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.