WESTMINSTER, Colo., July 24, 2024 /PRNewswire/ -- Ball Corporation's (NYSE: BALL) board of directors (the "Board") today declared a cash dividend of 20 cents per share, payable September 17, 2024, to shareholders of record as of September 3, 2024. Ball Corporation will announce its second quarter 2024 earnings on Thursday, August 1st, 2024, before trading begins on the New York Stock Exchange. At 9 a.m. Mountain time on that day (11 a.m. Eastern time), Ball will hold its regular quarterly conference call on ...

WESTMINSTER, Colo., June 27, 2024 /PRNewswire/ -- Ball Corporation (NYSE: BALL) will announce its second quarter 2024 earnings on Thursday, August 1, 2024 before trading begins on the New York Stock Exchange. At 9 a.m. Mountain time on that day (11 a.m. Eastern time), Ball will hold its regular quarterly conference call on the company's results and performance. Please use the following URL to join via webcast. https://event.choruscall.com/mediaframe/webcast.html?webcastid=K0QYImmO To participate in the live ...

Company Overview - Ball Corporation is a leading supplier of innovative and sustainable aluminum packaging solutions for beverage, personal care, and household products customers [2] - The company employs 16,000 people worldwide, excluding divested aerospace staff [2] - In 2023, Ball Corporation reported net sales of $12.06 billion [2] Upcoming Events - Ball Corporation will hold its biennial investor day on June 18, 2024, in New York, N.Y., where senior management will discuss company and industry trends and future opportunities [1] - The management briefing will take place from noon to 2 p.m. Eastern time and will include a question and answer session [1]

Company Overview - Ball Corporation has appointed Aaron Erter, CEO of James Hardie Industries plc, as a director of the corporation [1] - The company reported net sales of $12.06 billion for the year 2023 and employs 16,000 people worldwide [3] Leadership and Expertise - Aaron Erter brings extensive experience in the packaging industry, having previously served as CEO of PLZ Corp and held leadership roles at Sherwin-Williams and Stanley Black & Decker [1][2] - His expertise includes P&L optimization, strategy development, product development, marketing, sales leadership, and M&A efforts for global, multi-billion dollar organizations [2] Strategic Focus - The board believes that Erter's knowledge and experience will complement the existing board and executive leadership team as the company focuses on executing its enterprise-wide strategy [2]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements, management's discussion and analysis of financial condition and results of operations, market risk disclosures, and internal controls for the period [Item 1. Financial Statements](index=4&type=page&id=Item%201.%20Financial%20Statements) Q1 2024 financial statements reflect increased net earnings from the aerospace divestiture, strengthening cash and reducing debt [Unaudited Condensed Consolidated Statements of Earnings](index=4&type=page&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Earnings) Net earnings surged due to a significant gain from discontinued aerospace operations, despite a slight decrease in net sales from continuing operations Consolidated Earnings Summary (Q1 2024 vs Q1 2023) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net Sales** | $2,874 million | $2,981 million | | **Earnings from Continuing Operations** | $79 million | $128 million | | **Discontinued Operations, net of tax** | $3,607 million | $52 million | | **Net Earnings Attributable to Ball Corporation** | $3,685 million | $177 million | | **Diluted EPS - Continuing Operations** | $0.25 | $0.40 | | **Diluted EPS - Discontinued Operations** | $11.36 | $0.16 | | **Total Diluted EPS** | $11.61 | $0.56 | - The **significant increase in net earnings and total diluted EPS** is primarily driven by the gain on the sale of the aerospace business, which is reported under discontinued operations[7](index=7&type=chunk) [Unaudited Condensed Consolidated Balance Sheets](index=6&type=page&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) The balance sheet reflects a stronger financial position with increased cash and a significant reduction in long-term debt, largely due to the proceeds from the aerospace business divestiture Consolidated Balance Sheet Summary | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $1,719 million | $695 million | | **Total current assets** | $6,524 million | $4,883 