Ball Corporation (NYSE:BLL) Q2 2020 Earnings Conference Call - Final Transcript
Aug 06, 2020 • 11:00 am ET
Greetings, and welcome to the Ball Corporation 2Q 2020 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded Thursday, August 6, 2020.
I would now like to turn the conference over to John Hayes, CEO. Please go ahead.
John A. Hayes
Thank you, Kelly, and good morning, everyone. This is Ball Corporation's conference call regarding the company's second quarter 2020 results. The information provided during this call will contain forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied. Some factors that could cause the results or outcomes to differ are in the company's latest 10-K and in other company SEC filings as well as company news releases. If you don't already have our second quarter earnings release, it's available on our website at ball.com. Information regarding the use of non-GAAP financial measures may also be found in the Notes section of today's earnings release.
The release also includes a table summarizing business consolidation and other activities as well as a reconciliation of comparable operating earnings and diluted earnings per share calculations. In addition, the press release financials include descriptions of new segment reporting for our EMEA and other nonreportable segments. Now joining me on the call today are Scott Morrison, Senior Vice President and CFO; and Dan Fisher, Senior Vice President and COO of our Global Beverage business.
I'll provide some introductory remarks, Dan will discuss the global beverage packaging performance and trends, Scott will discuss key financial metrics, and then we'll finish up with comments on our aerosol and aerospace businesses as well as our outlook for the company. Second quarter results were strong and candidly, came in stronger than we expected, which is just another proof point of the long-term resiliency of our various businesses.
At a time that the world experienced the worst economic and social crisis in our lifetimes, our second quarter and year-to-date comparable diluted earnings per share increased 2% and 12%, respectively, and were driven by our North and Central American beverage business where improved commercial terms, better manufacturing performance, increased volumes and the absence of metal scrap headwinds all contributed to a very strong quarter. Dan Fisher will elaborate more on our other beverage segments in a moment but over the course of this quarter, sequential monthly improvement in each of our packaging segments improved from the lows we experienced in late May and early April.
North American beverage can demand continues to outstrip supply and despite the initial pandemic-related demand impact in Europe and South America, demand in these regions has accelerated meaningfully since these regions began to reopen in mid-May. And our beverage can business in each region is sold out in advance of new capacity coming online. We are encouraged by the start-ups of our new lines in Fort Worth, Texas and Rome, Georgia, and the rest of our growth projects around the world remain in good shape. During the quarter, global beverage volumes were down 3% with low single-digit growth in North