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Dec 31, 2023
Ball Q4 2023 Earnings Report
Reported strong results driven by operational efficiencies and strategic actions.
Key Takeaways
Ball Corporation reported strong fourth quarter and full-year comparable operating earnings and free cash flow. The company's performance was driven by the resiliency of its team amid a major brand disruption in North America, challenging year-over-year comparisons in EMEA, hyperinflationary effects in Argentina, and activities associated with the ongoing aerospace sale process.
Full-year and fourth quarter U.S. GAAP diluted earnings per share of $2.23 and 49 cents, respectively.
Full-year and fourth quarter comparable diluted earnings per share of $2.90 and 78 cents, respectively
Full-year and fourth quarter global beverage can shipments down 7.4% and 3.2%, respectively, including Russia
Announced sale of aerospace business projected to close in the first half of 2024
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
In 2024, Ball is positioned to grow diluted earnings per share, generate strong free cash flow and accelerate return of value to shareholders. The company is focused on executing its enterprise-wide strategy with purpose and pace to advance sustainable aluminum packaging solutions at scale, win commercially through partnership and breakthrough innovation and unlock value within the organization by driving continuous process improvement and operational excellence.
Positive Outlook
- Incremental volume recovery
- Continuous improvement on cost management will drive comparable operating earnings
- Strong free cash flow generation
- Approximately $4.5 billion of after-tax proceeds from the projected aerospace sale will be used to immediately reduce debt by approximately $2 billion driving leverage to in the range of 2.7x net debt to comparable EBITDA
- Approximately $2 billion of proceeds will be used to increase return of value to shareholders via share buybacks and pay dividends moving forward
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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