Highlights
-
Third quarter
U.S. GAAP total diluted earnings per share of65 cents vs.64 cents in 2023 -
Third quarter comparable diluted earnings per share of
91 cents vs.83 cents in 2023 -
Returned
$1.25 billion to shareholders via share repurchases and dividends in the first nine months of 2024; on track to return in excess of$1.6 billion to shareholders by year-end -
In late-October, completed acquisition of
Alucan Entec, S.A. , a European impact extruded aluminum packaging business - In 2024 and beyond, positioned to advance the use of sustainable aluminum packaging, grow comparable diluted earnings per share and EVA, generate strong free cash flow and expand long-term return of value to shareholders
Ball's third quarter and year-to-date 2024 comparable earnings per diluted share were
"We delivered strong third quarter results and have returned
Details of reportable segment comparable operating earnings, business consolidation and other activities, business segment descriptions and other non-comparable items can be found in the notes to the unaudited condensed consolidated financial statements that accompany this news release. References to volume data represent units shipped.
Beverage packaging, North and
Third quarter segment comparable operating earnings increased year-over-year primarily due to price/mix partially offset by lower volumes of 3.1 percent. Aluminum beverage cans continue to outperform other substrates despite continued economic pressure on the end consumer. Going forward, benefits from fixed and variable cost-out initiatives and improved operational efficiencies are expected to improve results throughout the remainder of 2024 and beyond.
Beverage packaging, EMEA, segment comparable operating earnings for third quarter 2024 were
Third quarter comparable operating earnings reflect 6.7 percent higher volumes. Packaging mix shift to aluminum cans supported by ongoing packaging legislation in certain countries continues to be a driver of aluminum beverage packaging growth. Going forward, sustainability tailwinds and improved operational efficiencies are expected to improve results.
Beverage packaging,
Third quarter segment comparable operating earnings increased year-over-year driven by favorable price/mix partially offset by 10.0 percent lower volumes during the quarter. Volumes were driven by the ongoing impact of disruptive economic and operating conditions in
Non-reportable
Non-reportable is comprised of undistributed corporate expenses, net of corporate interest income, the results of the company's global aluminum aerosol business, beverage can manufacturing facilities in
Third quarter 2024 improved results reflect higher comparable operating earnings for the aluminum packaging businesses partially offset by increased year-over-year undistributed corporate expenses. The company's global aluminum aerosol, aluminum bottle and cups customers continue to collaborate with Ball to activate growth opportunities and tailored offerings for personal and home care brands, refill and reuse packaging for water, other beverages and venue specific needs to advance the circular economy.
In late-October, the company completed the acquisition of
Outlook
"Our company is performing well and on track to deliver or exceed against our stated comparable earnings growth goal and on target to return in excess of
"Our global team is focused on executing our enterprise-wide strategy with purpose and pace to advance aluminum packaging and to consistently deliver high-quality results, products and returns. In 2024, we are positioned to achieve mid-single digit plus comparable diluted earnings per share growth, generate strong free cash flow and EVA while also returning significant value to shareholders through a combination of share repurchases and dividends. We will continue to leverage the strengths of our best-in-class footprint, product portfolio and operational talent. I want to thank our employees for their hard work to consistently deliver comparable diluted earnings per share growth greater than 10 percent per annum in 2025 and beyond," Fisher said.
Abo
ut
Conference Call Details
https://event.choruscall.com/mediaframe/webcast.html?webcastid=0McTrGVD
For those unable to listen to the live call, a webcast replay and written transcript of the call will be posted within 48 hours of the call's conclusion to Ball's website at www.ball.com/investors under "news and presentations."
