Ball (BALL) Q4 2024 earnings summary

Executive summary

• Achieved solid Q4 2024 results, returning $1.96B to shareholders via repurchases and dividends, with a goal to repurchase at least $3B between 2024–2025.

• Global beverage can shipments were down low single digits year-over-year in Q4 but up 1% for 2024.

• Confident in delivering 11%-14% comparable diluted EPS growth in 2025, targeting global volume growth of 2%-3%.

• Completed divestiture of aerospace business in February 2024, resulting in a pre-tax gain of $4.61B.

• Acquired Florida Can Manufacturing for $160M, adding capacity in a high-growth region.

Financial highlights

• 2024 full-year comparable diluted EPS was $3.17, up from $2.90 in 2023; Q4 comparable diluted EPS was $0.84, up from $0.78 in Q4 2023.

• Full-year comparable net earnings reached $977M, driven by operational performance, cost management, and lower interest expense.

• Full-year 2024 net earnings attributable to Ball: $4.01B on $11.80B sales, up from $707M on $12.06B sales in 2023.

• Free cash flow for 2024 was $(369)M; adjusted free cash flow (after aerospace tax payments) was $397M.

• Cash and cash equivalents at year-end: $885M; net debt: $4.79B.

Outlook and guidance

• Targeting 11%-14% comparable diluted EPS growth in 2025.

• Expecting global volume growth of 2%-3% and all business segments to grow at or above long-term ranges.

• 2025 CapEx expected slightly below D&A, around $600M.

• 2025 net debt to comparable EBITDA targeted at 2.75x.

• 2025 effective tax rate on comparable earnings expected slightly above 22%.