million | | **Total assets** | $19,898 million | $19,303 million | | **Long-term debt** | $5,519 million | $7,504 million | | **Total liabilities** | $12,521 million | $15,466 million | | **Total Ball Corporation shareholders' equity** | $7,308 million | $3,769 million | - The balance sheet reflects a stronger financial position with **increased cash** and a **significant reduction in long-term debt**, largely due to the proceeds from the aerospace business divestiture. **Total equity more than doubled**[12](index=12&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=7&type=page&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Significant cash inflow from investing activities, primarily the aerospace business disposition, was largely used for long-term debt repayments Consolidated Cash Flow Summary (Q1 2024 vs Q1 2023) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Cash from Operating Activities** | ($1,247) million | ($275) million | | **Cash from Investing Activities** | $5,292 million | ($336) million | | **Cash from Financing Activities** | ($2,978) million | $649 million | - Investing activities generated **significant cash inflow of $5.42 billion** from the aerospace business disposition. This cash was primarily used in financing activities for **repayments of long-term borrowings ($3.28 billion)**[14](index=14&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=8&type=page&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the aerospace business divestiture as a discontinued operation, the new three-segment reporting structure, and significant debt reduction activities - On February 16, 2024, the company completed the **divestiture of its aerospace business**. The financial results of this business are now presented as **discontinued operations** for all periods shown[19](index=19&type=chunk) - Effective Q1 2024, the company reports its financial performance in **three reportable segments**: (1) beverage packaging, North and Central America; (2) beverage packaging, EMEA; and (3) beverage packaging, South America[19](index=19&type=chunk)[34](index=34&type=chunk) - The divestiture of the aerospace business was completed for a **purchase price of $5.6 billion**, resulting in a **pre-tax gain of $4.67 billion** and **cash proceeds of $5.42 billion**[40](index=40&type=chunk) - In Q1 2024, Ball used proceeds from the aerospace sale to **tender for and repay significant portions of its 5.25% and 4.875% senior notes**, repay its 0.875% euro notes at maturity, and **prepay $700 million of its Term A loan**[76](index=76&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=page&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the aerospace divestiture's impact, improved operating earnings across beverage packaging segments, and strengthened liquidity enabling significant debt reduction and share repurchases [Results of Consolidated Operations](index=37&type=page&id=Results%20of%20Consolidated%20Operations) Q1 2024 consolidated sales decreased due to lower aluminum prices, while net earnings surged primarily from the aerospace divestiture gain, and interest expense declined due to debt repayments - Q1 2024 sales decreased by **$107 million** compared to Q1 2023, mainly due to **lower sales prices** resulting from lower aluminum prices[135](index=135&type=chunk) - Net earnings increased by **$3.51 billion**, driven by a **$3.56 billion contribution from discontinued operations** (aerospace sale), partially offset by **$79 million in incremental compensation costs** related to the sale[135](index=135&type=chunk) - Total interest expense decreased to **$95 million** from **$113 million** in the prior year, primarily due to a **smaller amount of weighted average principal outstanding** following debt repayments[141](index=141&type=chunk) [Results of Business Segments](index=41&type=page&id=Results%20of%20Business%20Segments) All three beverage packaging segments reported higher comparable operating earnings in Q1 2024, driven by cost savings, operational efficiencies, and volume growth Beverage Packaging, North and Central America Performance | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Sales** | $1,403 million | $1,504 million | | **Comparable Operating Earnings** | $192 million | $183 million | Beverage Packaging, EMEA Performance | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Sales** | $810 million | $834 million | | **Comparable Operating Earnings** | $85 million | $73 million | Beverage Packaging, South