Forward-Looking Statement
This release contains "forward-looking" statements concerning future events and financial performance. Words such as "expects," "anticipates," "estimates," "believes," and similar expressions typically identify forward looking statements, which are generally any statements other than statements of historical fact. Such statements are based on current expectations or views of the future and are subject to risks and uncertainties, which could cause actual results or events to differ materially from those expressed or implied. You should therefore not place undue reliance upon any forward-looking statements, and they should be read in conjunction with, and qualified in their entirety by, the cautionary statements referenced below. Ball undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Key factors, risks and uncertainties that could cause actual outcomes and results to be different are summarized in filings with the
|
||||||||||||
Condensed Financial Statements (Third Quarter 2024) |
||||||||||||
|
||||||||||||
Unaudited Condensed Consolidated Statements of Earnings |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
||||||
|
|
|
|
|
|
|
||||||
($ in millions, except per share amounts) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
3,082 |
|
$ |
3,111 |
|
$ |
8,915 |
|
$ |
9,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales (excluding depreciation and amortization) |
|
|
(2,425) |
|
|
(2,512) |
|
|
(7,065) |
|
|
(7,450) |
Depreciation and amortization |
|
|
(150) |
|
|
(152) |
|
|
(460) |
|
|
(449) |
Selling, general and administrative |
|
|
(142) |
|
|
(133) |
|
|
(518) |
|
|
(409) |
Business consolidation and other activities |
|
|
(85) |
|
|
(29) |
|
|
(171) |
|
|
(43) |
Interest income |
|
|
14 |
|
|
12 |
|
|
58 |
|
|
23 |
Interest expense |
|
|
(67) |
|
|
(122) |
|
|
(228) |
|
|
(351) |
Debt refinancing and other costs |
|
|
— |
|
|
— |
|
|
(3) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings before taxes |
|
|
227 |
|
|
175 |
|
|
528 |
|
|
480 |
Tax (provision) benefit |
|
|
(42) |
|
|
(45) |
|
|
(118) |
|
|
(107) |
Equity in results of affiliates, net of tax |
|
|
8 |
|
|
3 |
|
|
21 |
|
|
13 |
Earnings from continuing operations |
|
|
193 |
|
|
133 |
|
|
431 |
|
|
386 |
Discontinued operations, net of tax |
|
|
6 |
|
|
71 |
|
|
3,613 |
|
|
171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
|
199 |
|
|
204 |
|
|
4,044 |
|
|
557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to noncontrolling interests, net of tax |
|
|
2 |
|
|
1 |
|
|
4 |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to |
|
$ |
197 |
|
$ |
203 |
|
$ |
4,040 |
|
$ |
553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic - continuing operations |
|
$ |
0.63 |
|
$ |
0.42 |
|
$ |
1.38 |
|
$ |
1.22 |
Basic - discontinued operations |
|
|
0.02 |
|
|
0.22 |
|
|
11.70 |
|
|
0.54 |
Total basic earnings per share |
|
$ |
0.65 |
|
$ |
0.64 |
|
$ |
13.08 |
|
$ |
1.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted - continuing operations |
|
$ |
0.63 |
|
$ |
0.42 |
|
$ |
1.37 |
|
$ |
1.20 |
Diluted - discontinued operations |
|
|
0.02 |
|
|
0.22 |
|
|
11.59 |
|
|
0.54 |
Total diluted earnings per share |
|
$ |
0.65 |
|
$ |
0.64 |
|
$ |
12.96 |
|
$ |
1.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding (000s): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
302,406 |
|
|
314,983 |
|
|
308,851 |
|
|
314,596 |
