(Reuters) -Ball Corp beat fourth-quarter profit estimates on Thursday, benefiting from lower input costs, including aluminum, sending shares of the beverage can maker up 6%.
The aluminum packager has been doubling down on its cost-reduction initiatives, aimed at improving operational efficiencies as well as moderating input, freight and warehousing costs.
CFO Howard Yu also said there would be incremental volume recovery in 2024 and that its ongoing strategies for cost management would drive comparable operating earnings and strong free cash flow generation.
The company earned a profit of 78 cents per share in the quarter ended Dec. 31, topping analysts' expectations of 74 cents, as per LSEG data.
However, higher interest rates and rentals have tightened purse strings, pinching demand.
The company's fourth-quarter sales declined about 4% to $3.40 billion, falling short of estimates of $3.58 billion, as per LSEG data.