Ball Corporation, a company that has made noteworthy strides toward its 2030 sustainability goals with progress in recycling, climate action, and diversity while tackling challenges in resource efficiency and supply chain accountability, has had a positive year (2024) both in terms of financial and operational success.
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Ball Corporation, a global leader in aluminium packaging, has a strong focus on circular economy, renewable energy, and social impact. The company has outlined measurable progress while maintaining ambitious targets for 2030.
Financial results in 2024 (so far)
The company reports a strong performance in 2024 with continued growth in the aluminium packaging sector. Ball Corporation (NYSE: BALL) has reported solid financial results for the first three quarters of 2024, driven by improved operational efficiencies, growth in aluminium beverage packaging, and strategic focus following the sale of its aerospace division earlier this year. The company remains on track to meet its full-year targets for earnings growth, cash flow generation, and shareholder returns.
In the first nine months of CY 2024 (January to October), Ball Corporation reported total net earnings of US$4.04 billion (including gains from the aerospace sale), compared to US$553 million for the same period in 2023. Total diluted earnings per share (EPS) soared to US$12.96, a significant increase from US$1.74 year-to-date in 2023.
Excluding non-comparable items, Ball's comparable diluted Earning Per Share (EPS) in 2023 vs 2024 reflected as follows:
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The company returned US$1.25 billion to shareholders via dividends and share repurchases through Q3 and remained on track to return over US$1.6 billion by year-end.
In North and Central America, Ball's aluminium beverage packaging segment has continued to outperform other substrates:
Operational efficiencies and cost reductions remain central to offsetting inflation and economic pressures in the region.
EMEA operations benefited from a sustained shift toward aluminium packaging due to regulatory support and sustainability tailwinds:
The growth in aluminium packaging remains strong across Europe, particularly in countries like the UK, Nordics, and Turkey.
South America delivered impressive results despite economic headwinds in Argentina:
Demand outstripping supply in Brazil late in Q3 further underscores the region's potential for sustainable aluminium growth.
In Q3 2024, Ball Corporation completed the acquisition of Alucan Entec, S.A., a European impact extruded aluminium packaging business, for €82 million ($88 million). This acquisition expands Ball's footprint in Belgium and Spain, strengthening its aluminium aerosol and bottle operations.
Ball's sustainability focus remains a cornerstone of its strategy, with continued advancements in low-carbon aluminium packaging and efforts to drive the circular economy. The company also reported:
Sustainability achievement till 2023
Ball achieved a 70 per cent global recycling rate for aluminium beverage cans, marking a notable step toward its goal of 90 per cent. Additionally, the company's aluminium products reached a 67 per cent average recycled content globally in 2023. In the race to achieve 100 per cent renewable electricity globally by 2030, the company has reported 58 per cent renewable energy usage as of year-end 2023, an increase of 4 per cent since 2017. Meanwhile, the company achieved a 42 per cent reduction in operational carbon emissions.
The report highlights a significant transformation in gender and ethnic diversity. Ball's executive leadership team is now 50 per cent women (up from 19 per cent in 2020), while its ethnically diverse representation has grown to 30 per cent. The board of directors also demonstrates progress, with 45 per cent women and 36 per cent ethnic diversity.
Efforts to boost employee experience include global feedback surveys and the expansion of Ball Academy, where 95 per cent of employees engaged in online learning activities.
Ball has enabled 100 per cent of employees to give back through volunteering, achieving a 27 per cent participation rate. STEM education outreach has expanded by 49 per cent since the goal was set, reinforcing Ball's commitment to empowering communities globally.
While they have achieved milestones in sustainability and diversity, some challenges remain. Water efficiency decreased by 4.7 per cent since 2020, and only 48 per cent of critical suppliers were assessed for ESG practices in 2023, indicating room for improvement in supply chain sustainability.
Key Projects in 2024 to further progress in the sustainability goal
On November 11, 2024, four of the biggest teams in global sports – Arsenal, Los Angeles Rams, Denver Nuggets, and Colorado Avalanche – joined forces to launch the 'Green Action League', the most extensive fan-driven campaign powered by Ball Corporation on sustainability ever seen in sports. This collaborative tournament invites European football, American football, basketball, and ice hockey supporters to compete against one another to help their team secure the title of the 'greenest fans'.
It was reported in June 2024 that the enterprise has unlocked another significant milestone by powering its Brazilian operations with 100 per cent renewable energy, six years ahead of its global deadline.
Since March 2024, Woodland Group has partnered with Ball Corporation to pioneer hydrotreated vegetable oil (HVO), a renewable diesel alternative. In a trial involving 1,100 trips along Ball's regular routes, CO₂ emissions were drastically reduced—only 22 tonnes were emitted compared to the 229 tonnes that would have been produced with standard fuel. This impressive 90.44 per cent reduction demonstrates HVO's potential to significantly lower CO₂e (carbon dioxide equivalent) emissions, with plans to expand the initiative to support net zero and carbon neutrality goals.
Financial outlook for 2024 (remnant) and beyond
Ball Corporation's leadership remains confident in achieving its 2024 goals, including mid-single-digit growth in comparable diluted EPS, strong free cash flow generation to support business investments and shareholder returns, and a continued emphasis on operational excellence and sustainability innovation. "Our global team remains focused on advancing sustainable aluminium packaging solutions while delivering strong results and returns for our shareholders," said Daniel W. Fisher, Chairman and CEO. He added that the company is well-positioned to deliver over 10 per cent annual EPS growth beyond 2025.
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