Ball Corp. Q1 FY2024 results: revenue $2.9 billion, down 17.6% on the year

Ball Corp. (BALL) reported revenue of $2.9 billion for Q1 FY2024, the quarter ended 31 March 2024, down 17.6% on the same quarter a year earlier. Net income was $3.7 billion, up 1981.9% on the year, and diluted earnings per share $11.61. The figures are the company's own, from the 10-Q it filed with the SEC on 7 May 2024.

Revenue$2.9 billiondown 17.6%

Net income$3.7 billionup 1981.9%

Diluted EPS$11.61

QuarterQ1 FY2024ended 31 March 2024

The quarter, against the one before and a year earlier

Line	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Revenue	2,874	2,903	n/a	n/a
Gross profit	477	483	n/a	n/a
Gross margin	16.6%	16.6%	n/a
Selling, general and administrative	211	130	n/a	n/a
Operating income	196	300	n/a	n/a
Operating margin	6.8%	10.3%	n/a
Interest expense	93.0	109	n/a	n/a
Pre-tax income	101	191	n/a	n/a
Income tax	27.0	44.0	n/a	n/a
Effective tax rate	26.7%	23.0%	n/a
Net income	3,685	154	n/a	n/a
Net margin	128.2%	5.3%	n/a
Diluted EPS	$11.61	$0.49	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Operating cash flow	-1,247	736	n/a	n/a
Capital expenditure	154	215	n/a	n/a
Free cash flow	-1,401	521	n/a	n/a
Free cash flow margin	-48.7%	17.9%	n/a
Depreciation and amortisation	158	156	n/a	n/a
Buybacks	182	0.0	n/a	n/a
Dividends paid	63.0	63.0	n/a	n/a
Dividend per share	$0.20	n/a	n/a	n/a
Diluted shares, weighted	317m	n/a	n/a	n/a
Shares outstanding at period end	310m	283m	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	Q1 FY2024	Q4 FY2023	A year earlier	Change on the year
Total assets	19,898	19,303	n/a	n/a
Cash and equivalents	1,719	695	n/a	n/a
Receivables	2,585	1,946	n/a	n/a
Inventory	1,498	1,559	n/a	n/a
Goodwill	4,211	4,290	n/a	n/a
Total debt, as filed	n/a	3.0	n/a	n/a
Long-term debt including finance leases	5,519	7,504	n/a	n/a
Operating lease liabilities	273	356	n/a	n/a
Finance lease liabilities	7.0	7.0	n/a	n/a
Shareholders' equity	7,308	3,769	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-Q for the period ended 31 March 2024, filed 7 May 2024, accession 0001558370-24-006975: the filing on EDGAR. All of Ball Corp.'s filings: EDGAR company page.

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