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Mar 31, 2023
Ball Q1 2023 Earnings Report
Ball reported first quarter results amid tough year-over-year comparisons driven largely by 2022 business divestments.
Key Takeaways
Ball Corporation reported first quarter 2023 net earnings attributable to the corporation of $177 million, or diluted earnings per share of 56 cents, on sales of $3.49 billion. Comparable net earnings were $217 million, or 69 cents per diluted share.
U.S. GAAP diluted earnings per share of 56 cents vs. $1.37 in 2022; results include impact of 2022 business divestments
Comparable diluted earnings per share of 69 cents vs. 77 cents in 2022; results include impact of 2022 business divestments
Global beverage can shipments down 6.7%, including impact of 2022 Russian business divestment
Aerospace backlog $2.8 billion; contracts won-not-booked $5.0 billion
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Company remains well-positioned in 2023 to deliver long-term diluted earnings per share goal and free cash flow in the range of $750 million in addition to returning value to shareholders.
Positive Outlook
- Leveraging second half 2022 cost-out actions
- Contractual inflationary cost recovery
- Reduced capital expenditures
- Achieve long-term diluted earnings per share growth goal of 10 to 15 percent
- Improve EVA generation
Challenges Ahead
- Typical seasonal working capital build
- Russian business divestment headwind
- Year-to-date demand trends
- Higher interest expense
- Tepid first-half volume trends driven by varying global macroeconomic conditions impacting consumer demand
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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