So again, I think in many respects, it’s needed because of the volume growth. Ball Reports Q3 U.S. Gaap Earnings Per Diluted Share Of 72 Cents. I guess, could you just talk about where we are now with those issues, with the aluminum scrap and inefficiencies from last year and just, I guess, potential offsets from COVID sort of more recently? Yes, we saw nice productivity improvement in the first quarter out of our North American business. First quarter comparable diluted earnings per share increased 24%, and comparable operating earnings for the corporation were up 12%, with global beverage packaging operation earnings up 5% and aerospace operating earnings up 33% year-over-year. Ball Corp Q1 2020 Earnings Call May 7, 2020, 11:00 a.m. This transcript is provided as is without express or implied warranties of any kind. Even with our plants in Chile, Paraguay and Argentina continuing to operate, we expect our second quarter South American segment operating earnings to be down meaningful year-over-year. One of the things that enables you to react more nimbly also, Adam, is there’s far fewer customers that you’re dealing with. The CO2, I George, I have not heard any issues right now in our supply chain as it relates to CO2 shortages, but that will give me something to dig into a little bit more. As previously announced, line additions in our existing Rome, Georgia and Fort Worth, Texas beverage can manufacturing facilities as well as our new two line specialty beverage can plant in Glendale, Arizona are on track to come online in the second half of 2020 and the first quarter of 2021, respectively. And then as we go through the year, with the growth of our business, we see a use of working capital of about $275 million. And with that, Rita, we’re ready for questions. One of the things to keep in mind is we have really done, I think, a solid job here over the last couple of years of restructuring our contracts in a way that puts the onus equal parts on our customers and us to forecast appropriately, to manage their supply chains. I think you mentioned that it’s about 10% of segment volumes. Yes. I’ll provide some introductory remarks. I think in North America, not much has changed in terms of kind of the guidance we gave for the short term, 2020, in particular. And so that’s why in my prepared comments, we talked about this is really a bridge from the short-term dislocation that the world is facing to the long-term opportunities that still remain on our plate. In addition, we stepped up our support for the Red Cross, Red Crescent Society and have empowered our local employees to dedicate an additional $5 million to those critical areas in the communities in which we operate so that we can continue to be an active part of our communities that have been impacted by the COVID-19 crisis. Comparable first quarter 2020 diluted earnings per share were $0.61 versus $0.49 in 2019. Yes. Our credit agreements go out until 2024, and we have focused near term on maintaining ample liquidity and flexibility in the current environment. Please proceed with your question. 02/27/20: Ball Corporation at the 2020 Bank of America Global Agriculture and Materials Conference: Add Links to Pages. And then just for my second question, I guess, on working cap on free cash flow. Analysts Scale Back Ball's Q2, 2020, and 2021 Earnings Expectations 1:55AM ET 5/12/2020 MT Newswires. That longer supply chain is accounted for in that number. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared … I don’t know if you have any data on this, but what makes you comfortable that cans will continue to grow at the rate they’ve been growing, that the sort of value of the consumer will be the same? So just hitting the mix question first. Due to the volatility of regions and businesses, we will limit our comments to facts, as they exist today, for it’d both imprudent and unwise to prognosticate or extrapolate the near future with any degree of precision. Chile and Argentina have been much more resilient, given that nearly 85% of cans are purchased for the off-trade. But we’re putting a fair amount of capital for the next five years plus in that business. Please proceed with your question. Some of these channels are opening up. In summary, global beverage can demand momentum continues in the majority of regions where we operate. It all started on store shelves. Learn how Ball Aerospace has been a space and technology pioneer for more than half a century. You think about all the benefits that we’ve been giving on top of everything as a result of COVID is another cost. Yes. And so some of the declines in the beer production have really opened up an opportunity for us to candidly run more CSD and ship that north. In good times and bad, consumer demand for our packaging products has always remained resilient, and the needs for intelligence, surveillance and reconnaissance for our government customers has never been stronger. They’re running a different mix, different label SKU than we anticipated at the beginning of the year, but we’re absolutely using that as an opportunity to keep cans on the shelves in North America right now. Due to recent travel restrictions between European countries, certain projects have shifted to the right slightly and will not impact our near-term customer commitments. The company continues to operate with ample liquidity, including $800 million in cash on hand at the end of the quarter, $550 million in committed lines available and another $500 million in uncommitted lines. If now, I’m I have a 12, 16-ounce line, and I’m running a 100% 12-ounce versus 16-ounce, that will have