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]

Group 1 - Ball Corporation's board declared a cash dividend of 20 cents per share, payable on June 17, 2024, to shareholders of record as of June 3, 2024 [1] - The board approved a share repurchase program allowing the company to buy back up to 40 million shares of its common stock, replacing all previous authorizations [1] - The executive vice president and CFO stated that the increased share repurchase authorization supports the ongoing multi-year return of capital to shareholders [1] Group 2 - Mandy Glew was elected as senior vice president and president, EMEA, succeeding Carey Causey [2] - Glew joined Ball in 2020 and has a background in manufacturing, logistics, and marketing, holding a Ph.D. in chemistry and studied managerial finance [2] - Ball Corporation will announce its first quarter 2024 earnings on April 26, 2024, before trading begins on the New York Stock Exchange [2] Group 3 - Ball Corporation provides innovative and sustainable aluminum packaging solutions for various sectors, employing 16,000 people worldwide [4] - The company reported net sales of $14.03 billion for the year 2023 [4]

Core Insights - Analysts project that Ball (BALL) will report quarterly earnings of $0.56 per share, reflecting an 18.8% decline year over year, with revenues expected to reach $3.26 billion, down 6.4% from the same quarter last year [1] - There has been a slight upward revision of 0.2% in the consensus EPS estimate over the last 30 days, indicating a reassessment by covering analysts [1] - The relationship between earnings estimate revisions and short-term stock price performance is well-documented, suggesting that these revisions are significant for predicting investor reactions [1] Revenue Estimates - The consensus for 'Net Sales- Other' is projected at $194.73 million, indicating a 0.9% increase from the previous year [2] - 'Net Sales- Beverage packaging, North and Central America' is expected to be $1.39 billion, reflecting a 7.8% decline year over year [2] - 'Net Sales- Beverage packaging, EMEA' is forecasted at $842.31 million, showing a 1% increase from the prior year [2] Additional Revenue Metrics - 'Net Sales- Beverage packaging, South America' is estimated at $472.68 million, suggesting a 5% increase year over year [3] - Analysts project 'Net Sales- Aerospace' to be $270.75 million, indicating a significant decline of 46.7% from the year-ago quarter [3] Operating Earnings Estimates - 'Comparable operating earnings- Beverage packaging, North and Central America' is expected to reach $139.14 million, down from $183 million in the same quarter last year [3] - The estimate for 'Comparable operating earnings- Beverage packaging, South America' stands at $47.55 million, compared to $50 million a year ago [3] - 'Comparable operating earnings- Aerospace' is projected at $31.53 million, down from $60 million in the same quarter last year [3] - 'Comparable operating earnings- Beverage packaging, EMEA' is estimated at $68.67 million, compared to $73 million in the previous year [4] Stock Performance - Over the past month, Ball shares have recorded a return of -1.6%, while the Zacks S&P 500 composite has seen a decline of -4.2% [4] - Ball holds a Zacks Rank 3 (Hold), suggesting that its performance is likely to align with the overall market in the near term [4]

Core Viewpoint - Ball Corporation is expected to report first-quarter 2024 results on April 26, with anticipated earnings per share of 56 cents, reflecting an 18.9% decrease year-over-year, and total sales estimated at $3.26 billion, indicating a 6.4% decline from the previous year [1][3]. Q4 Performance - In the last reported quarter, Ball Corporation's earnings increased year-over-year and exceeded the Zacks Consensus Estimate, while total revenue fell year-over-year and missed the estimate. The company surpassed consensus estimates in three of the last four quarters, with an average surprise of 11.7% [2]. Q1 Estimates - The Zacks Consensus Estimate for first-quarter earnings per share is 56 cents, down 18.9% from the prior year. Total sales are estimated at $3.26 billion, a decline of 6.4% year-over-year [3]. Factors to Note - The company has been experiencing weaker demand due to muted customer spending amid higher retail prices, particularly in the U.S. High input and labor costs from supply constraints are expected to impact performance. However, efforts to improve efficiency and reduce costs may help mitigate these effects [4]. - The Beverage Packaging segment in North and Central America is projected to have net sales of $1.36 billion, a 9.8% year-over-year decline, with operating income estimated at $123 million, down 32.7% [4]. - The Beverage Packaging segment in Europe is expected to report sales of $860 million, a 3% drop, with operating income projected at $51 million, reflecting a 30% year-over-year decline [5]. - The Beverage Packaging segment in South America is estimated to have net sales of $455 million, indicating 1% growth, but operating income is expected to decline by 35.7% to $32 million [5]. Recent Developments - On February 16, 2024, Ball Corporation completed the sale of its aerospace business for $5.6 billion to BAE Systems, Inc. Approximately $2 billion of the after-tax proceeds will be used to reduce net debt, with another $2 billion allocated for share repurchases, while the remaining funds will strengthen the balance sheet [6]. Earnings Prediction - The model predicts an earnings beat for Ball Corporation, supported by a positive Earnings ESP of +1.35% and a Zacks Rank of 3 (Hold) [7][8]. Price Performance - Ball Corporation's shares have increased by 26% over the past year, outperforming the industry growth of 11.3% [8].

Core Viewpoint - Ball (BALL) is anticipated to report a year-over-year decline in earnings due to lower revenues, with the upcoming earnings report expected on April 26, 2024 [1][2]. Financial Expectations - The consensus estimate for quarterly earnings is $0.56 per share, reflecting an 18.8% decrease year-over-year [2]. - Revenues are projected to be $3.26 billion, down 6.4% from the same quarter last year [2]. Estimate Revisions - The consensus EPS estimate has been revised 3.51% lower in the last 30 days, indicating a bearish sentiment among analysts regarding the company's earnings prospects [3][6]. Earnings Surprise Prediction - The Zacks Earnings ESP for Ball is -0.60%, suggesting that the Most Accurate Estimate is lower than the Zacks Consensus Estimate, which complicates the prediction of an earnings beat [4][6]. - A positive Earnings ESP is generally a strong predictor of an earnings beat, especially when combined with a favorable Zacks Rank [5]. Historical Performance - In the last reported quarter, Ball exceeded the expected earnings of $0.77 per share by posting $0.78, resulting in a surprise of +1.30% [7]. - Over the past four quarters, the company has consistently beaten consensus EPS estimates [7]. Conclusion - Despite the historical ability to beat estimates, Ball does not currently appear to be a compelling candidate for an earnings beat based on the current estimates and revisions [8].

Core Insights - Ball (BALL) has a strong history of exceeding earnings estimates, particularly in the last two quarters, with an average surprise of 1.26% [1] - The company reported earnings of $0.78 per share for the most recent quarter, surpassing the expected $0.77, and previously reported $0.83 per share against an estimate of $0.82 [1] - There has been a favorable shift in earnings estimates for Ball, with a positive Earnings ESP indicating a high likelihood of another earnings beat [2] Earnings Estimates and Predictions - The Zacks Earnings ESP for Ball is currently +0.46%, suggesting analysts have recently become more optimistic about the company's earnings prospects [3] - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have a nearly 70% chance of producing a positive surprise [2] - The next earnings report for Ball is anticipated to be released on April 26, 2024 [3]