Table of Contents ClassTrading Symbol Name of Exchange Outstanding at July 29, 2024 Common Stock, without par value BALL NYSE 303,565,423 shares UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-07349 BALL CORPORATION State of ...

[Ball Reports Second Quarter 2024 Results](index=1&type=section&id=Ball%20Reports%20Second%20Quarter%202024%20Results) Ball Corporation reports robust second quarter 2024 financial performance, marked by increased comparable diluted EPS, strong global beverage can and aerosol shipments, and substantial shareholder returns [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Ball Corporation reported strong second quarter 2024 results with comparable diluted EPS of $0.74, a significant increase from $0.61 in the prior year. This performance was supported by a 2.8% rise in global beverage can shipments and a 5.6% increase in aluminum aerosol shipments. The company has been actively returning value to shareholders, with $790 million distributed in the first half of 2024 through share repurchases and dividends Q2 2024 Key Financial Metrics vs. Q2 2023 | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | U.S. GAAP Diluted EPS | $0.51 | $0.55 | | Comparable Diluted EPS | $0.74 | $0.61 | | Net Sales | $2.96 billion | $3.07 billion | | Net Earnings Attributable to Corporation | $158 million | $173 million | - Global beverage can shipments increased by **2.8%** and global aluminum aerosol shipments grew by **5.6%** in the second quarter[3](index=3&type=chunk) - The company returned **$790 million** to shareholders via share repurchases and dividends in the first half of 2024 and is on track to exceed **$1.6 billion** for the full year[3](index=3&type=chunk)[13](index=13&type=chunk) - Financial results for 2024 include the performance of the former aerospace business through its sale date of February 16, 2024. The sale resulted in a net after-tax gain of **$3.39 billion** for the first six months of 2024[3](index=3&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) All beverage packaging segments reported higher year-over-year comparable operating earnings in Q2 2024. North and Central America led with $210 million, driven by lower costs and higher volumes. EMEA earnings grew to $113 million on strong 6.5% volume growth. South America's earnings increased to $37 million due to favorable price/mix, despite a 3.2% volume decline caused by economic disruption in Argentina. The non-reportable segment also saw improved results from lower corporate expenses and a 5.6% volume increase in the global aerosol business Q2 2024 Segment Comparable Operating Earnings vs. Q2 2023 | Segment | Q2 2024 Earnings | Q2 2023 Earnings | Change | | :--- | :--- | :--- | :--- | | Beverage Packaging, North & Central America | $210 million | $175 million | +$35 million | | Beverage Packaging, EMEA | $113 million | $98 million | +$15 million | | Beverage Packaging, South America | $37 million | $30 million | +$7 million | [Beverage Packaging, North and Central America](index=3&type=section&id=Beverage%20Packaging,%20North%20and%20Central%20America) The North and Central America segment's comparable operating earnings increased to $210 million from $175 million year-over-year, despite a decrease in sales to $1.47 billion. This improvement was primarily driven by a 1.1% increase in volumes and lower operational costs. The lower sales figure reflects the contractual pass-through of reduced aluminum prices Q2 Performance (North & Central America) | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Comparable Operating Earnings | $210 million | $175 million | | Sales | $1.47 billion | $1.54 billion | | Volume Growth | +1.1% | N/A | - The increase in comparable operating earnings was primarily due to lower costs and higher volumes[7](index=7&type=chunk) [Beverage Packaging, EMEA](index=3&type=section&id=Beverage%20Packaging,%20EMEA) The EMEA segment reported a rise in comparable operating earnings to $113 million from $98 million in the prior-year quarter. This was fueled by strong volume growth of 6.5% and favorable price/mix, which offset higher year-over-year costs. Sales were $880 million, down from $920 million, due to the pass-through of lower aluminum costs Q2 Performance (EMEA) | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Comparable Operating Earnings | $113 million | $98 million | | Sales | $880 million | $920 million | | Volume Growth | +6.5% | N/A | - Growth was driven by a packaging mix shift to aluminum cans, supported by ongoing packaging legislation in certain countries[8](index=8&type=chunk) [Beverage Packaging, South America](index=3&type=section&id=Beverage%20Packaging,%20South%20America) The South America segment's comparable operating earnings grew to $37 million from $30 million