Core Viewpoint - Ball Corporation is positioned as a leading supplier of aluminum packaging products, with a strong focus on innovation and sustainability, and is set to announce its fiscal Q3 earnings for 2025 on November 4 [1]. Financial Performance - Analysts anticipate Ball Corporation will report a profit of $1.01 per share for Q3 2025, reflecting an 11% increase from $0.91 per share in the same quarter last year [2]. - For fiscal 2025, the expected profit is projected at $3.56 per share, a 12.3% increase from $3.17 per share in fiscal 2024, with further growth expected to $4.02 per share in fiscal 2026, representing a 12.9% year-over-year increase [3]. Recent Earnings Report - In Q2 2025, Ball Corporation reported revenue of $3.3 billion, a 12.8% year-over-year increase, exceeding consensus estimates by 6%. The comparable EPS of $0.90 was up 21.6% from the prior year and 3.5% ahead of analyst estimates [5]. - Following the positive Q2 results, the stock price fell by 5.8%, despite the company raising its fiscal 2025 EPS growth guidance to between 12% and 15% [5]. Stock Performance and Analyst Ratings - Over the past 52 weeks, Ball Corporation's shares have declined by 27.9%, underperforming the S&P 500 Index's return of 13.4% and the Consumer Discretionary Select Sector SPDR Fund's rise of 19.1% [4]. - Wall Street analysts maintain a "Moderate Buy" rating for Ball Corporation, with a mean price target of $61.92, indicating a potential upside of 30.1% from current levels [6].

Group 1 - Ball Corporation will announce its third quarter 2025 earnings on November 4, 2025, before trading begins on the New York Stock Exchange [1] - A quarterly conference call will be held at 9 a.m. Mountain Time (11 a.m. Eastern Time) on the same day to discuss the company's results and performance [1] - North American callers can participate in the live Q&A session by calling 877-497-9071, while international callers should use +1 201-689-8727 [1] Group 2 - For those unable to attend the live call, a taped replay and transcript will be available within 48 hours on Ball's website under "Financial Results" [2] - Ball Corporation specializes in innovative and sustainable aluminum packaging solutions for various sectors, including beverage, personal care, and household products [2] - The company employs 16,000 people globally and reported net sales of $11.80 billion for 2024, excluding the divested aerospace business [2]

Group 1 - The article emphasizes the importance for investors in Ball Corporation to monitor the company's developments closely, particularly after the divestment of its aerospace segment, which has led to an improved financial position and a simplified business model [1] - The investing group "Value In Corporate Events" focuses on providing members with opportunities related to IPOs, mergers & acquisitions, earnings reports, and changes in corporate capital allocation, covering 10 major events monthly to identify the best investment opportunities [2] - The article indicates that the analyst may initiate a long position in Ball Corporation within the next 72 hours, suggesting a potential positive outlook for the stock [2]

Core Viewpoint - Ball Corporation (BALL) is a significant player in the aluminum packaging industry, with a market cap of $13.6 billion, and also provides aerospace technologies and services [1][2] Group 1: Company Overview - BALL is categorized as a large-cap stock due to its market capitalization exceeding $10 billion, highlighting its size and influence in the packaging and containers sector [2] - The company has a diversified portfolio that includes packaging and aerospace, which provides stability and synergies [2] - BALL holds a dominant global market share in aluminum beverage cans, benefiting from economies of scale and long-term customer relationships [2] Group 2: Financial Performance - In Q2, BALL reported revenue of $3.3 billion, reflecting a year-over-year growth of 12.8%, and an adjusted EPS of $0.90, which is a 21.6% increase from the previous year [5] - Despite exceeding earnings expectations and raising fiscal 2025 adjusted EPS growth guidance to 12% to 15%, BALL's stock price fell by 5.8% following the earnings release [5] Group 3: Stock Performance - BALL's stock has experienced a decline of 27% from its 52-week high of $68.12, reached on October 1, 2024 [3] - Year-to-date, BALL shares have dipped 9.8%, and over the past 52 weeks, they have fallen by 25.8%, underperforming the Materials Select Sector SPDR Fund (XLB) [4] - The stock has been trading below its 200-day moving average since late October 2024 and below its 50-day moving average since early August [4] Group 4: Competitive Landscape - Crown Holdings, Inc. (CCK) has outperformed BALL, showing a year-to-date increase of 15.3% and a 3.1% return over the past 52 weeks [6]