Diluted |
|
|
305,219 |
|
|
317,296 |
|
|
311,674 |
|
|
316,938 |
|
||||||
Condensed Financial Statements (Third Quarter 2024) |
||||||
|
||||||
Unaudited Condensed Consolidated Statements of Cash Flows |
||||||
|
|
|
|
|
|
|
|
|
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Nine Months Ended |
|||
|
|
|
|
|||
($ in millions) |
|
2024 |
|
2023 |
||
|
|
|
|
|
|
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
Net earnings |
|
$ |
4,044 |
|
$ |
557 |
Depreciation and amortization |
|
|
469 |
|
|
509 |
Business consolidation and other activities |
|
|
171 |
|
|
43 |
Deferred tax provision (benefit) |
|
|
201 |
|
|
(87) |
Gain on Aerospace disposal |
|
|
(4,694) |
|
|
18 |
Pension contributions |
|
|
(24) |
|
|
(13) |
Other, net |
|
|
78 |
|
|
71 |
Changes in working capital components, net of dispositions |
|
|
(630) |
|
|
29 |
Cash provided by (used in) operating activities |
|
|
(385) |
|
|
1,127 |
Cash Flows from Investing Activities: |
|
|
|
|
|
|
Capital expenditures |
|
|
(377) |
|
|
(830) |
Business dispositions, net of cash sold |
|
|
5,422 |
|
|
— |
Other, net |
|
|
136 |
|
|
4 |
Cash provided by (used in) investing activities |
|
|
5,181 |
|
|
(826) |
Cash Flows from Financing Activities: |
|
|
|
|
|
|
Changes in borrowings, net |
|
|
(2,778) |
|
|
652 |
Acquisitions of treasury stock |
|
|
(1,061) |
|
|
(3) |
Dividends |
|
|
(185) |
|
|
(189) |
Other, net |
|
|
26 |
|
|
30 |
Cash provided by (used in) financing activities |
|
|
(3,998) |
|
|
490 |
Effect of currency exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(64) |
|
|
— |
Change in cash, cash equivalents and restricted cash |
|
|
734 |
|
|
791 |
Cash, cash equivalents and restricted cash - beginning of period |
|
|
710 |
|
|
558 |
Cash, cash equivalents and restricted cash - end of period |
|
$ |
1,444 |
|
$ |
1,349 |
|
||||||
Condensed Financial Statements (Third Quarter 2024) |
||||||
|
||||||
Unaudited Condensed Consolidated Balance Sheets |
||||||
|
|
|
|
|
|
|
|
|
|
||||
($ in millions) |
|
2024 |
|
2023 |
||
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,440 |
|
$ |
1,335 |
Receivables, net |
|
|
2,655 |
|
|
1,785 |
Inventories, net |
|
|
1,385 |
|
|
1,660 |
Other current assets |
|
|
113 |
|
|
263 |
Current assets held for sale |
|
|
14 |
|
|
365 |
Total current assets |
|
|
5,607 |
|
|
5,408 |
Property, plant and equipment, net |
|
|
6,550 |
|
|
6,606 |
|
|
|
4,244 |
|
|
4,182 |
Intangible assets, net |
|
|
1,138 |
|
|
1,262 |
Other assets |
|
|
1,285 |
|
|
1,635 |
Noncurrent assets held for sale |
|
|
— |
|
|
839 |
|
|
|
|
|
|
|
Total assets |
|
$ |
18,824 |
|
$ |
19,932 |
|
|
|
|
|
|
|
Liabilities and Equity |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Short-term debt and current portion of long-term debt |
|
$ |
452 |
|
$ |
2,108 |
Payables and other accrued liabilities |
|
|
4,672 |
|
|
4,212 |
Current liabilities held for sale |
|
|
— |
|
|
395 |
Total current liabilities |
|
|
5,124 |
|
|
6,715 |
Long-term debt |
|
|
5,353 |
|
|
7,483 |
Other long-term liabilities |
|
|
1,592 |
|
|
1,513 |
Noncurrent liabilities held for sale |
|
|
— |
|
|
213 |
Equity |
|
|
6,755 |
|
|
4,008 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
18,824 |
|
$ |
19,932 |
Notes to the Condensed Financial Statements (Third Quarter 2024)
1.
Business Segment Information
Ball's operations are organized and reviewed by management along its product lines and geographical areas.