year-over-year, with sales increasing to $422 million. The earnings growth was driven by favorable price/mix, which more than compensated for a 3.2% decline in segment volumes caused by disruptive economic and operating conditions in Argentina Q2 Performance (South America) | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Comparable Operating Earnings | $37 million | $30 million | | Sales | $422 million | $405 million | | Volume Change | -3.2% | N/A | - The volume decline was attributed to continuing disruptive economic and operating conditions in Argentina[9](index=9&type=chunk) [Non-reportable Segments](index=5&type=section&id=Non-reportable) This category, which includes the global aluminum aerosol business, beverage can facilities in Asia and the Middle East, and the aluminum cup business, showed improved results in Q2 2024. This was due to lower year-over-year undistributed corporate expenses. The global extruded aluminum bottles and aerosol containers business experienced a 5.6% volume increase - Volume in the global extruded aluminum bottles and aerosol containers business increased by **5.6%** in the second quarter[12](index=12&type=chunk) - Improved results reflect lower year-over-year undistributed corporate expenses[12](index=12&type=chunk) [Business Outlook](index=5&type=section&id=Outlook) Management expressed confidence in the company's performance, reiterating plans to return over $1.6 billion to shareholders in 2024. The company is positioned to achieve mid-single-digit plus comparable diluted EPS growth for the full year 2024, driven by strong free cash flow and operational excellence. Looking further ahead, Ball aims for comparable diluted EPS growth greater than 10% per annum in 2025 and beyond - The company is on track to return in excess of **$1.6 billion** to shareholders in 2024[13](index=13&type=chunk) - Positioned to achieve **mid-single digit plus comparable diluted earnings per share growth** in 2024[14](index=14&type=chunk) - The company targets comparable diluted earnings per share growth of **greater than 10 percent per annum** in 2025 and beyond[14](index=14&type=chunk) [Condensed Financial Statements](index=7&type=section&id=Condensed%20Financial%20Statements) The unaudited financial statements detail the company's performance. For the six months ended June 30, 2024, net earnings surged to $3.85 billion, primarily due to a $3.61 billion gain from discontinued operations (the aerospace business sale). Cash flow from operations was negative $995 million, heavily impacted by the gain on disposal, but investing activities provided $5.2 billion in cash. The balance sheet reflects a stronger equity position of $6.98 billion, up from $3.91 billion, and a significant reduction in total debt following the aerospace divestiture [Unaudited Condensed Consolidated Statements of Earnings](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Earnings) For Q2 2024, net sales were $2.96 billion, down from $3.07 billion in Q2 2023. Net earnings attributable to the corporation were $158 million, or $0.51 per diluted share. For the first six months of 2024, net earnings were $3.84 billion, significantly inflated by a $3.61 billion gain from discontinued operations, compared to $350 million in the first half of 2023 Consolidated Earnings Summary (Six Months Ended June 30) | ($ in millions) | 2024 | 2023 | | :--- | :--- | :--- | | Net sales | $5,833 | $6,048 | | Earnings from continuing operations | $238 | $253 | | Discontinued operations, net of tax | $3,607 | $100 | | **Net earnings attributable to Ball Corporation** | **$3,843** | **$350** | | **Total diluted earnings per share** | **$12.21** | **$1.10** | [Unaudited Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2024, cash used in operating activities was $995 million, a significant shift from $361 million provided in the same period of 2023, largely due to the non-cash gain on the aerospace disposal. Investing activities provided $5.2 billion, driven by the $5.42 billion in proceeds from the business disposition. Financing activities used $3.5 billion, primarily for debt repayment ($2.73 billion) and share repurchases ($665 million) Cash Flow Summary (Six Months Ended June 30) | ($ in millions) | 2024 | 2023 | | :--- | :--- | :--- | | Cash provided by (used in) operating activities | ($995) | $361 | | Cash provided by (used in) investing activities | $5,204 | ($604) | | Cash provided by (used in) financing activities | ($3,496) | $644 | | **Change in cash, cash equivalents and restricted cash** | **$638** | **$410** | [Unaudited Condensed Consolidated Balance Sheets](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, Ball's total assets were $19.0 billion, down from $20.2 billion a year prior, reflecting the aerospace divestiture. Total debt (short-term and long-term) was significantly reduced to $5.79 billion from $9.75 billion. Consequently, total equity increased substantially to $6.98 billion from $3.91 billion Balance Sheet Summary (As of June 30) | ($ in millions) | 2024 | 2023 | | :--- | :--- | :--- | | Total current assets | $5,752 | $5,435 | | Total assets | $18,961 | $20,171 | | Total current liabilities | $4,889 | $6,926 | | Long-term debt | $5,517 | $7,507 | | Total liabilities | $11,978 | $16,266 | | **Total equity** | **$6,983** | **$3,905** | [Notes to the Condensed Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Financial%20Statements) The notes clarify key accounting treatments and definitions. The company completed the divestiture of its aerospace business on February 16, 2024, for $5.6 billion, resulting in a pre-tax gain of $4.67 billion; this business is now reported as discontinued operations. The report also provides detailed reconciliations of U.S. GAAP results to non-U.S. GAAP measures like Comparable Net Earnings and Comparable EBITDA, adjusting for items such as facility closure costs, amortization, and the gain on the aerospace disposal. As of June 30, 2024, the company's leverage ratio (Net Debt/Comparable EBITDA) stood at 2.3x [Business Segment Information & Discontinued Operations](index=10&type=section&id=Business%20Segment%20Information%20%26%20Discontinued%20Operations) Following the sale of the aerospace business, Ball now reports three segments: Beverage Packaging for North and Central America; EMEA; and South America. The aerospace business was sold on February 16, 2024, for $5.6 billion, generating a pre-tax gain of $4.67 billion. Its financial results are now classified as discontinued operations for all periods presented - The company completed the divestiture of its aerospace business on February 16, 2024, for a purchase price of **$5.6 billion**[32](index=32&type=chunk) - The divestiture resulted in a pre-tax gain of **$4.67 billion** and is presented as discontinued operations[32](index=32&type=chunk)[35](index=35&type=chunk) - The company now reports financial performance in three segments: (1) beverage packaging, North and Central America; (2) beverage packaging, EMEA; and (3) beverage packaging, South America[29](index=29&type=chunk) [Non-U.S. GAAP Measures & Reconciliations](index=13&type=section&id=Non-U.S.%20GAAP%20Measures%20%26%20Reconciliations) This section reconciles GAAP to non-GAAP metrics. For Q2 2024, Net Earnings of $158 million were adjusted for items like facility closure costs ($60M) and amortization ($33M) to arrive at Comparable Net Earnings of $232 million, or $0.74 per share. For the trailing twelve months ended June 30, 2024, Comparable EBITDA was $1.91 billion. With Net Debt at $4.45 billion, the company's leverage ratio (Net Debt/Comparable EBITDA) was 2.3x Reconciliation of Net Earnings to Comparable Net Earnings (Q2 2024) | ($ in millions) | Amount | | :--- | :--- | | Net earnings attributable to Ball Corporation (GAAP) | $158 | | Add: Facility closure costs and other items | $60 | | Add: Amortization of acquired Rexam intangibles | $33 | | Add: Debt refinancing and other costs | $1 | | Add: Aerospace disposition compensation | $3 | | Less: Non-comparable tax items | ($23) | | **Comparable Net Earnings (Non-GAAP)** | **$232** | Key Credit Metrics (Year Ended June 30, 2024) | Metric | Value | | :--- | :--- | | Comparable EBITDA | $1,910 million | | Net Debt | $4,447 million | | Interest Coverage Ratio | 4.9x | | Leverage Ratio (Net Debt/Comparable EBITDA) | 2.3x | - Adjusted Free Cash Flow for the six months ended June 30, 2024 was **negative $794 million**, after adjusting for **$461 million** in cash taxes paid for the Aerospace disposition[49](index=49&type=chunk)

WESTMINSTER, Colo., July 24, 2024 /PRNewswire/ -- Ball Corporation's (NYSE: BALL) board of directors (the "Board") today declared a cash dividend of 20 cents per share, payable September 17, 2024, to shareholders of record as of September 3, 2024. Ball Corporation will announce its second quarter 2024 earnings on Thursday, August 1st, 2024, before trading begins on the New York Stock Exchange. At 9 a.m. Mountain time on that day (11 a.m. Eastern time), Ball will hold its regular quarterly conference call on ...

WESTMINSTER, Colo., June 27, 2024 /PRNewswire/ -- Ball Corporation (NYSE: BALL) will announce its second quarter 2024 earnings on Thursday, August 1, 2024 before trading begins on the New York Stock Exchange. At 9 a.m. Mountain time on that day (11 a.m. Eastern time), Ball will hold its regular quarterly conference call on the company's results and performance. Please use the following URL to join via webcast. https://event.choruscall.com/mediaframe/webcast.html?webcastid=K0QYImmO To participate in the live ...