America Performance | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Sales** | $482 million | $450 million | | **Comparable Operating Earnings** | $55 million | $50 million | [Financial Condition, Liquidity and Capital Resources](index=44&type=page&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) Liquidity significantly improved from aerospace divestiture proceeds, enabling substantial debt reduction, reduced factoring, and planned share repurchases - Cash flows from operating activities were a use of **$1.25 billion**, primarily driven by a **$1.09 billion reduction in the use of receivables factoring programs**[156](index=156&type=chunk) - Cash flows from financing activities were a use of **$2.98 billion**, mainly due to **net repayments of long-term debt of $2.83 billion** and **common stock repurchases of $182 million**[157](index=157&type=chunk) - The company plans to return approximately **$1.3 billion to shareholders** via share repurchases in 2024, using cash from the aerospace divestiture and operating activities[163](index=163&type=chunk) - Total interest-bearing debt decreased from **$8.62 billion** at December 31, 2023, to **$5.84 billion** at March 31, 2024[163](index=163&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=page&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company employs risk management policies to mitigate exposure to commodity price, interest rate, and currency exchange rate fluctuations using derivatives and contractual provisions - Ball employs **risk management policies** to reduce exposure to fluctuations in commodity prices, interest rates, and currency exchange rates[176](index=176&type=chunk) [Item 4. Controls and Procedures](index=49&type=page&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2024, with controls related to the divested aerospace business removed from scope - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of the end of the quarter[177](index=177&type=chunk) - No material changes were made to internal controls during the first quarter of 2024. Controls over the divested aerospace business were removed from the scope post-sale[177](index=177&type=chunk) [PART II. OTHER INFORMATION](index=51&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section details legal proceedings, updates on risk factors, information on unregistered sales of equity securities, and a list of filed exhibits [Item 1. Legal Proceedings](index=51&type=page&id=Item%201.%20Legal%20Proceedings) No new material legal proceedings were reported for the quarter, with existing disclosures referenced in Note 21 - No new material events were reported under this item for the quarter, with reference made to existing disclosures in Note 21[180](index=180&type=chunk) [Item 1A. Risk Factors](index=52&type=page&id=Item%201A.%20Risk%20Factors) No material changes to risk factors occurred during the quarter, with aerospace business-related risks no longer relevant post-divestiture - Risk factors related to the aerospace business are **no longer relevant** following its divestiture[182](index=182&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=page&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased over 3 million shares in Q1 2024 and approved a new 40 million share repurchase authorization Share Repurchases in Q1 2024 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Feb 1 - Feb 29, 2024 | 1,217,374 | $61.36 | | Mar 1 - Mar 31, 2024 | 1,847,248 | $65.93 | | **Total Q1 2024** | **3,064,622** | **N/A** | - A new share repurchase program authorizing up to **40 million shares** was approved on April 24, 2024, replacing all prior authorizations[183](index=183&type=chunk) [Item 6. Exhibits](index=53&type=page&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the aerospace business sale agreement and certifications - Key exhibits filed include the **Stock Purchase Agreement** related to the aerospace divestiture and **certifications from the CEO and CFO**[188](index=188&type=chunk)

Ball Corporation (NYSE:BALL) Q1 2024 Earnings Conference Call April 26, 2024 11:00 AM ET Company Participants Brandon Potthoff – Investor Relations Dan Fisher – Chief Executive Officer Howard Yu – Executive Vice President and Chief Financial Officer Conference Call Participants Ghansham Panjabi – Baird Anthony Pettinari – Citi Arun Viswanathan – RBC George Staphos – Bank of America Edlain Rodriguez – Mizuho Adam Samuelson – Goldman Sachs Phil Ng – Jefferies Stefan Diaz – Morgan Stanley Operator Greetings an ...

