Shares of aluminum company Ball Corporation (NYSE: BALL) plunged on Thursday after profitability for the second quarter of 2022 fell short of expectations. As of 3:15 p.m. ET, Ball stock was down 18%.
Let's start with net sales. In Q2, Ball generated net sales of $4.1 billion, up almost 20% year over year. This was significantly ahead of analysts' expectations with strong demand for beverage cans (for most of the quarter) and solid performance in its aerospace division.
Revenue was up, but Ball's earnings took a big hit and it's one of the reasons the stock was down today. The company had a net loss of $165 million compared to net income of $202 million in the same quarter last year. However, this is primarily due to divesting its assets in Russia because of its war with Ukraine, resulting in a one-time noncash impairment charge.
For further details see:
Why Ball Corporation Stock Plunged Today