On
Beverage packaging, North and
Beverage packaging, EMEA
: Consists of operations in numerous countries throughout
Beverage packaging,
Other consists of a non-reportable operating segment (beverage packaging, other) that manufactures and sells aluminum beverage containers in
The company also has investments in operations in
In the third quarter of 2023, Ball entered into a Stock Purchase Agreement (Agreement) with
|
Three Months Ended |
|
|
Nine Months Ended |
|||||||
|
|
|
|
|
|||||||
($ in millions) |
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
|
|
|
|
|
|
|
|
|
Beverage packaging, North and |
$ |
1,456 |
|
$ |
1,541 |
|
$ |
4,328 |
|
$ |
4,582 |
Beverage packaging, EMEA |
|
950 |
|
|
902 |
|
|
2,640 |
|
|
2,656 |
Beverage packaging, |
|
484 |
|
|
489 |
|
|
1,388 |
|
|
1,344 |
Reportable segment sales |
|
2,890 |
|
|
2,932 |
|
|
8,356 |
|
|
8,582 |
Other |
|
192 |
|
|
179 |
|
|
559 |
|
|
577 |
Net sales |
$ |
3,082 |
|
$ |
3,111 |
|
$ |
8,915 |
|
$ |
9,159 |
|
|
|
|
|
|
|
|
|
|
|
|
Comparable segment operating earnings |
|
|
|
|
|
|
|
|
|
|
|
Beverage packaging, North and |
$ |
203 |
|
$ |
196 |
|
$ |
605 |
|
$ |
554 |
Beverage packaging, EMEA |
|
128 |
|
|
103 |
|
|
326 |
|
|
274 |
Beverage packaging, |
|
78 |
|
|
61 |
|
|
170 |
|
|
141 |
Reportable segment comparable operating earnings |
|
409 |
|
|
360 |
|
|
1,101 |
|
|
969 |
Reconciling items |
|
|
|
|
|
|
|
|
|
|
|
Other (a) |
|
4 |
|
|
— |
|
|
(66) |
|
|
7 |
Business consolidation and other activities |
|
(85) |
|
|
(29) |
|
|
(171) |
|
|
(43) |
Amortization of acquired Rexam intangibles |
|
(34) |
|
|
(34) |
|
|
(105) |
|
|
(102) |
Interest expense |
|
(67) |
|
|
(122) |
|
|
(228) |
|
|
(351) |
Debt refinancing and other costs |
|
— |
|
|
— |
|
|
(3) |
|
|
— |
Earnings before taxes |
$ |
227 |
|
$ |
175 |
|
$ |
528 |
|
$ |
480 |
____________ |
|
(a) |
Includes undistributed corporate expenses, net, of |
Discontinued Operations
The following table presents components of discontinued operations, net of tax for the three and nine months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
($ in millions) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
— |
|
$ |
460 |
|
$ |
261 |
|
$ |
1,467 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales (excluding depreciation and amortization) |
|
|
— |
|
|
(382) |
|
|
(214) |
|
|
(1,205) |
Depreciation and amortization |
|
|
— |
|
|
(21) |
|
|
(9) |
|
|
(60) |
Selling, general and administrative |
|
|
— |
|
|
(11) |
|
|
(11) |
|
|
(42) |
Interest expense |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
Gain (loss) on disposition |
|
|
(1) |
|
|
(18) |
|
|
4,694 |
|
|
(18) |
Tax (provision) benefit |
|
|
7 |
|
|
43 |
|
|
(1,108) |
|
|
28 |
Discontinued operations, net of tax |
|
$ |
6 |
|
$ |
71 |
|
$ |
3,613 |
|
$ |
171 |
2. Non-
Non-
Comparable Earnings Before Interest, Taxes, Depreciation and Amortization (Comparable EBITDA)
- Comparable EBITDA is earnings before interest expense, taxes, depreciation and amortization, business consolidation and other non-comparable items.
Comparable Operating Earnings- Comparable Operating Earnings is earnings before interest expense, taxes, business consolidation and other non-comparable items.
Comparable Net Earnings- Comparable Net Earnings is net earnings attributable to
Comparable Diluted Earnings Per Share- Comparable Diluted Earnings Per Share is Comparable Net Earnings divided by diluted weighted average shares outstanding.
