PR%5FNEWS%5FUSPRX%5F%5F%5F%5FLA87381-1&ref=bullished.co), or 36 cents a share, on a noncash charge tied to its U.K. pension plan, the company said Tuesday. Stripped of such items, comparable earnings per share rose to $1.10 from $1.03.

## A pension buy-out drives the loss

Sales were [$4.19 billion](https://markets.ft.com/data/announce/detail?dockey=600-202611030600PR%5FNEWS%5FUSPRX%5F%5F%5F%5FLA87381-1&ref=bullished.co), against $3.38 billion a year earlier, when Ball earned $321 million, or $1.18 per share. The company said the charges were mainly a $475 million noncash settlement recognized when it completed a pension buy-out for its U.K. defined benefit plan, plus costs for previously announced facility closures.

The charges were partly offset by the reversal of tariff contingencies that a favorable final ruling from the U.S. Department of Commerce resolved.

## Underneath, volume and earnings grew

Comparable net earnings were $293 million against $280 million, and comparable operating earnings rose 2.5% to $451 million from $440 million. Global aluminum packaging shipments increased 4.7%.

In North and Central America, which was 48% of 2025 net sales, segment comparable operating earnings slipped to $210 million from $215 million on higher operating and plant start-up costs, even as volume rose by a low-single-digit percent. Europe, the Middle East and Africa earned $170 million, up from $164 million, and South America earned $92 million, up from $77 million.

"Ball delivered another quarter of strong results," CEO Ron Lewis said.

## Outlook, buybacks and new plants

For 2026, Ball expects comparable earnings per share growth of 10-plus percent and free cash flow of about $900 million. It has returned $431 million to shareholders through buybacks and dividends in the first nine months and is on track to return at least $800 million by year-end.

The company is investing in a new can plant in Baruth, Germany, and announced another in India. Cash from operations was $20 million for the nine months, and capital spending was $459 million. Net debt stood at $6.87 billion, or 3.21 times comparable EBITDA.

Ball, based in Westminster, Colorado, makes cans mainly for large beverage, personal care and household products customers. Management holds its earnings call at 8:30 a.m. Eastern Tuesday.

Comparable operating earnings for the year ended September 30, 2026 were $1.65 billion, against $1.57 billion for calendar 2025, the company's reconciliation table shows.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — BALL Corp (BALL)](https://www.sec.gov/Archives/edgar/data/0000009389/000110465926121661/ball-20261103x8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit ball-ex99d1.htm — BALL Corp 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000009389/000110465926121661/ball-ex99d1.htm?ref=bullished.co) — SEC EDGAR
- [Ball Reports Strong Third Quarter 2026 Results – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202611030600PR%5FNEWS%5FUSPRX%5F%5F%5F%5FLA87381-1&ref=bullished.co) — Financial Times

### More on Ball

- [Ball Names Chief Growth Officer And Supply Chain Chief To Run Two Beverage Units](https://www.bullished.co/ball-names-chief-growth-officer-and-supply-chain-chief-to-run-two-beverage-units-b591401b/)

[All Ball (BALL) coverage →](https://www.bullished.co/tag/ball/)