an impact during that period. This has not changed. Yes. The other point is that particular customer of ours that you’re talking about has stated that they’re putting that project on hold, and the opening of that will be moved to the right given the current circumstances. Given our ongoing growth initiatives and a somewhat longer raw material supply chain to support them, we anticipate the full year 2020 working capital investment to be a use of cash in the range of $275 million. Really what it is, is how the can is consumed. Can you confirm that and perhaps quantify the elevated costs through the remainder of the year? From an EVA dollar standpoint, I do not think we grow EVA dollars in 2020, but we will in 2021. We look forward to growing this global business and improving performance in 2020 and beyond. Yes. No. Perfect. And so we continue to move forward, and I think it’s going to be more important from a societal perspective as we go forward. One was a pretty significant goodwill write-down, and the other was a couple of items related to Ball Metalpack. Europe may be a little bit softer than we thought three months ago, but South America will be softer. Okay. The market was off, at least in our business, somewhere in the neighborhood of 60% year-on-year. That’s kind of normalized. So as we move through the rest of the year, our liquidity and our cash generation will get better. As Dan said, past times, it would have been 100% on us. I mean, I think Ghansham referred to the fact that your volume growth there in recent years has been really extraordinary. The team has done an outstanding job of transitioning the majority of colleagues to working remotely, organizing program teams and shifts, and completing key project milestones remotely. And now you have this pandemic event that obviously led to an abrupt slowdown. Our next question comes from the line of Adam Josephson with KeyBanc Capital Markets. From looking back on our storied past, we’ve set a plan in motion for an even more promising future. And it’s largely going to be contingent on our ability to execute these line expansions in the back half of the year. I’ll try and take that. How do you feel about your ability to continue to get can sheet given some of the more recent chatter there? And obviously, those earnings kind of translated into free cash flow as well. Great, thanks so much. Ball Reports Improved Third Quarter Results. More historical packaging for the at-home multipack and with the C-store channels not fully open, that obviously can change some of our specifically Ball’s mix. Our next question comes from the line of Gabe Hajde with Wells Fargo Securities. Is there a way that you can directionally dimensionalize that? Okay. Obviously, I understand the cash preserving cash is probably the first priority, but could you just kind of reiterate your position on share repurchases as well? Thank you. Okay. And one of the benefits of that is right now, if you’re pulling more than you anticipated at the beginning of the year and we need to ship from Mexico, for instance, that freight burden doesn’t lie on us. So yes, your comments in and around price/mix favorability, volume and better performance in the plants where we I think we produce fairly sizably improved production units year-over-year for improved absorption even on the higher sales throughput. Yes. Good question. At the onset of the crisis, we sought to do our part by providing hospitals and agencies with donations of masks and protective gowns through our aerospace operations, canned drinking water from our global beverage operations and aluminum cylinders used for the construction of ventilators from our global aluminum aerosol business. Your other question as it relates to, do we have the ability to gain efficiencies. Corporate Participants: ... Joe, but if you’re looking at the crystal ball, are there any structural changes you see down the line that are likely to impact your business and may impact the way you allocate capital. That being said, some positive signs here over the last couple of weeks. I mean the industry has just breathtakingly good, and then all of a sudden, it goes down 60%. I wanted to hit a bit of a longer-term question. I know you mentioned some of that obviously was from sort of the longer supply chains and buying metal. So we really ramped up our take of metal in the third and fourth quarter, and we paid for that in the first quarter. Ball received a perfect score on the 2016 Corporate Equality Index . Have you got any thoughts on that? Our aerospace business reported approximately 33% revenue and operating earnings growth, resulting from solid contract performance. Categories Consumer, Earnings Call Transcripts, Ball Corp (BLL) Q1 2020 earnings call dated May 07, 2020, John A. Hayes — Chairman, President and Chief Executive Officer, Daniel W. Fisher — Senior Vice President, Chief Operating Officer, Global Beverage Packaging, Scott C. Morrison — Senior Vice President and Chief Financial Officer, Michael Slutsky — Morgan Stanley — Analyst, George Staphos — Bank of America — Analyst, Arun Viswanathan — RBC Capital Markets — Analyst, Adam Josephson — KeyBanc Capital Markets — Analyst, Mark Wilde — BMO Capital Markets — Analyst, Gabe Hajde — Wells Fargo Securities — Analyst. I just don’t know where it’s going to fall. And then I think we have a chance to grow earnings in the back half of the year. We this earth was not built to landfill things. Please go ahead. I think you indicated it should be up nicely or notably in the second half of the year. So there’s a couple of questions embedded in that. I think