Highlights First quarter U.S. GAAP total diluted earnings per share of $11.61, inclusive of gain on aerospace sale, vs. 56 cents in 2023 First quarter comparable diluted earnings per share of 68 cents vs. 69 cents in 2023 Global beverage can shipments increased 3.7% Significantly deleveraged and returned $245 million to shareholders via share repurchases and dividends in the first quarter In 2024 and beyond, positioned to advance the use of sustainable aluminum packaging, grow comparable diluted earnings per share, generate strong free cash flow and expand long-term return of value to shareholders WESTMINSTER, Colo., April 26, 2024 /PRNewswire/ -- Ball Corporation (NYSE:BALL) today reported first quarter results. References to net sales and comparable operating earnings in today's release do not include the company's former aerospace business. Year-over-year net earnings attributable to the corporation and comparable net earnings do include the performance of the company's former aerospace business through the sale date of February 16, 2024. On a U.S. GAAP basis, the company reported, first quarter 2024 net earnings attributable to the corporation of $3.69 billion (including a net after-tax gain of $3.47 billion, or $10.93 per diluted share for the aerospace business sale, business consolidation and other non-comparable items) or total diluted earnings per share of $11.61, on sales of $2.87 billion, compared to $177 million net earnings attributable to the corporation, or total diluted earnings per share of 56 cents (including a net after-tax loss of $40 million, or 13 cents per diluted share for business consolidation and other non-comparable items) on sales of $2.98 billion in 2023. Ball's first quarter 2024 comparable net earnings were $217 million, or 68 cents per diluted share compared to $217 million, or 69 cents per diluted share in 2023. "We delivered strong first quarter results. Following the successful sale of the aerospace business in mid-February, we have executed on our plans to immediately deleverage, initiate a large multi-year share repurchase program and position the company to enable our purpose of advancing the greater use of sustainable aluminum packaging. We continue to complement our purpose by driving innovation and sustainability on a global scale, unlocking additional manufacturing efficiencies and activating an operating model to enable high-quality, long-term shareholder value creation," said Daniel W. Fisher, chairman and chief executive officer. Details of reportable segment comparable operating earnings, business consolidation and other activities, business segment descriptions and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release. References to volume data represent units shipped. Beverage Packaging, North and Central America Beverage packaging, North and Central America, segment comparable operating earnings for first quarter 2024 were $192 million on sales of $1.40 billion compared to $183 million on sales of $1.50 billion during the same period in 2023. First quarter sales reflect lower shipments and the contractual pass through of lower aluminum costs favorably offset by the annual pass-through of inflationary costs. First quarter segment comparable operating earnings increased year-over-year largely due to the annual pass-through of inflationary costs net of current year inflation, benefits from fixed and variable cost out actions and improved operational performance despite year-over-year headwinds driven largely by our customer exposure to a U.S. mass beer brand disruption and a benefit associated with a U.S. virtual power agreement termination in the first quarter of 2023. Aluminum beverage cans continue to outperform other substrates. We remain dedicated to enabling the greater use of low-carbon, best-value innovative aluminum packaging solutions across our customer mix over the long term. Quarterly sequential volume improvement returned earlier than anticipated in our North and Central American business due to the incremental pull forward of contracted volume by certain customers in advance of the summer selling season and following customers' notable destocking in the fourth quarter of 2023. Segment volumes decreased 2.4 percent year-over-year in the first quarter of 2024 versus a decrease of 3.7 percent in the fourth quarter of 2023. Going forward, growth supported by business development efforts and innovation across diverse beverage categories, additional benefits from fixed and variable cost-out initiatives and improved operational efficiencies are expected to improve results throughout 2024 and beyond.  