Core Insights - Ball Corporation (BALL) sold its 41% ownership interest in Ball United Arab Can Manufacturing Company (UAC) to ORG Technology Co., Ltd. while retaining a 10% stake, indicating a strategic focus on core growth and sustainable long-term value [1][8] Group 1: Transaction Details - The sale agreement for UAC was made in November 2024, with the transaction valued at approximately $70 million, subject to closing adjustments [2] - As of the end of Q2 2025, UAC reported $91 million in current assets and $25 million in current liabilities [2] Group 2: Strategic Collaboration - The deal enhances Ball Corp's collaboration with ORG, aiming to better serve customers in Saudi Arabia and the broader Middle East [3][8] - This partnership aligns Ball Corp's global innovation with ORG's regional execution capabilities [3] Group 3: Business Strategy - Ball Corp is focused on achieving better value for standard products and higher growth for specialty products, alongside cost-control measures and growth capital projects [4] - The company is leveraging the sustainability attributes of metal packaging to enhance future benefits [4] Group 4: Financial Performance - In Q2 2025, Ball Corp reported adjusted earnings per share (EPS) of 90 cents, exceeding the Zacks Consensus Estimate of 87 cents, with a year-over-year improvement of 22% [6] - Total sales reached $3.34 billion, up from $2.96 billion in the same quarter last year, surpassing the Zacks Consensus Estimate of $3.15 billion [6] - Global aluminum packaging shipments increased by 4.1% year over year [6] Group 5: Stock Performance - Over the past year, Ball Corp's shares have declined by 16.5%, compared to a 5.4% decline in the industry [7]

Group 1 - Ball Corporation has completed the sale of 41% of its 51% ownership interest in Ball United Arab Can Manufacturing Company to ORG Technology Co., Ltd. for approximately USD $70 million [1] - The transaction enhances the relationship with ORG and combines Ball's global can innovation with ORG's regional manufacturing capabilities [1] - Following the sale, Ball retains a 10% ownership interest in UAC and has deconsolidated the joint venture [1] Group 2 - The CEO of Ball Corporation emphasized the focus on a disciplined, returns-oriented portfolio and the importance of maintaining a strategic minority position for flexibility in investments [2] - The collaboration with ORG aims to better serve customers in Saudi Arabia and the broader Middle East [2] - Ball Corporation reported net sales of $11.80 billion for 2024, excluding the divested aerospace business [3]

Core Viewpoint - Ball Corporation has announced a public offering of $750 million in Senior Notes with a 5.500% interest rate, maturing in 2033, expected to close on August 14, 2025, pending customary closing conditions [1]. Group 1: Offering Details - The offering consists of $750 million aggregate principal amount of Senior Notes due 2033 [1]. - The offering is being managed by BofA Securities, Goldman Sachs, Citigroup, and Morgan Stanley as global coordinators and joint book-running managers [3]. Group 2: Use of Proceeds - Ball intends to use the net proceeds for general corporate purposes, which may include refinancing or repaying debt [2]. - Specifically, a portion of the proceeds will be used to repay outstanding borrowings under its U.S. dollar and multi-currency revolving credit facilities [2]. Group 3: Company Overview - Ball Corporation specializes in providing innovative and sustainable aluminum packaging solutions for various sectors, including beverage and personal care [6]. - The company employs 16,000 people globally and reported net sales of $11.80 billion for 2024, excluding its divested aerospace business [6].

Core Viewpoint - Ball Corporation has initiated a public offering of $750 million in Senior Notes due 2033, with the final terms dependent on market conditions [1] Group 1: Offering Details - The offering consists of $750 million aggregate principal amount of Senior Notes due 2033 [1] - The exact amount, terms, and timing of the offering will be influenced by market conditions and other factors [1] Group 2: Use of Proceeds - Ball plans to use the net proceeds for general corporate purposes, which may include refinancing or repaying debt [2] - A portion of the net proceeds will be used to repay outstanding borrowings under its U.S. dollar and multi-currency revolving credit facilities [2] Group 3: Management and Coordination - BofA Securities, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc., and Morgan Stanley & Co. LLC are acting as global coordinators and joint book-running managers for the offering [3] Group 4: Company Overview - Ball Corporation provides innovative and sustainable aluminum packaging solutions for various sectors, employing 16,000 people globally [6] - The company reported net sales of $11.80 billion for 2024, excluding its divested aerospace business [6]