Dan hit it well. And in mid-March, we were able to transition effectively our nonmanufacturing employees to working remotely due to global collaboration across our IT, HR, operations, corporate and global business service teams. We are controlling the things that we can control, and Ball is well positioned for the near and long term. And even in Brazil. And so those plants are all full. But I think the impact in the second quarter will be great. Announces Senior Management Changes; Names Fisher President – Quick Facts Business Insider (RTTNews) – Ball Corp. (BLL) announced Daniel Fisher will become president of Ball Corporation and will join Ball’s board. Okay. And so I think folks are going to and even our large CSD customers, I think their view is the can will take a bigger percentage of their portfolio moving forward because it’s more nimble, it’s more agile. I guess back to Brazil, I mean, the region has seen torrid growth for many quarters now. Ball Corp Q1 2020 Earnings Call Transcript Thursday, 7 May 2020 zacks. And then how economically sensitive you would characterize each market as? Q3 2019 Ball Corp Earnings Conference Call. And it’s much more costly than the aluminum can. Despite the current curtailments of all major sports and entertainment venues, our outlook for 2020 continues to be strong, with letters of intent executed for next year, actually ahead of our plans. Undoubtedly, there will be effects on our business from COVID-19, and we will continue to manage our company appropriately to ensure employee safety, support of our customers and ample liquidity for our company. And I echo those sentiments. I think it has to do with sustainability, but it also has to do with shelf life. In fact, even I think this past weekend, the Wall Street Journal had a big article about this topic. The majority I’d say 80% of the issue we saw last year, we resolved that in a contract that started Jan one this year. And then as Dan mentioned in his prepared remarks, we even announced that our science-based targets have been approved by ASI. Okay. Adam Jesse Josephson, KeyBanc Capital Markets Inc., Research Division – Director and Senior Equity Research Analyst 64. I’m very bullish on innovation moving forward. I would now like to turn the conference over to John Hayes, CEO of Ball Corporation. With that, I’ll turn it back to you, John. Please proceed with your question. First quarter earnings were down slightly, driven by regional customer mix and the abrupt contraction in Brazilian demand in late March. Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. Our aluminum aerosol business was relatively flat for the quarter after experiencing similar trends that our beverage can business experienced, and we announced our intent to acquire an aluminum aerosol manufacturing plant from Tubex in Brazil. That is important because we know the [alternate] products, and they don’t have a good of a shelf life. If you don’t already have our first quarter earnings release, it’s available on our website at ball.com. Our programs cover a wide range of missions, from the JWST to the F-35 Lighting II aircraft. And then I relatedly, there was a comment in your press release about dampened C-store and on-premise consumption and costs impacting price/mix. They’ve got a portfolio that’s much more sustainable and reliable. So I hope you all stay safe and well. And as that continues, my 3% to 5% growth number may be impacted by that. And so we’re working selectively with our customers to help in situations where they think they can grow their business and be supportive of that. Please proceed with your question. John or Dan, just a question on the economic sensitivity of the beverage can markets in which you participate. We can absolutely step into some of those in a meaningful way right now. Beyond 2020, we look forward to driving our business to deliver long-term diluted earnings per share growth of at least 10% to 15% and achieve our EVA dollars growth of 4% to 8% per year on our growing invested capital base. But how difficult is it to plan and manage that business given these really just extreme fluctuations in demand patterns there? Obviously, someone earlier mentioned that you have some large customers that are pretty levered and have cut their dividends in some cases. Q3 Ball Corp Earnings. And we’re working with some of the other larger ones that, to be honest, are looking at this as an opportunity to grow their footprint. And I can as I said in my prepared remarks, the business is going quite well. Last and certainly not least, I have to applaud both our HR leadership and our environmental health and safety professionals. And so that’s one data point to give you context and also to answer your second question, which gets to we have seen there are some facts that we can point to that from particularly from a sustainability perspective that show the can is winning. [Operator Instructions] Our first question comes from the line of Neel Kumar from Morgan Stanley. MAY 08, 2020 / 12:30PM, KIM - Q1 2020 Kimco Realty Corp Earnings Call David F. Bujnicki - Kimco Realty Corporation - SVP of IR & Strategy Good morning, and thank you for joining Kimco's First Quarter 2020 Earnings Call, from wherever you find yourself following social distancing guidelines. We don’t have any obligation to do any capital contribution. Is that still about accurate? I think it’s premature to declare it has had a profound impact one way or the other. So at least for now, George, it’s as good, if not better, than what I would have anticipated at this time. Our 2020 cash from operations will continue to