NYSE$BALL
Ball Corp · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported strong results driven by operational efficiencies and strategic actions.
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
Headline financials
Revenue & EPS history
Ball · Revenue · Quarterly
$3.4B
Revenue by segment
Ball · $3.11B total across 4 segments · Q3 2023
- Beverage Pkg NCA$1.54B-14.4%49.5%
- Beverage Pkg EMEA$902M-12.5%29.0%
- Beverage Pkg South Am$489M+4.9%15.7%
- Other$179M—5.8%
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.
Tailwinds
- 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
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.2%
Avg return
Earnings day
-0.6%
Avg return
5 days after
+0.8%
Avg return
30 days after
56%
38 / 68 earnings
Positive
+12.1%
Q1 2023
Best reaction
-22.6%
Q2 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.1% | -3.9% | -14.3% | |
| Q4 2025 | +8.0% | +17.3% | +11.5% | |
| Q3 2025 | +1.6% | +4.0% | +3.7% | |
| Q1 2025 | -0.4% | +0.5% | +3.2% | |
| Q4 2024 | -6.9% | -9.4% | -6.3% | |
| Q3 2024 | -8.1% | -6.6% | -3.2% | |
| Q2 2024 | +1.5% | -0.8% | -0.0% | |
| Q1 2024 | +8.1% | +4.3% | +5.2% | |
| Q4 2023 | +7.3% | +3.2% | +15.9% | |
| Q3 2023 | +7.7% | +5.4% | +18.5% | |
| Q2 2023 | +1.3% | -1.4% | -3.8% | |
| Q1 2023 | +12.1% | +9.1% | +4.2% | |
| Q4 2022 | +0.9% | -1.4% | -2.3% | |
| Q3 2022 | +6.3% | +5.6% | +16.6% | |
| Q2 2022 | -22.6% | -24.6% | -23.3% | |
| Q1 2022 | -13.6% | -17.0% | -11.6% | |
| Q4 2021 | -1.0% | -1.3% | +1.3% | |
| Q3 2021 | -3.9% | -3.0% | -0.9% | |
| Q2 2021 | +7.9% | +12.4% | +23.2% | |
| Q1 2021 | +2.1% | +2.8% | +10.8% | |
| Q4 2020 | +0.2% | -2.3% | -9.9% | |
| Q3 2020 | +3.6% | +0.9% | +0.1% | |
| Q2 2020 | +0.7% | -1.5% | +9.9% | |
| Q1 2020 | -2.8% | -5.8% | -0.6% | |
| Q4 2019 | -1.8% | -2.1% | -29.7% | |
| Q3 2019 | -4.9% | -4.7% | -5.6% | |
| Q2 2019 | -2.0% | +0.7% | +7.6% | |
| Q1 2019 | +0.9% | +0.4% | +3.6% | |
| Q4 2018 | +0.7% | +1.9% | +6.4% | |
| Q3 2018 | -0.4% | +2.6% | +3.1% | |
| Q2 2018 | +2.3% | +2.3% | +3.3% | |
| Q1 2018 | -2.1% | +1.4% | +1.0% | |
| Q4 2017 | -1.4% | +1.5% | -0.6% | |
| Q3 2017 | -1.7% | -4.2% | -2.3% | |
| Q2 2017 | -2.5% | -1.1% | -2.0% | |
| Q1 2017 | -0.4% | -1.3% | +4.4% | |
| Q4 2016 | -1.6% | -3.6% | -1.0% | |
| Q3 2016 | -0.0% | -3.4% | -3.2% | |
| Q2 2016 | +0.2% | -0.4% | -3.4% | |
| Q1 2016 | +1.0% | — | — | |
| Q4 2015 | +3.0% | — | — | |
| Q3 2015 | +4.3% | — | — | |
| Q2 2015 | -3.2% | — | — | |
| Q1 2015 | -0.8% | — | — | |
| Q4 2014 | -0.1% | — | — | |
| Q3 2014 | -0.8% | — | — | |
| Q2 2014 | +0.9% | — | — | |
| Q1 2014 | +2.0% | — | — | |
| Q4 2013 | -0.4% | — | — | |
| Q3 2013 | +0.1% | — | — | |
| Q2 2013 | -3.4% | — | — | |
| Q1 2013 | -0.6% | — | — | |
| Q4 2012 | -1.4% | — | — | |
| Q3 2012 | +0.4% | — | — | |
| Q2 2012 | +4.2% | — | — | |
| Q1 2012 | +0.5% | — | — | |
| Q4 2011 | -0.9% | — | — | |
| Q3 2011 | +1.8% | — | — | |
| Q1 2010 | +1.8% | — | — | |
| Q2 2011 | +3.9% | — | — | |
| Q1 2011 | +0.9% | — | — | |
| Q4 2010 | -1.3% | — | — | |
| Q4 2008 | -1.3% | — | — | |
| Q3 2010 | +2.5% | — | — | |
| Q3 2009 | +2.5% | — | — | |
| Q2 2009 | +0.2% | — | — | |
| Q2 2010 | +0.2% | — | — | |
| Q4 2009 | +0.2% | — | — |
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