Ball (BALL) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong results, with comparable diluted EPS rising to $0.76 from $0.68 year-over-year and global shipments up 2.6%.

• Net sales increased 8% to $3.10 billion, driven by higher aluminum prices and volume growth.

• Returned between $555 million and $708 million to shareholders via share repurchases and dividends in Q1 2025.

• Completed the sale of the aerospace business in February 2024, with results now reported as discontinued operations.

• Closed acquisition of Florida Can Manufacturing for $160 million, strengthening North American supply.

Financial highlights

• Q1 2025 comparable diluted EPS was $0.76, up 12% from $0.68 in Q1 2024.

• Net sales for Q1 2025 were $3.10 billion, up from $2.87 billion in Q1 2024.

• Comparable net earnings reached $216 million, driven by higher volumes and cost management.

• Operating cash flow was negative $665 million, mainly due to working capital outflows.

• Interest expense decreased to $70 million from $93 million year-over-year.

Outlook and guidance

• Targeting 11%-14% comparable diluted EPS growth and global volume growth of 2%-3% for 2025.

• At least $1.3 billion in share repurchases planned for 2025, with up to $1.5 billion targeted.

• CapEx for 2025 expected at around $600 million.

• Dividend payments anticipated to total $220 million for the full year.

• Year-end 2025 net debt to comparable EBITDA expected at 2.75x.