Ball Posts $94 Million Quarterly Loss On A $475 Million Pension Charge
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.
Ball, which makes aluminum beverage cans, swung to a $94 million third-quarter net loss, 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, 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.
Sources
- 8-K Filing — BALL Corp (BALL) — SEC EDGAR
- Exhibit ball-ex99d1.htm — BALL Corp 8-K exhibit — SEC EDGAR
- Ball Reports Strong Third Quarter 2026 Results – Company Announcement - FT.com — Financial Times