Net Debt - Net Debt is total debt less cash and cash equivalents, which are derived directly from the company's financial statements.
Free Cash Flow - Free Cash Flow is typically derived directly from the company's cash flow statements and is defined as cash flows from operating activities less capital expenditures; and, it may be adjusted for additional items that affect comparability between periods. Free Cash Flow is not a defined term under
Adjusted Free Cash Flow- Adjusted Free Cash Flow is defined as Free Cash Flow adjusted for payments made for income tax liabilities related to the Aerospace disposition and other material dispositions. Adjusted Free Cash Flow is not a defined term under
We use Comparable EBITDA, Comparable Operating Earnings, Comparable Net Earnings, and Comparable Diluted Earnings Per Share internally to evaluate the company's operating performance. Ball management uses Interest Coverage (Comparable EBITDA to interest expense) and Leverage (Net Debt to Comparable EBITDA) as metrics to monitor the credit quality of
Please see the company's website for further details of the company's non-
A summary of the effects of non-comparable items on after tax earnings is as follows:
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
|
||||||||
($ in millions, except per share amounts) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to |
|
$ |
197 |
|
$ |
203 |
|
$ |
4,040 |
|
$ |
553 |
Facility closure costs and other items (1) |
|
|
85 |
|
|
29 |
|
|
171 |
|
|
43 |
Amortization of acquired Rexam intangibles |
|
|
34 |
|
|
34 |
|
|
105 |
|
|
102 |
Debt refinancing and other costs |
|
|
— |
|
|
— |
|
|
3 |
|
|
— |
Non-comparable tax items |
|
|
(39) |
|
|
(21) |
|
|
1,020 |
|
|
(42) |
Gain on Aerospace disposal (2) |
|
|
1 |
|
|
18 |
|
|
(4,694) |
|
|
18 |
Aerospace disposition compensation (3) |
|
|
— |
|
|
— |
|
|
82 |
|
|
— |
Comparable Net Earnings |
|
$ |
278 |
|
$ |
263 |
|
$ |
727 |
|
$ |
674 |
Comparable Diluted Earnings Per Share |
|
$ |
0.91 |
|
$ |
0.83 |
|
$ |
2.33 |
|
$ |
2.13 |
(1) |
The charges for the three and nine months ended |
|
In the first quarter of 2023, Ball announced the planned closure of its aluminum beverage can manufacturing facility in |
(2) |
In the first quarter of 2024, the company recorded a pre-tax gain for the sale of the aerospace business. In the third quarter of 2023, the company recorded costs to sell the business. |
(3) |
The charge for the nine months ended |
A summary of the effects of non-comparable items on earnings before taxes is as follows:
|
|
Three Months Ended |
|
|
Nine Months Ended |
|||||||
|
|
|
|
|
|
|||||||
($ in millions) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to |
|
$ |
197 |
|
$ |
203 |
|
$ |
4,040 |
|
$ |
553 |
Net earnings attributable to noncontrolling interests, net of tax |
|
|
2 |
|
|
1 |
|
|
4 |
|
|
4 |
Discontinued operations, net of tax |
|
|
(6) |
|
|
(71) |
|
|
(3,613) |
|
|
(171) |
Earnings from continuing operations |
|
|
193 |
|
|
133 |
|
|
431 |
|
|
386 |
Equity in results of affiliates, net of tax |
|
|
(8) |
|
|
(3) |
|
|
(21) |
|
|
(13) |
Tax provision (benefit) |