be strong. I mean, candidly, the team down there that’s the environment over a 20-year period, the level of volatility, the ups and the downs. Yes. Q4 2019 Earnings Conference Call Transcript 588.2 KB. No. So I think it will be negligible. I would like to personally thank our frontline employees as well as those manning the front lines of our suppliers and customers. I mean we had $7 million or $8 million of currency headwind just because of the Mexico peso devalued at a rate the fastest ever happened in history. John, there’s been some talk over the last probably four to six weeks about whether COVID is putting kind of plastic packaging in kind of new light potentially for some customers. Let’s not kid ourselves. And do you think it’s possible that working capital could be impacted, if those customers perform worse than they had anticipated? I’ll turn it over thanks. Yes. You’ve got a beverage producer down there that’s adding capacity, I think, a couple lines and then in line as well. It seems as if the U.S. is the least. And as Scott indicated that when we’re looking to manage our cash flow so intently, we’re having those conversations frequently with those customers to make sure that we’re not getting out ahead of them, and we’re still consistently applying these sustainability trends in line with what they’re going to promote and what they’re going to push. A lot of that has to do with urban city, i.e., London tourism. And I think beyond 2020, I don’t think that’s more of a onetime. So I think from a longer-term perspective, it probably is more of a onetime. So Dan, do you have anything else to add? The results also surpassed the market's forecast. Please note that other includes aluminum aerosol operating earnings and results from our beverage can plants in Myanmar, India and Saudi Arabia, offset by undistributed corporate costs and investments to stand up our new aluminum cost business. Thank you to all of our colleagues here at Ball for caring for one another. Thank you. Thanks, John. Across our supply chain, we have supported one another, shared best practices when necessary, align procedures for managing brief periods of downtime when a customer supplier or Ball have experienced COVID cases in our operations. Ball's Revolutionary Lightweight Aluminum Aerosol Technology. All right. With the vast majority of aluminum aerosol packaging consumption tied to at-home, personal care and health, our aluminum aerosol team has been busy supporting personal care and pharmaceutical packaging needs. We can’t anticipate obviously, it depends upon the growth, right? In South America, we saw seasonally strong demand through early March across the region, followed by a significant slowdown in Brazil and Paraguay. At Ball, no matter what the circumstances, we always strive to do well, while also doing good. In every major category, cans are outgrowing the overall liquid growth. But consistent with my comments in the script, we have seen channels opening back up over the last couple of weeks. Please go … Due to the pass-through of lower cost aluminum and the 2019 sale of the Argentine steel aerosol business and Chinese beverage can assets, revenues for the first quarter were flat despite global beverage can growth of 4% and higher aerospace revenues. Q4 2019 Ball Corp Earnings Conference Call . Getting back to the whole plastic side of it, I know there’s a variety of people continuing to look at technologies, but they’re much more costly than what’s happening now. And then and as I’ve mentioned before, we’ve got a longer supply chain than we used to have. Their dedication to working safely while delivering the necessary goods and services have been critical in our support of our communities across the globe and has played a large role in serving the critical missions and programs of the U.S. government. In South America, and particularly as it relates to your question about returnable, our facts are based upon conversations we’ve been having with our customers about the growth of cans relative to other packages. This is John. But I think that’s more of a temporary thing. Does it change materially between one and the other? In terms of Europe, I don’t necessarily I don’t think there’s huge differences between North America and Europe. I think in the short term, one could argue both sides of the coin. So we’re and we can step into that. Obviously, we’ve got some temporary relief on some of the tariffs as it relates to inbound metal from China. Any I know the freight is going to be pretty expensive, but any opportunities to move some stuff from there or even further north to the U.S. given how sold out you are? Is there any potential you’re on the hook for any other kind of capital in the Metalpack this year? In our EMEA segment, despite the negative demand trends resulting from the pandemic in Italy, Spain and France, we were able to operate our facilities nearly continuously across the segment during the quarter. And so it’s a bit of fact, it’s a bit of conversations with our customer, but it’s all grounded and it’s a bit of sustainability, but it’s all grounded in the fact when you look at the overall liquid volume trends and then you overlay that on what’s happening with cans, cans appear to be taking share. Countries around the world have issued stay-at-home orders and instructed nonessential businesses to temporarily close. The company’s Myanmar, India and Saudi beverage can manufacturing results continue to be reported in other nonreportable. 