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Jun 30, 2023
Ball Q2 2023 Earnings Report
Reported mixed second quarter 2023 results due to lower global volumes and divestments, while managing costs and working capital effectively.
Key Takeaways
Ball Corporation reported second quarter 2023 net earnings of $173 million, or $0.55 per diluted share, on sales of $3.57 billion. The results reflect strong performance despite lower global volumes, driven by inflationary cost recovery and cost-out actions.
U.S. GAAP diluted earnings per share were 55 cents, compared to a loss of 55 cents in 2022, including the impact of 2022 business divestments.
Comparable diluted earnings per share were 61 cents, compared to 82 cents in 2022, including the impact of 2022 business divestments.
Global beverage can shipments decreased by 4.9%, excluding the impact of the 2022 Russian business divestment.
Aerospace backlog is $2.6 billion, with contracts won-not-booked at $6.0 billion, up $1 billion year-to-date.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Ball Corporation is positioned to deliver approximately $750 million of free cash flow in 2023. The company anticipates that the reduction of capital expenditures to depreciation levels will increase free cash flow generation, allowing for additional deleveraging and accelerated return of value to shareholders via share buybacks and dividends in 2024 and beyond.
Positive Outlook
- Maximizing returns and improving free cash conversion.
- Driving organic growth by leveraging sustainability and innovation tailwinds.
- Being good stewards of our capital.
- Driving a circular economy through the broader use of sustainable aluminum packaging.
- Employing exquisite environmental, aerospace and defense technologies to preserve our planet and achieve the best outcomes for our stakeholders.
Challenges Ahead
- Higher interest costs.
- Year-to-date demand trends.
- The Russian business divestment headwind.
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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