Core Viewpoint - Ball Corporation reported first-quarter 2024 adjusted earnings of 68 cents per share, exceeding the Zacks Consensus Estimate of 56 cents, despite a 1% year-over-year decline in earnings due to lower volumes across most segments [1] Financial Performance - Reported earnings per share were $11.61, significantly higher than the prior year's 56 cents, including gains from the aerospace business sale [1] - Total sales for the quarter were $2.87 billion, down from $2.98 billion in the previous year, missing the Zacks Consensus Estimate of $3.18 billion [1] - Cost of sales decreased by 6.1% year over year to $2.29 billion, while gross profit increased to $591 million from $549 million, resulting in a gross margin of 20.6%, up from 18.4% [2] - Selling, general and administrative expenses rose 83.5% year over year to $211 million, with comparable segment operating earnings at $332 million compared to $306 million in the prior year [2] Segmental Performance - Beverage Packaging North and Central America segment revenues fell 6.7% year over year to $1.4 billion, with operating earnings of $192 million, up 4.9% [3] - Beverage Packaging EMEA segment sales were $810 million, down 2.9% year over year, with operating earnings growing 16.4% to $85 million [3] - Beverage Packaging South America segment revenues increased 7.1% year over year to $482 million, with operating earnings rising 10% to $55 million [4] Financial Condition - Cash and cash equivalents at the end of Q1 2024 were $1.72 billion, up from $0.57 billion a year earlier, with cash used in operating activities amounting to $1.25 billion [5] - Long-term debt decreased to $5.5 billion from $7.3 billion year over year [5] Price Performance - The company's shares have increased by 26% over the past year, outperforming the industry's growth of 11.4% [6]

Core Insights - Ball (BALL) reported $2.87 billion in revenue for Q1 2024, a year-over-year decline of 17.6% [1] - The EPS for the same period was $0.68, slightly down from $0.69 a year ago, with a surprise of +21.43% compared to the consensus estimate of $0.56 [1] - The revenue fell short of the Zacks Consensus Estimate of $3.18 billion by -9.71% [1] Revenue Breakdown - Net Sales- Other: $179 million, below the average estimate of $194.73 million, representing a year-over-year decline of -7.3% [2] - Net Sales- Beverage packaging, EMEA: $810 million, compared to the average estimate of $842.31 million, a year-over-year change of -2.9% [2] - Net Sales- Beverage packaging, South America: $482 million, exceeding the average estimate of $472.68 million, with a year-over-year increase of +7.1% [2] - Net Sales- Beverage packaging, North and Central America: $1.40 billion, slightly above the estimated $1.39 billion, reflecting a year-over-year decline of -6.7% [2] Operating Earnings - Comparable operating earnings- Beverage packaging, North and Central America: $192 million, surpassing the average estimate of $139.14 million [2] - Comparable operating earnings- Beverage packaging, EMEA: $85 million, exceeding the average estimate of $68.67 million [2] - Comparable operating earnings- Beverage packaging, South America: $55 million, above the average estimate of $47.55 million [2] Stock Performance - Ball's shares have returned -2.8% over the past month, compared to the Zacks S&P 500 composite's -3.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

```markdown [Q1 2024 Financial Performance Summary](index=1&type=section&id=Ball%20Reports%20First%20Quarter%202024%20Results) Ball Corporation reported strong Q1 2024 results, driven by the aerospace sale and increased beverage can shipments [Overall Results and Highlights](index=1&type=section&id=Highlights) Ball Corporation reported strong first-quarter 2024 results, highlighted by a significant **GAAP diluted EPS** of **$11.61**, largely due to a **$3.47 billion** **after-tax gain** from the **sale** of its **aerospace business**. **Comparable diluted EPS** was nearly flat at **$0.68**. The company saw a **3.7%** increase in **global beverage can shipments**, significantly **deleveraged** its **balance sheet**, and **returned** **$245 million** to **shareholders** Q1 2024 Key Financial Metrics | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | U.S. GAAP Diluted EPS | $11.61 | $0.56 | | Comparable Diluted EPS | $0.68 | $0.69 | | Net Sales | $2.87 billion | $2.98 billion | | Net Earnings Attributable to Corp. (GAAP) | $3.69 billion | $177 million | | Comparable Net Earnings | $217 million | $217 million | - The **sale** of the **aerospace business** on February 16, 