Beverage Packaging, EMEA Beverage packaging, EMEA, segment comparable operating earnings for first quarter 2024 were $85 million on sales of $810 million compared to $73 million on sales of $834 million during the same period in 2023. First quarter sales reflect higher year-over-year shipments offset by the contractual pass through of lower aluminum costs. First quarter comparable operating earnings reflect higher volumes, favorable cost management and improved operational efficiencies. Packaging mix shift to aluminum cans supported by ongoing packaging legislation in certain countries continues to be a driver of aluminum beverage packaging growth despite recent inflation-induced consumer demand pressure. Year-over-year first quarter segment volumes increased 1.1 percent reflecting growth in the United Kingdom, Nordics and Turkey offset by lower than anticipated demand in Egypt. Going forward, sustainability tailwinds and seasonal trends are anticipated to improve demand throughout the year. Beverage Packaging, South America Beverage packaging, South America, segment comparable operating earnings for first quarter 2024 were $55 million on sales of $482 million compared to $50 million on sales of $450 million during the same period in 2023. Year-over-year sales reflect higher volumes partially offset by the contractual pass through of lower aluminum costs. First quarter segment comparable operating earnings increased year-over-year driven by higher segment volumes and favorable customer mix in Brazil offset by the impact of product mix and continuing disruptive economic and operating conditions in Argentina. Demand trends across the company's South American operations improved significantly year-over-year. Segment volumes increased 26.3 percent in the first quarter driven by customer mix and substrate mix shift to aluminum cans versus other substrates, particularly in Brazil. In Argentina, the company continues to serve customers and assess risks given the dynamic economic and policy environment.  Non-reportable Included within undistributed corporate expenses are corporate interest income, incremental compensation cost from the successful sale of the aerospace business, the results of the company's global aluminum aerosol business, beverage can manufacturing facilities in India, Saudi Arabia and Myanmar and the company's aluminum cup business. First quarter 2024 results reflect higher year-over-year undistributed corporate expenses offset by improved comparable operating earnings for the aluminum packaging businesses in other non-reportable. Amid challenging year-over-year comparisons and seasonal customer filling downtime, volume across the company's global extruded aluminum bottles and aerosol containers decreased 3.0 percent during the quarter. The company's global aluminum aerosol, aluminum bottle and cups customers continue to collaborate with Ball to activate growth opportunities and tailored offerings for personal and home care brands, refill and reuse packaging for water, other beverages and venue specific needs to advance the circular economy.  Outlook "During the quarter, incremental volume growth, favorable cost management and the immediate use of aerospace business sale proceeds combined with cash on hand resulted in strong results, $2.8 billion of debt retirement and the initiation of our multi-year share repurchase program. Throughout the remainder of the year, our strong cash flow and cash on hand will support prudent business investments, pay quarterly taxes due on the aerospace sale totaling approximately $1.0 billion, and expand share repurchases to in the range of $1.3 billion by year end," said Howard Yu, executive vice president and chief financial officer. "The strategic actions we have taken have strengthened our company in the short- to medium-term and position us for opportunity over the long-term. The team is operating at a high level and is focused on executing our enterprise-wide strategy with purpose and pace to advance aluminum packaging and consistently deliver high-quality results, products and returns. In 2024, we are positioned to achieve comparable diluted earnings per share growth, generate strong free cash flow and return in excess of $1.5 billion to shareholders through a combination of share repurchases and dividends," Fisher said. About Ball CorporationBall Corporation supplies innovative, sustainable aluminum packaging solutions for beverage, personal care and household products customers. Ball Corporation employs 16,000 people worldwide (excluding divested aerospace staff) and reported 2023 net sales of $12.06 billion. For more information, visit www.ball.com, or connect with us on Facebook or X (Twitter). Conference Call DetailsBall Corporation (NYSE:BALL) will hold its first quarter 2024 earnings call today at 9 a.m. Mountain time (11 a.m. Eastern). The North American toll-free number for the call is +1 877-497-9071. International callers should dial +1 201-689-8727. Please use the following URL for a webcast of the live call: https://event.choruscall.com/mediaframe/webcast.html?webcastid=aiuPuLZY For those unable to listen to the live call, a webcast replay and written transcript of the call will be posted within 48 hours of the call's conclusion to Ball's website at www.ball.com/investors under "news and presentations." Forward-Looking StatementThis release contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates," "believes," and similar expressions typically identify forward looking statements, which are generally any statements other than statements of historical fact. