Ball Corp (BALL) Tops on Q1 Earnings, Completes Aerospace Sale

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]