2024, resulted in a **net after-tax gain** of **$3.47 billion**, or **$10.93** per **diluted share**[3](index=3&type=chunk) - **Global beverage can shipments increased** by **3.7%** **year-over-year**[3](index=3&type=chunk) - The company **returned** **$245 million** to **shareholders** through **share repurchases** and **dividends** and significantly **deleveraged** its **balance sheet** following the **aerospace sale**[3](index=3&type=chunk)[4](index=4&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Daniel W. Fisher emphasized the successful **sale** of the **aerospace business**, which enabled immediate **deleveraging** and a large **share repurchase program**. The company is now positioned to focus on advancing **sustainable aluminum packaging**, driving **innovation**, and creating long-term **shareholder value** - The company has executed plans to immediately **deleveraged** and initiate a large multi-year **share repurchase program** following the **aerospace business sale**[4](index=4&type=chunk) - The corporate strategy is focused on advancing the use of **sustainable aluminum packaging**, driving **innovation**, and unlocking **manufacturing efficiencies** to create long-term **shareholder value**[4](index=4&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) The company's beverage packaging segments showed varied performance, with strong growth in South America and EMEA [Beverage Packaging, North and Central America](index=3&type=section&id=Beverage%20Packaging%2C%20North%20and%20Central%20America) This segment reported a **year-over-year increase** in **comparable operating earnings** to **$192 million**, despite a **sales decrease** to **$1.40 billion**. The **earnings growth** was driven by the pass-through of inflationary costs and cost-saving initiatives, which offset a **2.4%** decline in **shipment volumes** attributed to customer exposure to a U.S. mass beer brand disruption Q1 Performance: North and Central America | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Comparable Operating Earnings | $192 million | $183 million | | Sales | $1.40 billion | $1.50 billion | - **Segment volumes decreased** **2.4%** **year-over-year**, showing sequential improvement from a **3.7%** decrease in Q4 2023. This was partly due to customers pulling forward volume ahead of the summer season[7](index=7&type=chunk) - **Earnings increased** due to the annual pass-through of inflationary costs, benefits from cost-out actions, and improved operational performance[6](index=6&type=chunk) [Beverage Packaging, EMEA](index=3&type=section&id=Beverage%20Packaging%2C%20EMEA) The EMEA segment's **comparable operating earnings grew** to **$85 million** from **$73 million** **year-over-year**, on slightly lower **sales** of **$810 million**. The positive performance was fueled by a **1.1%** **increase** in **shipment volumes**, favorable **cost management**, and improved operational efficiencies, with **growth** noted in the UK, Nordics, and Turkey Q1 Performance: EMEA | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Comparable Operating Earnings | $85 million | $73 million | | Sales | $810 million | $834 million | - **Segment volumes increased** **1.1%** **year-over-year**, driven by **growth** in the UK, Nordics, and Turkey, which offset lower demand in Egypt[9](index=9&type=chunk) - **Earnings growth** was attributed to higher **volumes**, favorable **cost management**, and improved operational efficiencies[9](index=9&type=chunk) [Beverage Packaging, South America](index=3&type=section&id=Beverage%20Packaging%2C%20South%20America) The South America segment delivered strong results with **comparable operating earnings rising** to **$55 million** and **sales increasing** to **$482 million**. This was driven by a significant **26.3%** surge in **shipment volumes**, particularly in Brazil, due to favorable **customer mix** and a **substrate shift** to **aluminum cans**. Performance was partially offset by disruptive **economic conditions** in Argentina Q1 Performance: South America | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Comparable Operating Earnings | $55 million | $50 million | | Sales | $482 million | $450 million | - **Segment volumes increased** by a robust **26.3%** in the first quarter, driven by **customer mix** and **substrate mix shift** to **aluminum cans**, especially in Brazil[11](index=11&type=chunk) - Results were partially offset by the impact of product mix and disruptive **economic** and operating **conditions** in Argentina[11](index=11&type=chunk) [Non-reportable