Company Overview - Ball Corporation is a leading supplier of innovative and sustainable aluminum packaging solutions for beverage, personal care, and household products customers [2] - The company employs 16,000 people worldwide, excluding divested aerospace staff [2] - In 2023, Ball Corporation reported net sales of $12.06 billion [2] Upcoming Events - Ball Corporation will hold its biennial investor day on June 18, 2024, in New York, N.Y., where senior management will discuss company and industry trends and future opportunities [1] - The management briefing will take place from noon to 2 p.m. Eastern time and will include a question and answer session [1]

Company Overview - Ball Corporation has appointed Aaron Erter, CEO of James Hardie Industries plc, as a director of the corporation [1] - The company reported net sales of $12.06 billion for the year 2023 and employs 16,000 people worldwide [3] Leadership and Expertise - Aaron Erter brings extensive experience in the packaging industry, having previously served as CEO of PLZ Corp and held leadership roles at Sherwin-Williams and Stanley Black & Decker [1][2] - His expertise includes P&L optimization, strategy development, product development, marketing, sales leadership, and M&A efforts for global, multi-billion dollar organizations [2] Strategic Focus - The board believes that Erter's knowledge and experience will complement the existing board and executive leadership team as the company focuses on executing its enterprise-wide strategy [2]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited condensed consolidated financial statements, management's discussion and analysis of financial condition and results of operations, market risk disclosures, and internal controls for the period [Item 1. Financial Statements](index=4&type=page&id=Item%201.%20Financial%20Statements) Q1 2024 financial statements reflect increased net earnings from the aerospace divestiture, strengthening cash and reducing debt [Unaudited Condensed Consolidated Statements of Earnings](index=4&type=page&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Earnings) Net earnings surged due to a significant gain from discontinued aerospace operations, despite a slight decrease in net sales from continuing operations Consolidated Earnings Summary (Q1 2024 vs Q1 2023) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Net Sales** | $2,874 million | $2,981 million | | **Earnings from Continuing Operations** | $79 million | $128 million | | **Discontinued Operations, net of tax** | $3,607 million | $52 million | | **Net Earnings Attributable to Ball Corporation** | $3,685 million | $177 million | | **Diluted EPS - Continuing Operations** | $0.25 | $0.40 | | **Diluted EPS - Discontinued Operations** | $11.36 | $0.16 | | **Total Diluted EPS** | $11.61 | $0.56 | - The **significant increase in net earnings and total diluted EPS** is primarily driven by the gain on the sale of the aerospace business, which is reported under discontinued operations[7](index=7&type=chunk) [Unaudited Condensed Consolidated Balance Sheets](index=6&type=page&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) The balance sheet reflects a stronger financial position with increased cash and a significant reduction in long-term debt, largely due to the proceeds from the aerospace business divestiture Consolidated Balance Sheet Summary | Metric | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $1,719 million | $695 million | | **Total current assets** | $6,524 million | $4,883 million | | **Total assets** | $19,898 million | $19,303 million | | **Long-term debt** | $5,519 million | $7,504 million | | **Total liabilities** | $12,521 million | $15,466 million | | **Total Ball Corporation shareholders' equity** | $7,308 million | $3,769 million | - The balance sheet reflects a stronger financial position with **increased cash** and a **significant reduction in long-term debt**, largely due to the proceeds from the aerospace business divestiture. **Total equity more than doubled**[12](index=12&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=7&type=page&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Significant cash inflow from investing activities, primarily the aerospace business disposition, was largely used for long-term debt repayments Consolidated Cash Flow Summary (Q1 2024 vs Q1 2023) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Cash from Operating Activities** | ($1,247) million | ($275) million | | **Cash from Investing Activities** | $5,292 million | ($336) million | | **Cash from Financing Activities** | ($2,978) million | $649 million | - Investing activities generated **significant cash inflow of $5.42 billion** from the aerospace business disposition. This cash was primarily used in financing activities for **repayments of long-term borrowings ($3.28 billion)**[14](index=14&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=8&type=page&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the aerospace business divestiture as a discontinued operation, the new three-segment reporting structure, and significant debt reduction activities - On February 16, 2024, the company completed the **divestiture of its aerospace business**. The financial results of this business are now presented as **discontinued operations** for all periods shown[19](index=19&type=chunk) - Effective Q1 2024, the company reports its financial performance in **three reportable segments**: (1) beverage packaging, North and Central America; (2) beverage packaging, EMEA; and (3) beverage packaging, South America[19](index=19&type=chunk)[34](index=34&type=chunk) - The divestiture of the aerospace business was completed for a **purchase price of $5.6 billion**, resulting in a **pre-tax gain of $4.67 billion** and **cash proceeds of $5.42 billion**[40](index=40&type=chunk) - In Q1 2024, Ball used proceeds from the aerospace sale to **tender for and repay significant portions of its 5.25% and 4.875% senior notes**, repay its 0.875% euro notes at maturity, and **prepay $700 million of its Term A loan**[76](index=76&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=37&type=page&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the aerospace divestiture's impact, improved operating earnings across beverage packaging