Ball Corp. Q4 FY2023 results: revenue $2.9 billion, down 18.2% on the year

Ball Corp. (BALL) reported revenue of $2.9 billion for Q4 FY2023, the quarter ended 31 December 2023, down 18.2% on the same quarter a year earlier. Net income was $154 million, up 180.0% on the year, and diluted earnings per share $0.49. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue$2.9 billiondown 18.2%

Net income$154 millionup 180.0%

Diluted EPS$0.49

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	2,903	3,571	n/a	n/a
Gross profit	483	487	n/a	n/a
Gross margin	16.6%	13.6%	n/a
Selling, general and administrative	130	132	n/a	n/a
Operating income	300	325	n/a	n/a
Operating margin	10.3%	9.1%	n/a
Interest expense	109	122	n/a	n/a
Pre-tax income	191	203	n/a	n/a
Income tax	44.0	2.0	n/a	n/a
Effective tax rate	23.0%	1.0%	n/a
Net income	154	203	n/a	n/a
Net margin	5.3%	5.7%	n/a
Diluted EPS	$0.49	$0.64	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	736	766	n/a	n/a
Capital expenditure	215	222	n/a	n/a
Free cash flow	521	544	n/a	n/a
Free cash flow margin	17.9%	15.2%	n/a
Depreciation and amortisation	156	152	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	63.0	63.0	n/a	n/a
Dividend per share	n/a	$0.20	n/a	n/a
Diluted shares, weighted	n/a	317m	n/a	n/a
Shares outstanding at period end	283m	315m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	19,303	19,932	n/a	n/a
Cash and equivalents	695	1,335	n/a	n/a
Receivables	1,946	1,660	n/a	n/a
Inventory	1,559	1,688	n/a	n/a
Goodwill	4,290	4,222	n/a	n/a
Total debt, as filed	3.0	n/a	n/a	n/a
Long-term debt including finance leases	7,504	7,483	n/a	n/a
Operating lease liabilities	356	365	n/a	n/a
Finance lease liabilities	7.0	8.0	n/a	n/a
Shareholders' equity	3,769	3,938	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	3,571	2,903	2,874	2,959	3,082	2,880	3,097	3,338	3,379	3,347	3,603	3,997
Gross profit	487	483	477	489	545	480	n/a	n/a	n/a	n/a	n/a	n/a
Gross margin	14%	17%	17%	17%	18%	17%	n/a	n/a	n/a	n/a	n/a	n/a
SG&A	132	130	211	139	142	155	149	137	130	150	150	163
Operating income	325	300	196	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating margin	9%	10%	7%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Interest expense	122	109	93.0	68.0	67.0	65.0	70.0	81.0	85.0	78.0	78.0	79.0
Pre-tax income	203	191	101	200	227	7.0	229	268	391	240	258	278
Tax rate	1%	23%	27%	24%	19%	214%	23%	23%	19%	21%	24%	23%
Net income	203	154	3,685	158	197	-32.0	179	212	321	200	205	221
Net margin	6%	5%	128%	5%	6%	-1%	6%	6%	9%	6%	6%	6%
Diluted EPS	$0.64	$0.49	$11.61	$0.51	$0.65	-$0.11	$0.63	$0.76	$1.18	$0.73	$0.77	$0.83
Operating cash flow	766	736	-1,247	252	610	500	-665	332	384	1,211	-777	608
Capital expenditure	222	215	154	106	117	107	81.0	96.0	127	170	161	141
Free cash flow	544	521	-1,401	146	493	393	-746	236	257	1,041	-938	467
Buybacks	0.0	0.0	182	483	396	651	555	467	84.0	215	1.0	114
Dividends paid	63.0	63.0	63.0	62.0	60.0	59.0	57.0	55.0	54.0	54.0	54.0	53.0
Shares outstanding	315m	283m	310m	304m	298m	283m	277m	272m	268m	266m	266m	265m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 20 February 2025, accession 0001558370-25-001190: the filing on EDGAR. All of Ball Corp.'s filings: EDGAR company page.

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