Segments](index=5&type=section&id=Non-reportable) This category includes the global aluminum aerosol business, beverage can facilities in Asia and the Middle East, and the aluminum cup business. **Volumes** for global extruded aluminum bottles and aerosol containers **decreased** by **3.0%** during the quarter. Higher **year-over-year undistributed corporate expenses** were partially offset by improved **earnings** in the aluminum packaging businesses within this group - **Volume** across the company's global extruded aluminum bottles and aerosol containers **decreased** **3.0%** during the quarter[13](index=13&type=chunk) - First quarter 2024 results reflect higher **year-over-year undistributed corporate expenses**, which include incremental **compensation costs** from the **aerospace sale**[12](index=12&type=chunk)[13](index=13&type=chunk) [Financial Outlook and Strategy](index=5&type=section&id=Outlook) Ball outlined its capital allocation strategy, focusing on debt reduction, share repurchases, and EPS growth [Financial Strategy and Capital Allocation](index=5&type=section&id=Financial%20Strategy%20and%20Capital%20Allocation) CFO Howard Yu outlined the company's capital allocation strategy following the **aerospace sale**. Proceeds were used for **$2.8 billion** of **debt retirement** and to initiate a multi-year **share repurchase program**. The company plans to pay approximately **$1.0 billion** in **taxes** on the **sale** and expand **share repurchases** to around **$1.3 billion** by **year-end** - The company retired **$2.8 billion** of **debt** in the quarter using proceeds from the **aerospace sale** and cash on hand[14](index=14&type=chunk) - Ball plans to pay approximately **$1.0 billion** in **taxes** related to the **aerospace sale** throughout 2024[14](index=14&type=chunk) - **Share repurchases** are expected to be in the range of **$1.3 billion** by the end of 2024[14](index=14&type=chunk) [Full Year 2024 Guidance](index=5&type=section&id=Full%20Year%202024%20Guidance) CEO Daniel W. Fisher stated that for 2024, the company is positioned to achieve **comparable diluted EPS growth**, generate strong **free cash flow**, and return over **$1.5 billion** to **shareholders** through a combination of **share repurchases** and **dividends**. The focus remains on executing its strategy to advance aluminum packaging and deliver consistent results - Positioned to achieve **comparable diluted earnings per share growth** in 2024[15](index=15&type=chunk) - Expects to generate strong **free cash flow** and return in excess of **$1.5 billion** to **shareholders** through **share repurchases** and **dividends**[15](index=15&type=chunk) [Condensed Financial Statements](index=7&type=section&id=Condensed%20Financial%20Statements) Condensed financial statements reflect the aerospace sale, significantly impacting earnings, cash flows, and the balance sheet [Statements of Earnings](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Earnings) For Q1 2024, Ball reported **net sales** of **$2.87 billion**, down from **$2.98 billion** in Q1 2023. **Net earnings attributable to the corporation surged** to **$3.69 billion** from **$177 million**, primarily due to a **$3.61 billion** contribution from **discontinued operations** (the **aerospace business sale**). **Total diluted EPS** was **$11.61**, compared to **$0.56** in the prior-year quarter Q1 2024 vs Q1 2023 Statement of Earnings Highlights | Metric ($ in millions) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net Sales | 2,874 | 2,981 | | Earnings Before Interest and Taxes | 196 | 267 | | Earnings from Continuing Operations | 79 | 128 | | Discontinued Operations, net of tax | 3,607 | 52 | | Net Earnings Attributable to Ball Corp. | 3,685 | 177 | [Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, **cash used in operating activities** was **$1.25 billion**, influenced by the **gain** on the **aerospace disposal**. **Cash provided by investing activities** was **$5.29 billion**, driven by **$5.42 billion** in proceeds from the business disposition. **Financing activities used** **$2.98 billion**, primarily for **net debt repayment** of **$2.75 billion**. The company's **cash position increased** by **$1.02 billion** to end the quarter at **$1.73 billion** Q1 2024 vs Q1 2023 Cash Flow Highlights | Metric ($ in millions) | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Cash used in operating activities | (1,247) | (275) | | Cash provided by (used in) investing activities | 5,292 | (336) | | Cash provided by (used in) financing activities | (2,978) | 649 | | Change in cash | 