segments, and strengthened liquidity enabling significant debt reduction and share repurchases [Results of Consolidated Operations](index=37&type=page&id=Results%20of%20Consolidated%20Operations) Q1 2024 consolidated sales decreased due to lower aluminum prices, while net earnings surged primarily from the aerospace divestiture gain, and interest expense declined due to debt repayments - Q1 2024 sales decreased by **$107 million** compared to Q1 2023, mainly due to **lower sales prices** resulting from lower aluminum prices[135](index=135&type=chunk) - Net earnings increased by **$3.51 billion**, driven by a **$3.56 billion contribution from discontinued operations** (aerospace sale), partially offset by **$79 million in incremental compensation costs** related to the sale[135](index=135&type=chunk) - Total interest expense decreased to **$95 million** from **$113 million** in the prior year, primarily due to a **smaller amount of weighted average principal outstanding** following debt repayments[141](index=141&type=chunk) [Results of Business Segments](index=41&type=page&id=Results%20of%20Business%20Segments) All three beverage packaging segments reported higher comparable operating earnings in Q1 2024, driven by cost savings, operational efficiencies, and volume growth Beverage Packaging, North and Central America Performance | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Sales** | $1,403 million | $1,504 million | | **Comparable Operating Earnings** | $192 million | $183 million | Beverage Packaging, EMEA Performance | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Sales** | $810 million | $834 million | | **Comparable Operating Earnings** | $85 million | $73 million | Beverage Packaging, South America Performance | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | **Net Sales** | $482 million | $450 million | | **Comparable Operating Earnings** | $55 million | $50 million | [Financial Condition, Liquidity and Capital Resources](index=44&type=page&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) Liquidity significantly improved from aerospace divestiture proceeds, enabling substantial debt reduction, reduced factoring, and planned share repurchases - Cash flows from operating activities were a use of **$1.25 billion**, primarily driven by a **$1.09 billion reduction in the use of receivables factoring programs**[156](index=156&type=chunk) - Cash flows from financing activities were a use of **$2.98 billion**, mainly due to **net repayments of long-term debt of $2.83 billion** and **common stock repurchases of $182 million**[157](index=157&type=chunk) - The company plans to return approximately **$1.3 billion to shareholders** via share repurchases in 2024, using cash from the aerospace divestiture and operating activities[163](index=163&type=chunk) - Total interest-bearing debt decreased from **$8.62 billion** at December 31, 2023, to **$5.84 billion** at March 31, 2024[163](index=163&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=page&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company employs risk management policies to mitigate exposure to commodity price, interest rate, and currency exchange rate fluctuations using derivatives and contractual provisions - Ball employs **risk management policies** to reduce exposure to fluctuations in commodity prices, interest rates, and currency exchange rates[176](index=176&type=chunk) [Item 4. Controls and Procedures](index=49&type=page&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2024, with controls related to the divested aerospace business removed from scope - The CEO and CFO concluded that the company's **disclosure controls and procedures were effective** as of the end of the quarter[177](index=177&type=chunk) - No material changes were made to internal controls during the first quarter of 2024. Controls over the divested aerospace business were removed from the scope post-sale[177](index=177&type=chunk) [PART II. OTHER INFORMATION](index=51&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section details legal proceedings, updates on risk factors, information on unregistered sales of equity securities, and a list of filed exhibits [Item 1. Legal Proceedings](index=51&type=page&id=Item%201.%20Legal%20Proceedings) No new material legal proceedings were reported for the quarter, with existing disclosures referenced in Note 21 - No new material events were reported under this item for the quarter, with reference made to existing disclosures in Note 21[180](index=180&type=chunk) [Item 1A. Risk Factors](index=52&type=page&id=Item%201A.%20Risk%20Factors) No material changes to risk factors occurred during the quarter, with aerospace business-related risks no longer relevant post-divestiture - Risk factors related to the aerospace business are **no longer relevant** following its divestiture[182](index=182&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=page&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased over 3 million shares in Q1 2024 and approved a new 40 million share repurchase authorization Share Repurchases in Q1 2024 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | Feb 1 - Feb 29, 2024 | 1,217,374 | $61.36 | | Mar 1 - Mar 31, 2024 | 1,847,248 | $65.93 | | **Total Q1 2024** | **3,064,622** | **N/A** | - A new share repurchase program authorizing up to **40 million shares** was approved on April 24, 2024, replacing all prior authorizations[183](index=183&type=chunk) [Item 6. Exhibits](index=53&type=page&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the aerospace business sale agreement and certifications - Key exhibits filed include the **Stock Purchase Agreement** related to the aerospace divestiture and **certifications from the CEO and CFO**[188](index=188&type=chunk)

Ball Corporation (NYSE:BALL) Q1 2024 Earnings Conference Call April 26, 2024 11:00 AM ET Company Participants Brandon Potthoff – Investor Relations Dan Fisher – Chief Executive Officer Howard Yu – Executive Vice President and Chief Financial Officer Conference Call Participants Ghansham Panjabi – Baird Anthony Pettinari – Citi Arun Viswanathan – RBC George Staphos – Bank of America Edlain Rodriguez – Mizuho Adam Samuelson – Goldman Sachs Phil Ng – Jefferies Stefan Diaz – Morgan Stanley Operator Greetings an ...

