On February 4, 2025, Ball Corp (BALL, Financial) released its 8-K filing detailing its financial performance for the fourth quarter and full year of 2024. As the world's largest metal can manufacturer, Ball Corp holds a significant market share across North America, Europe, and South America. The company is committed to expanding its capacity to meet the growing demand in developed markets while investing in emerging markets. Ball Corp also maintains a presence in the US defense industry through its aerospace segment, which was divested in early 2024.
Financial Performance Overview
Ball Corp reported a full-year 2024 net earnings of $4.01 billion, or $13.00 per diluted share, on sales of $11.80 billion. This marks a significant increase from the previous year's net earnings of $707 million, or $2.23 per diluted share, on sales of $12.06 billion. The company's full-year comparable net earnings were $977 million, or $3.17 per diluted share, compared to $920 million, or $2.90 per diluted share in 2023.
For the fourth quarter of 2024, Ball Corp experienced a net loss of $32 million, or a loss of 11 cents per share, on sales of $2.88 billion. This contrasts with the fourth quarter of 2023, where the company reported net earnings of $154 million, or 49 cents per share, on sales of $2.90 billion. However, the fourth quarter 2024 comparable earnings per diluted share were 84 cents, falling short of the analyst estimate of 0.89. The 84 cents were higher than the 78 cents reported in the same quarter of the previous year.
Segment Performance and Challenges
The Beverage Packaging, North and Central America segment reported full-year 2024 comparable operating earnings of $747 million on sales of $5.62 billion, compared to $710 million on sales of $5.96 billion in 2023. The fourth quarter saw a decrease in segment earnings to $142 million on sales of $1.29 billion, down from $156 million on sales of $1.38 billion in the previous year. This decline was attributed to lower volume and price/mix, partially offset by cost savings and improved operating performance.
In the EMEA region, the segment's full-year 2024 comparable operating earnings rose to $416 million on sales of $3.47 billion, up from $354 million on sales of $3.40 billion in 2023. The fourth quarter earnings increased to $90 million on sales of $826 million, compared to $80 million on sales of $739 million in the previous year, driven by higher volume and favorable price/mix.
The South America segment reported full-year 2024 comparable operating earnings of $296 million on sales of $1.95 billion, compared to $266 million on sales of $1.96 billion in 2023. Fourth quarter earnings were $126 million on sales of $563 million, slightly up from $125 million on sales of $616 million in the previous year, despite lower volume.
Financial Achievements and Strategic Moves
Ball Corp returned $1.96 billion to shareholders through share repurchases and dividends in 2024. The company is focused on advancing sustainable aluminum packaging and aims to grow comparable diluted earnings per share by over 10% in 2025 and beyond. The divestiture of the aerospace business resulted in a pre-tax gain of $4.61 billion, contributing significantly to the company's financial results.
“We delivered strong full-year and fourth quarter results and returned $1.96 billion to shareholders in 2024. Leveraging our strong financial position and leaner operating model, the company was able to deliver on its 2024 goals and remains uniquely positioned to enable our purpose of advancing the greater use of sustainable aluminum packaging,” said Daniel W. Fisher, chairman and chief executive officer.
Key Financial Metrics
| Metric | 2024 | 2023 |
|---|---|---|
| Net Sales | $11.80 billion | $12.06 billion |
| Net Earnings | $4.01 billion | $707 million |
| Comparable Net Earnings | $977 million | $920 million |
| Comparable EPS | $3.17 | $2.90 |
Analysis and Outlook
Ball Corp's performance in 2024 reflects its strategic focus on sustainable packaging and operational efficiency. Despite challenges such as lower volumes and price/mix in certain segments, the company achieved significant financial milestones, including a substantial return to shareholders and a successful divestiture of its aerospace business. The company's commitment to sustainability and innovation positions it well for future growth, particularly in the aluminum packaging sector.
Looking ahead, Ball Corp aims to continue its growth trajectory by leveraging its strong financial position and operational capabilities. The company's focus on sustainable packaging solutions and strategic investments in emerging markets are expected to drive long-term shareholder value.
Explore the complete 8-K earnings release (here) from Ball Corp for further details.