22, 2020. The first quarter impact was definitely more of a onetime. But we will so quite a ways to go. And then we made also both the partners in Metalpack made an advance into that business in the quarter. So the overtime that we are paying has been up. But the constant quest for innovation never ends. This was voluntary and both partners felt it was in the best interest of the venture to do that. But as you’ve indicated in your comment, North America, we started the year in an oversold environment. And then given that we’re so past the hour, we’ll wrap up. Given the near-term challenging business conditions in Brazil and the investment in working capital I mentioned above, we now expect 2020 free cash flow in the range of $500 million. And whether it’s Italy, Spain, France, all along the Mediterranean, Turkey, we talked about, and that plays a very important part. We had a quarter of down volumes, and then everything bounced back, from a free cash flow perspective, we continue to generate good cash flow. And do you think that at all is potential to be a structural change i.e., specialty can growth has really driven a lot of the growth the last couple of years, non-12-ounce that is? If I look at the volume growth, and I put a normalized 20% to 25% contribution margin on that, it leaves maybe $30 million of incremental profit improvement if I take into account, John, what you said about FX. You talked about customers sort of rationalizing SKUs. I think it’s a long-term positive because what you will I think there’s a question post just more specifically in around we’ve got 400 craft beer customers. Q4 2019 Earnings Results 287.7 KB. And as I mentioned in my comments, the only thing that’s moving around on us, quite honestly, is somewhat on the mix side. In addition, the press release financials include descriptions of new segment reporting for our EMEA and other nonreportable segments. The large customers continue we continue to operate business as usual with them. How much of the 60% decline in the back half of March do you think came from inventory destocking, just along the supply chain? Ball is humbled by our ability to operate in this environment. Obviously, things have changed a little bit. Thank you. And I think you’re further embedded in their supply chains than maybe you see in Europe or North America, and that also allows you to move much quicker up and down in terms of adding or lessening capacity. If there’s one more question, we’ll take that. With over 50% of our aerospace employees new to Ball since 2018, we continue to be impressed by their seamless immersion into the Ball culture. They did a really nice job. [Operator Instructions] Thursday, May 7, 2020. But really pleased with the overall progress in North America. And we do expect the world to open up a little bit more in the second half. The costs in the first quarter probably were not that great. That’s more going to be the impact and the thing to watch there. We have no debt maturities until 2022. And then Brazil obviously not running anywhere near normal operating rates. Historical quarterly comparisons for our EMEA and other nonreportable segments have been adjusted accordingly to reflect the company’s existing facilities in Cairo, Egypt and Manisa, Turkey, being consolidated into the EMEA segment and out of other nonreportable. There’s a lot of opportunity in front of us. We, as a society, have gone through that as well, and 2008 was one of them, back in early 2000s was another one of them. Thank you again to all of our teams around the globe. So when you look at the year-over-year there and we had talked about that business having a chance of being up $100 million year-over-year in a seasonally slow first quarter, it being more than one-four of that, and we had those various headwinds in addition to the mix headwind Dan talked about with the convenience channel slowing down abruptly in the month of March, you can see why there’s been a lot of great work going on in that business. And so that’s a cleanup of the goodwill related to those Saudi Arabian, Indian, those other businesses. In North America, consumers are able to access multiple shopping channels, stock up and store bulk packages of our product. To get stuff on the shelves, they’ll run fewer labels right now. During the quarter, global beverage volumes were up 4%. Rita, this is John Hayes. Our aluminum aerosol business saw global volumes up 2% in the quarter, driven primarily by strong double-digit demand in North America and India, which offset mid-single-digit declines in Europe. We remain focused on long-term growth opportunities and are leveraging the segment’s plant network to add lines to our existing facilities, in preparation for our customers’ installation of additional can filling lines. Dan, that’s great. Domtar Corp Q1 2020 earnings call dated May 08, 2020. This designation allowed Ball to continue to operate its manufacturing facilities without significant disruption throughout the first quarter of 2020. Their ability to execute and take on exciting work is appreciated. So how should we think about both price and volume, I guess, in North America? Guys thank you, Thank you. All right. Yes. Your dedication in the face of circumstances we cannot control, and your hard work to support our customers, our communities and the global economies where we operate is truly inspiring. So I’ve seen a lot of positive signs and positive movements in that business across all of our plants. And as we talked before, Southern Europe is a bit different than Northern Europe. So, full stop, in the first eight to 10 weeks and even in peak season, the entire market was short. Thanks, Scott. 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