Ball (BALL) - 2025 Q1 - Quarterly Results

Financial Performance - First quarter 2025 net earnings attributable to Ball Corporation were $179 million, or diluted earnings per share of$0.63, compared to $3.69 billion and$11.61 per share in 2024[4][27]. - Comparable net earnings for the first quarter 2025 were $216 million, or$0.76 per diluted share, compared to $217 million, or$0.68 per diluted share in 2024[5]. - Total sales for the first quarter 2025 were $3.10 billion, an increase from$2.87 billion in the same period of 2024[4][27]. - Comparable net earnings for Q1 2025 were $216 million, slightly down from$217 million in Q1 2024, indicating a decrease of approximately 0.5%[53]. - Comparable Operating Earnings for the twelve months ended March 31, 2025, were $1,478 million, compared to$1,472 million for the previous year[56]. - Comparable EBITDA for Q1 2025 was $462 million, slightly up from$459 million in Q1 2024[56]. - Earnings from continuing operations for Q1 2025 were $181 million, up from$79 million in Q1 2024[54]. Sales and Volume - Beverage packaging segment comparable operating earnings in North and Central America were $195 million on sales of$1.46 billion, reflecting higher volume and price/mix[8]. - First quarter segment volume increased low-single digit percent in North and Central America, and mid-single digit percent in EMEA[11][12]. - Net sales increased from $2,874 million in Q1 2024 to$3,097 million in Q1 2025, representing an increase of about 7.8%[42]. - Reportable segment sales rose from $2,695 million in Q1 2024 to$2,910 million in Q1 2025, an increase of about 8%[42]. Shareholder Returns - Ball Corporation returned $612 million to shareholders in the first quarter 2025, on track to return at least$1.5 billion by year-end[9][19]. - The company expects comparable diluted earnings per share growth in the range of 11-14% for 2025[22]. Debt and Cash Flow - Total debt at the end of the period was $6,717 million, with net debt standing at$6,268 million[56]. - Free Cash Flow for Q1 2025 was $(746) million, with total cash used in operating activities at$(665) million[56]. - Cash provided by operating activities was negative $665 million for the first quarter 2025, compared to negative$1.25 billion in 2024[28]. - Interest expense decreased to $70 million in Q1 2025 from$93 million in Q1 2024[54]. - Interest coverage ratio (Comparable EBITDA/Interest Expense) improved to 7.21x, while leverage (Net Debt/Comparable EBITDA) was 3.22x[56]. Asset Management - Total assets decreased from $19,898 million in 2024 to$18,039 million in 2025, a decline of approximately 9.3%[30]. - Current liabilities decreased from $5,384 million in 2024 to$4,845 million in 2025, a reduction of approximately 9.9%[30]. Strategic Actions - The company completed the divestiture of its aerospace business for $5.6 billion, resulting in a pre-tax gain of$4.61 billion after adjustments[41]. - The acquisition of Florida Can Manufacturing for $160 million is expected to enhance the supply network in North and Central America[38]. - The divestiture of the aerospace business removed it from the company's obligor group, impacting the company's senior notes and credit facilities[41]. - The company recorded an additional loss of$6 million related to the aluminum cups business transaction in Q1 2025[39]. - The company is focused on advancing sustainable aluminum packaging and maintaining a robust financial position to support long-term growth[22][19].