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Ball
🇺🇸 NYSE:BALL
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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.

Total Revenue
$3.57B
Previous year: $4.13B
-13.7%
EPS
$0.61
Previous year: $0.82
-25.6%
Gross Profit
$650M
Previous year: $689M
-5.7%
Cash and Equivalents
$955M
Previous year: $480M
+99.0%
Free Cash Flow
$371M
Previous year: -$51M
-827.5%
Total Assets
$20.2B
Previous year: $20.9B
-3.6%

Ball

Ball

Ball Revenue by Segment

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.
  • Potential to achieve low end of long-term comparable diluted earnings per share growth goal of 10 to 15 percent.
  • Improve EVA generation, and increase cash flow to deleverage and return value to shareholders in 2023 and beyond

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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