1,015 | 36 | | Cash - end of period | 1,725 | 594 | [Balance Sheets](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, Ball's **total assets** were **$19.90 billion**. The **balance sheet** reflects the **aerospace sale**, with current and noncurrent assets held for sale reduced to minimal levels. **Total debt** (short-term and long-term) **decreased significantly** to **$5.80 billion** from **$9.68 billion**, while **total equity increased** to **$7.38 billion** from **$3.71 billion** **year-over-year** Balance Sheet Highlights (as of March 31) | Metric ($ in millions) | 2024 | 2023 | | :--- | :--- | :--- | | Total Current Assets | 6,524 | 5,507 | | Total Assets | 19,898 | 20,109 | | Total Current Liabilities | 5,384 | 7,220 | | Long-term Debt | 5,519 | 7,322 | | Total Equity | 7,377 | 3,708 | [Notes to Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Financial%20Statements) Notes detail the aerospace divestiture's financial impact and the company's use of non-GAAP measures [Business Segment Information and Divestiture](index=10&type=section&id=Business%20Segment%20Information%20and%20Divestiture) Following the **sale** of its **aerospace business** on February 16, 2024, Ball has reorganized its reporting structure. The **aerospace business** is now treated as a **discontinued operation**. The company's ongoing operations are reported in three segments: Beverage Packaging for North and Central America; EMEA; and South America. The divestiture was completed for a **purchase price** of **$5.6 billion**, resulting in a **pre-tax gain** of **$4.67 billion** - The company completed the divestiture of its **aerospace business** on February 16, 2024, for a **purchase price** of **$5.6 billion**[28](index=28&type=chunk)[31](index=31&type=chunk) - The **sale** resulted in a **pre-tax gain** of **$4.67 billion** and is reported as a **discontinued operation** in the financial statements[31](index=31&type=chunk)[35](index=35&type=chunk) - Effective Q1 2024, the company reports financial performance in three segments: (1) beverage packaging, North and Central America; (2) beverage packaging, EMEA; and (3) beverage packaging, South America[28](index=28&type=chunk) [Non-U.S. GAAP Measures and Reconciliations](index=12&type=section&id=Non-U.S.%20GAAP%20Measures%20and%20Reconciliations) Ball uses **non-U.S. GAAP measures** like **Comparable Net Earnings** and **Comparable Diluted EPS** to evaluate operating performance. For Q1 2024, **Comparable Net Earnings** were **$217 million**, flat with Q1 2023. This figure is derived by adjusting **GAAP Net Earnings** (**$3.685 billion**) for items such as the **Gain on Aerospace disposal** (**-$4.695 billion**), related **compensation costs** (**+$79 million**), and other non-comparable items Reconciliation of GAAP to Comparable Net Earnings (Q1 2024) | Metric ($ in millions) | Amount | | :--- | :--- | | Net earnings attributable to Ball Corporation (GAAP) | 3,685 | | Gain on Aerospace disposal | (4,695) | | Non-comparable tax items | 1,082 | | Aerospace disposition compensation | 79 | | Amortization of acquired Rexam intangibles | 38 | | Facility closure costs and other items | 26 | | Debt refinancing and other costs | 2 | | **Comparable Net Earnings** | **217** | - The company's **Leverage ratio** (**Net Debt/Comparable EBITDA**) was **2.2x** for the twelve months ended March 31, 2024[48](index=48&type=chunk) ```

Core Viewpoint - Ball Corporation is positioned favorably for an upcoming earnings report, with analysts raising earnings estimates, indicating potential for an earnings beat [1][2] Earnings Estimate Revisions - Recent earnings estimate revisions for Ball Corporation are positive, suggesting favorable trends that may lead to an earnings beat [1] - The Most Accurate Estimate for the current quarter is higher than the Zacks Consensus Estimate of 56 cents per share, indicating analysts have recently increased their estimates [1] Earnings ESP - Ball Corporation has a Zacks Earnings ESP of +1.50% heading into earnings season, which is a positive indicator for potential earnings surprises [1] - A positive Zacks Earnings ESP has historically led to positive surprises and outperformance in the market, with a nearly 70% success rate in producing positive surprises [2] Zacks Rank - Ball Corporation holds a Zacks Rank of 3 (Hold), which, combined with a positive Earnings ESP, suggests it may be a stock to consider ahead of earnings [2] - Stocks with a positive Earnings ESP and a Zacks Rank of 3 or better have returned over 28% on average in annual returns based on a 10-year backtest [2]