|
|
42 |
|
|
45 |
|
|
118 |
|
|
107 |
Earnings before taxes |
|
|
227 |
|
|
175 |
|
|
528 |
|
|
480 |
Interest expense |
|
|
67 |
|
|
122 |
|
|
228 |
|
|
351 |
Debt refinancing and other costs |
|
|
— |
|
|
— |
|
|
3 |
|
|
— |
Business consolidation and other activities |
|
|
85 |
|
|
29 |
|
|
171 |
|
|
43 |
Aerospace disposition compensation |
|
|
— |
|
|
— |
|
|
82 |
|
|
— |
Amortization of acquired Rexam intangibles |
|
|
34 |
|
|
34 |
|
|
105 |
|
|
102 |
Comparable Operating Earnings |
|
$ |
413 |
|
$ |
360 |
|
$ |
1,117 |
|
$ |
976 |
A summary of Comparable EBITDA, Net Debt, Interest Coverage and Leverage is as follows:
|
|
Twelve |
|
Less: Nine |
|
Add: Nine |
|
|
|
||||
|
|
Months Ended |
|
Months Ended |
|
Months Ended |
|
Year Ended |
|
||||
|
|
|
|
|
|
|
|
|
|
||||
($ in millions, except ratios) |
|
2023 |
|
2023 |
|
2024 |
|
2024 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to |
|
$ |
707 |
|
$ |
553 |
|
$ |
4,040 |
|
$ |
4,194 |
|
Net earnings attributable to noncontrolling interests, net of tax |
|
|
4 |
|
|
4 |
|
|
4 |
|
|
4 |
|
Discontinued operations, net of tax |
|
|
(223) |
|
|
(171) |
|
|
(3,613) |
|
|
(3,665) |
|
Earnings from continuing operations |
|
|
488 |
|
|
386 |
|
|
431 |
|
|
533 |
|
Equity in results of affiliates, net of tax |
|
|
(20) |
|
|
(13) |
|
|
(21) |
|
|
(28) |
|
Tax provision (benefit) |
|
|
146 |
|
|
107 |
|
|
118 |
|
|
157 |
|
Earnings before taxes |
|
|
614 |
|
|
480 |
|
|
528 |
|
|
662 |
|
Interest expense |
|
|
460 |
|
|
351 |
|
|
228 |
|
|
337 |
|
Debt refinancing and other costs |
|
|
— |
|
|
— |
|
|
3 |
|
|
3 |
|
Business consolidation and other activities |
|
|
133 |
|
|
43 |
|
|
171 |
|
|
261 |
|
Aerospace disposition compensation |
|
|
— |
|
|
— |
|
|
82 |
|
|
82 |
|
Amortization of acquired Rexam intangibles |
|
|
135 |
|
|
102 |
|
|
105 |
|
|
138 |
|
Comparable Operating Earnings |
|
|
1,342 |
|
|
976 |
|
|
1,117 |
|
|
1,483 |
|
Depreciation and amortization |
|
|
605 |
|
|
449 |
|
|
460 |
|
|
616 |
|
Amortization of acquired Rexam intangibles |
|
|
(135) |
|
|
(102) |
|
|
(105) |
|
|
(138) |
|
Comparable EBITDA |
|
$ |
1,812 |
|
$ |
1,323 |
|
$ |
1,472 |
|
$ |
1,961 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
$ |
(460) |
|
$ |
(351) |
|
$ |
(228) |
|
$ |
(337) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt at period end |
|
|
|
|
|
|
|
|
|
|
$ |
5,805 |
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
(1,440) |
|
Net Debt |
|
|
|
|
|
|
|
|
|
|
$ |
4,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Coverage (Comparable EBITDA/Interest Expense) |
|
|
|
|
|
|
|
|
|
|
|
5.8 |
x |
Leverage (Net Debt/Comparable EBITDA) |
|
|
|
|
|
|
|
|
|
|
|
2.2 |
x |
A summary of free cash flow and adjusted free cash flow is as follows:
|
|
Nine Months Ended |
|
|
|
|
|
($ in millions) |
|
2024 |
|
|
|
|
|
Total cash provided by (used in) operating activities |
|
$ |
(385) |
Less: Capital expenditures |
|
|
(377) |
Free Cash Flow |
|
|
(762) |
Add: Cash taxes paid for Aerospace disposition |
|
|
484 |
Adjusted Free Cash Flow |
|
$ |
(278) |
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SOURCE