Core Insights - Ball Corporation reported second-quarter 2025 adjusted earnings per share (EPS) of 90 cents, exceeding the Zacks Consensus Estimate of 87 cents, and reflecting a 22% year-over-year improvement driven by higher volumes across all segments [1][9] - Total sales reached $3.34 billion, up from $2.96 billion in the same quarter last year, surpassing the Zacks Consensus Estimate of $3.15 billion, with global aluminum packaging shipments increasing by 4.1% year over year [2][9] Financial Performance - The cost of sales was $2.69 billion, a 14.1% increase from the previous year, while gross profit totaled $648 million, up from $602 million, resulting in a gross margin of 19.4%, down from 20.3% year over year [3] - Selling, general and administrative expenses decreased by 1.4% year over year to $137 million, with comparable segment operating earnings rising to $388 million from $360 million in the prior year [3] Segment Performance - Beverage Packaging North and Central America segment revenues increased by 9.8% year over year to $1.61 billion, with operating earnings of $208 million, down 1% year over year [4] - Beverage Packaging EMEA segment sales rose 19.3% year over year to $1.05 billion, with operating earnings growing by 14.2% to $129 million [5] - Beverage Packaging South America segment revenues increased by 13% year over year to $477 million, with operating earnings rising 37.8% to $51 million [6] Cash Flow and Debt - Cash and cash equivalents at the end of Q2 2025 were $0.29 billion, down from $1.35 billion a year earlier, with cash used in operating activities amounting to $0.33 billion in the first half of 2025 [7] - Long-term debt increased to $6.48 billion as of June 30, 2025, from $5.52 billion a year prior [7] Stock Performance - Ball Corporation's shares have declined by 6.8% over the past year, contrasting with the industry's growth of 0.7% [8]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Financial statements show increased sales from continuing operations but lower total net earnings due to the 2024 aerospace business divestiture - The financial statements reflect the aerospace business as discontinued operations for all periods presented, following its divestiture on February 16, 2024, which significantly impacts year-over-year comparisons of net earnings and cash flows[16](index=16&type=chunk) [Unaudited Condensed Consolidated Statements of Earnings](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Earnings) Net sales and earnings from continuing operations grew, but total net earnings fell sharply without the prior year's gain from the aerospace sale Consolidated Earnings Summary (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $3,338 | $2,959 | $6,435 | $5,833 | | **Earnings from Continuing Operations** | $215 | $159 | $396 | $238 | | **Discontinued Operations, net of tax** | $0 | $0 | $(2) | $3,607 | | **Net Earnings Attributable to Ball** | $212 | $158 | $391 | $3,843 | | **Diluted EPS - Continuing Operations** | $0.76 | $0.51 | $1.40 | $0.75 | | **Total Diluted EPS** | $0.76 | $0.51 | $1.39 | $12.21 | [Unaudited Condensed Consolidated Balance Sheets](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) Total assets and liabilities increased, driven by higher long-term debt, while total equity decreased due to treasury stock purchases Balance Sheet Summary (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $5,252 | $4,841 | | **Total Assets** | $18,608 | $17,628 | | **Long-Term Debt** | $6,479 | $5,312 | | **Total Liabilities** | $13,331 | $11,698 | | **Total Equity** | $5,277 | $5,930 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash use improved, while investing activities saw a significant outflow, contrasting with the prior year's large inflow from divestiture Six-Month Cash Flow Summary (in millions) | Activity | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | | **Cash from Operating Activities** | $(333) | $(995) | | **Cash from Investing Activities** | $(391) | $5,204 | | **Cash from Financing Activities** | $88 | $(3,496) | | **Change in Cash** | $(613) | $638 | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the aerospace divestiture's impact, strategic transactions, new debt issuance, and share repurchase programs - The company completed the divestiture of its aerospace business on February 16, 2024, for **$5.6 billion**, resulting in a pre-tax gain of **$4.61 billion**, which is reported in discontinued operations[38](index=38&type=chunk)[40](index=40&type=chunk) - In February 2025, the company acquired Florida Can Manufacturing for **$160 million** in cash to strengthen its supply network in the North and Central America segment[36](index=36&type=chunk) - The company entered an