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. You should therefore not place undue reliance upon any forward-looking statements, and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below. Ball undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the Securities and Exchange Commission, including Exhibit 99 in Ball's Form 10-K, which are available on Ball's website and at www.sec.gov. Additional factors that might affect: a) Ball's packaging segments include product capacity, supply, and demand constraints and fluctuations and changes in consumption patterns; availability/cost of raw materials, equipment, and logistics; competitive packaging, pricing and substitution; changes in climate and weather and related events such as drought, wildfires, storms, hurricanes, tornadoes and floods; footprint adjustments and other manufacturing changes, including the startup of new facilities and lines; failure to achieve synergies, productivity improvements or cost reductions; unfavorable mandatory deposit or packaging laws; customer and supplier consolidation; power and supply chain interruptions; changes in major customer or supplier contracts or loss of a major customer or supplier; inability to pass through increased costs; war, political instability and sanctions, including relating to the situation in Russia and Ukraine and its impact on Ball's supply chain and its ability to operate in Europe, the Middle East and Africa regions generally; changes in foreign exchange or tax rates; and tariffs, trade actions, or other governmental actions, including business restrictions and orders affecting goods produced by Ball or in its supply chain, including imported raw materials; and b) Ball as a whole include those listed above plus: the extent to which sustainability-related opportunities arise and can be capitalized upon; changes in senior management, succession, and the ability to attract and retain skilled labor; regulatory actions or issues including those related to tax, environmental, social and governance reporting, competition, environmental, health and workplace safety, including U.S. Federal Drug Administration and other actions or public concerns affecting products filled in Ball's containers, or chemicals or substances used in raw materials or in the manufacturing process; technological developments and innovations; the ability to manage cyber threats; litigation; strikes; disease; pandemic; labor cost changes; inflation; rates of return on assets of Ball's defined benefit retirement plans; pension changes; uncertainties surrounding geopolitical events and governmental policies, including policies, orders, and actions related to COVID-19; reduced cash flow; interest rates affecting Ball's debt; successful or unsuccessful joint ventures, acquisitions and divestitures, and their effects on Ball's operating results and business generally. Condensed Financial Statements (First Quarter 2024) Unaudited Condensed Consolidated Statements of Earnings Three Months Ended March 31, ($ in millions, except per share amounts) 2024 2023 Net sales $ 2,874 $ 2,981 Costs and expenses Cost of sales (excluding depreciation and amortization) (2,283) (2,432) Depreciation and amortization (158) (147) Selling, general and administrative (211) (115) Business consolidation and other activities (26) (20) (2,678) (2,714) Earnings before interest and taxes 196 267 Interest expense (93) (113) Debt refinancing and other costs (2) - Total interest expense (95) (113) Earnings before taxes 101 154 Tax (provision) benefit (27) (33) Equity in results of affiliates, net of tax 5 7 Earnings from continuing operations 79 128 Discontinued operations, net of tax 3,607 52 Net earnings 3,686 180 Net earnings attributable to noncontrolling interests, net of tax 1 3 Net earnings attributable to Ball Corporation $ 3,685 $ 177 Earnings per share: Basic - continuing operations $ 0.25 $ 0.40 Basic - discontinued operations 11.45 0.16 Total basic earnings per share $ 11.70 $ 0.56 Diluted - continuing operations $ 0.25 $ 0.40 Diluted - discontinued operations 11.36 0.16 Total diluted earnings per share $ 11.61 $ 0.56 Weighted average shares outstanding (000s): Basic 314,950 314,236 Diluted 317,385 316,667   Condensed Financial Statements (First Quarter 2024) Unaudited Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, ($ in millions) 2024 2023 Cash Flows from Operating Activities: Net earnings $ 3,686 $ 180 Depreciation and amortization 167 166 Business consolidation and other activities