Ball Corporation Announces CFO Howard Yu to Step Down; Daniel Rabbitt Named Interim CFO

Ball Corporation (NYSE: BALL) announced that Chief Financial Officer Howard Yu will depart the company effective June 30, 2025, under a mutual agreement. The company emphasized that his departure is not related to any issues involving financial practices or internal controls.

Chairman and CEO Daniel W. Fisher praised Yu’s contributions, highlighting his role in strengthening the company’s balance sheet and driving financial performance over nearly two years.

Daniel Rabbitt has been appointed interim CFO. He currently serves as senior vice president of corporate planning and development and has played a key role in over 25 strategic transactions during his Ball career. Rabbitt has also led the company’s Aerosol business and was previously CFO and co-founder of Mountain Union Telecom, LLC.

Ball reaffirmed its full-year 2025 guidance for 11–14% growth in comparable diluted EPS and remains confident in generating strong free cash flow and delivering long-term value to shareholders.

Ball Corporation Q1 2025 Results Summary

Ball Corporation delivered a solid first quarter in 2025, achieving higher comparable earnings per share and increased global aluminum packaging volumes, while returning $612 million to shareholders. Despite a year-over-year GAAP EPS decline due to the prior year's aerospace divestiture, core packaging performance improved across all regions.

Key Financial Results (Q1 2025 vs. Q1 2024)
• Net sales: $3.10 billion (up from $2.87 billion)
• GAAP net earnings: $179 million (down from $3.69 billion, which included aerospace gain)
• GAAP diluted EPS: $0.63 (down from $11.61)
• Comparable diluted EPS: $0.76 (up from $0.68)
• Comparable net earnings: $216 million (flat vs. $217 million)
• Comparable operating earnings: $345 million (up from $339 million)
• Comparable EBITDA: $462 million (up from $459 million)
• Free cash flow: -$746 million

Segment Highlights
• North & Central America: Operating earnings rose to $195 million (from $192 million) on 4% higher sales at $1.46 billion. Volume increased in the low-single-digit range.
• EMEA: Operating earnings increased to $96 million (from $85 million) on sales of $903 million (up from $810 million), driven by mid-single-digit volume growth.
• South America: Operating earnings improved to $69 million (from $55 million) on $544 million in sales. Volume increased low-single digits.

Cash Flow and Balance Sheet
• Operating cash flow: -$665 million (vs. -$1.25 billion)
• Capital expenditures: $81 million
• Total debt: $6.72 billion
• Cash and cash equivalents: $449 million
• Net debt: $6.27 billion
• Interest coverage ratio: 7.21x
• Leverage ratio: 3.22x

Outlook
Ball reaffirmed its 2025 financial goals, including 11–14% comparable EPS growth and at least $1.5 billion in shareholder returns via buybacks and dividends. The company noted manageable direct tariff impacts and emphasized its resilience, supported by operational discipline and a focus on sustainable packaging.