agreement to sell a **41% interest** in its Saudi Arabian business, which is expected to close in Q3 2025 and result in deconsolidation and an estimated gain of **$85 million**[33](index=33&type=chunk) - In May 2025, Ball issued **€850 million** of 4.25% senior notes due in 2032 and used the proceeds to repay outstanding amounts on its revolving credit facilities[62](index=62&type=chunk) - The Board of Directors approved a new **$4.0 billion** share repurchase authorization effective through the end of 2027; in Q2 2025, the company entered into a **$250 million** accelerated share repurchase (ASR) agreement[76](index=76&type=chunk)[75](index=75&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Sales and earnings growth is attributed to higher volumes and favorable pricing, with all segments performing well and strong liquidity supporting shareholder returns [Results of Consolidated Operations](index=28&type=section&id=Results%20of%20Consolidated%20Operations) Q2 sales increased by $379 million from higher volume and price/mix, while net earnings rose due to lower consolidation costs Drivers of Sales Increase - Q2 2025 vs Q2 2024 (in millions) | Driver | Impact | | :--- | :--- | | Higher Volume | +$224 | | Price/Mix | +$127 | | Currency Translation | +$53 | | **Total Increase** | **+$379** | - The decrease in Selling, General and Administrative expenses for the six-month period was primarily due to **$63 million in lower compensation costs**, as 2024 included incremental bonuses related to the successful sale of the aerospace business[117](index=117&type=chunk) [Results of Business Segments](index=31&type=section&id=Results%20of%20Business%20Segments) All beverage packaging segments reported year-over-year growth in sales and comparable operating earnings, driven by increased volumes Segment Performance - Q2 2025 vs Q2 2024 (in millions) | Segment | Net Sales 2025 | Net Sales 2024 | Comp. Op. Earnings 2025 | Comp. Op. Earnings 2024 | | :--- | :--- | :--- | :--- | :--- | | **Bev. Pkg, N. & Central America** | $1,613 | $1,469 | $208 | $210 | | **Bev. Pkg, EMEA** | $1,050 | $880 | $129 | $113 | | **Bev. Pkg, South America** | $477 | $422 | $51 | $37 | [Financial Condition, Liquidity and Capital Resources](index=33&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity through cash flow and credit facilities to fund capital expenditures and shareholder returns - The company expects 2025 capital expenditures to be in the range of **$600 million**[142](index=142&type=chunk) - Share repurchases totaled **$1.02 billion** in the first six months of 2025, and the company plans to continue capital return with an estimated **$1.3 billion** in share repurchases for the full year 2025[145](index=145&type=chunk) - As of June 30, 2025, the company had **$1.36 billion** available under its long-term, multi-currency committed revolving credit facilities, which mature in June 2027[150](index=150&type=chunk) - The company utilizes accounts receivable factoring programs with combined limits of approximately **$1.78 billion** as of June 30, 2025, of which **$602 million** was available for sale[138](index=138&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company uses derivative instruments and contractual provisions to manage commodity, interest rate, and currency risks - Ball employs risk management procedures to reduce exposure to fluctuations in commodity prices (e.g., aluminum), interest rates, and currency exchange rates[161](index=161&type=chunk) [Item 4. Controls and Procedures](index=36&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[162](index=162&type=chunk) [PART II. OTHER INFORMATION](index=37&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) No new material legal proceedings were reported during the quarter - There were **no new material events** to report under this item for the three months ended June 30, 2025, other than those already discussed in Note 21[165](index=165&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 7.6 million shares in Q2 2025, with $3.22 billion remaining under the current authorization Share Repurchases - Q2 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 2,077,904 | $48.62 | | May 2025 | 1,098,462 | $53.72 | | June 2025 (Open Market) | 795,102 | $54.26 | | June 2025 (ASR) | 3,626,473 | (c) | | **Total Q2** | **7,597,941** | **N/A** | - In June 2025, the company entered into a **$250 million** accelerated share repurchase (ASR) arrangement, receiving an initial delivery of **3.63 million shares**[172](index=172&type=chunk) - As of the end of Q2 2025, **$3.22 billion remained available** under the company's $4.0 billion share repurchase program authorized through 2027[147](index=147&type=chunk)[168](index=168&type=chunk)