Ball (BALL) - 2024 Q4 - Annual Results

Financial Performance - Full-year 2024 net earnings attributable to Ball Corporation were $4.01 billion, with diluted earnings per share of$13.00 on sales of $11.80 billion, compared to$707 million net earnings and diluted earnings per share of $2.23 on sales of$12.06 billion in 2023[4]. - Fourth quarter 2024 net loss attributable to the corporation was $32 million, or a diluted loss per share of 11 cents, on sales of$2.88 billion, compared to net earnings of $154 million and diluted earnings per share of 49 cents on sales of$2.90 billion in Q4 2023[5]. - Full-year 2024 comparable net earnings were $977 million, or$3.17 per diluted share, compared to $920 million, or$2.90 per diluted share in 2023[4]. - Net earnings for the year ended December 31, 2024, were $4,014 million, a significant increase from$711 million in 2023[28]. - Comparable Net Earnings for Q4 2024 were $250 million, up from$246 million in Q4 2023, with Comparable Diluted Earnings Per Share increasing to $0.84 from$0.78[53]. - Comparable Operating Earnings for the year ended December 31, 2024, were $1,472 million, an increase from$1,342 million in 2023[55]. Shareholder Returns - Ball returned $1.96 billion to shareholders in 2024 through share repurchases and dividends[8]. Segment Performance - Beverage packaging segment in North and Central America reported full-year comparable operating earnings of$747 million on sales of $5.62 billion, compared to$710 million on sales of $5.96 billion in 2023[9]. - Beverage packaging segment in EMEA achieved full-year comparable operating earnings of$416 million on sales of $3.47 billion, up from$354 million on sales of $3.40 billion in 2023[12]. - Full-year segment volume for North and Central America decreased by low-single digits, while fourth quarter volume decreased by mid-single digits[11]. - Comparable segment operating earnings for Beverage packaging, North and Central America were$747 million for the year, up from $710 million in 2023[43]. Cash Flow and Assets - Cash provided by operating activities decreased to$115 million in 2024 from $1,863 million in 2023[28]. - Cash provided by investing activities was$5,003 million in 2024, compared to a cash used of $1,053 million in 2023, largely due to the business dispositions[28]. - Total assets decreased to$17,628 million in 2024 from $19,303 million in 2023, primarily due to the divestiture of the aerospace business[30]. - Total current liabilities decreased to$4,847 million in 2024 from $6,185 million in 2023, reflecting improved financial management[30]. - Free Cash Flow for the year ended December 31, 2024, was$(369) million, while Adjusted Free Cash Flow was $397 million after accounting for cash taxes paid related to the Aerospace disposition[56]. Strategic Initiatives - The company is positioned to grow comparable diluted earnings per share by over 10$5.6 billion, resulting in a pre-tax gain of $4.61 billion after adjustments[40]. - The company expects to pay approximately$875 million in income taxes related to the aerospace divestiture, with $766 million already paid as of December 31, 2024[42]. - The company recorded a noncash impairment charge of$233 million related to the aluminum cups business in Q4 2024[37]. - The pre-tax gain from the sale of the aerospace business was adjusted during Q4 2024, impacting the overall financial results[54]. Debt and Financial Ratios - Total debt at the end of 2024 was $5,673 million, with Net Debt standing at$4,788 million[56]. - Comparable EBITDA for the year ended December 31, 2024, was $1,944 million, with Interest Coverage at 6.63x and Leverage at 2.46x[56].