Core Viewpoint - Ball Corporation reported first-quarter 2024 adjusted earnings of 68 cents per share, exceeding the Zacks Consensus Estimate of 56 cents, despite a 1% year-over-year decline in earnings due to lower volumes across most segments [1] Financial Performance - Reported earnings per share were $11.61, significantly higher than the prior year's 56 cents, including gains from the aerospace business sale [1] - Total sales for the quarter were $2.87 billion, down from $2.98 billion in the previous year, missing the Zacks Consensus Estimate of $3.18 billion [1] - Cost of sales decreased by 6.1% year over year to $2.29 billion, while gross profit increased to $591 million from $549 million, resulting in a gross margin of 20.6%, up from 18.4% [2] - Selling, general and administrative expenses rose 83.5% year over year to $211 million, with comparable segment operating earnings at $332 million compared to $306 million in the prior year [2] Segmental Performance - Beverage Packaging North and Central America segment revenues fell 6.7% year over year to $1.4 billion, with operating earnings of $192 million, up 4.9% [3] - Beverage Packaging EMEA segment sales were $810 million, down 2.9% year over year, with operating earnings growing 16.4% to $85 million [3] - Beverage Packaging South America segment revenues increased 7.1% year over year to $482 million, with operating earnings rising 10% to $55 million [4] Financial Condition - Cash and cash equivalents at the end of Q1 2024 were $1.72 billion, up from $0.57 billion a year earlier, with cash used in operating activities amounting to $1.25 billion [5] - Long-term debt decreased to $5.5 billion from $7.3 billion year over year [5] Price Performance - The company's shares have increased by 26% over the past year, outperforming the industry's growth of 11.4% [6]

Core Insights - Ball (BALL) reported $2.87 billion in revenue for Q1 2024, a year-over-year decline of 17.6% [1] - The EPS for the same period was $0.68, slightly down from $0.69 a year ago, with a surprise of +21.43% compared to the consensus estimate of $0.56 [1] - The revenue fell short of the Zacks Consensus Estimate of $3.18 billion by -9.71% [1] Revenue Breakdown - Net Sales- Other: $179 million, below the average estimate of $194.73 million, representing a year-over-year decline of -7.3% [2] - Net Sales- Beverage packaging, EMEA: $810 million, compared to the average estimate of $842.31 million, a year-over-year change of -2.9% [2] - Net Sales- Beverage packaging, South America: $482 million, exceeding the average estimate of $472.68 million, with a year-over-year increase of +7.1% [2] - Net Sales- Beverage packaging, North and Central America: $1.40 billion, slightly above the estimated $1.39 billion, reflecting a year-over-year decline of -6.7% [2] Operating Earnings - Comparable operating earnings- Beverage packaging, North and Central America: $192 million, surpassing the average estimate of $139.14 million [2] - Comparable operating earnings- Beverage packaging, EMEA: $85 million, exceeding the average estimate of $68.67 million [2] - Comparable operating earnings- Beverage packaging, South America: $55 million, above the average estimate of $47.55 million [2] Stock Performance - Ball's shares have returned -2.8% over the past month, compared to the Zacks S&P 500 composite's -3.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]