Ball Reports Strong 2017 Operating Results and Cash Flow

Ball Corporation reported, on a US GAAP basis, full-year 2017 net earnings attributable to the corporation of $399 million or $1.12 per diluted share, on salewww.ball.coms of $11.0 billion, compared to $263 million attributable to the corporation, or 81 cents per diluted share on sales of $9.1 billion in 2016. Ball’s 2017 comparable net earnings were $728 million, or $2.04 per diluted share, compared to $563 million, or $1.74 per diluted share in 2016.
 
Fourth quarter 2017 net earnings attributable to Ball Corporation, on a US GAAP basis, were $184 million, or 52 cents per diluted share, on sales of $2.75 billion, compared to $52 million, or 15 cents per diluted share, on sales of $2.5 billion, in the fourth quarter of 2016.
 
Earnings per share figures include the impact of the company’s two-for-one stock split effective May 16, 2017.
 
“Ball Corporation finished the year strong, with continued improved performance across each of our segments. In our global beverage can business, overall volumes were up approximately 2.5% in the quarter, driven by continued strong performance in our South American beverage can business, a rebound in our North American beverage operations following the hurricane disruptions experienced in the third quarter, and our European beverage can business continued to execute its margin-enhancing strategy. In addition, our food and aerosol segment was up year-over-year in the quarter driven by the mid-single digit increase in global aluminum aerosol volumes and better than expected tinplate packaging volumes, while our aerospace team achieved record contracted backlog levels at year-end,” said John A. Hayes, chairman, president and CEO.
 
“We are poised to execute on numerous growth capital and network optimization projects to enhance our customers’ access to our innovative specialty container portfolio while also expanding the company’s US aerospace infrastructure. With our businesses operating from a position of strength, we continue to drive toward our financial goals of $2 billion of comparable EBITDA and in excess of $1 billion of free cash flow in 2019.”
 
“Our 2017 free cash flow exceeded $920 million supported by approximately $325 million in year-over-year working capital reductions. Year-end net debt of $6.5 billion was nearly $400 million lower versus last year despite $275 million of higher year-over-year foreign exchange rates on our foreign currency-denominated debt, pension funding of approximately $200 million, and $205 million of combined share repurchases and dividends. In 2018, our free cash flow is estimated to be in the range of $900 million after capital spending of at least $600 million, and our initial estimates are to return approximately $500 million to shareholders in the form of share buybacks and dividends,” said Scott C. Morrison, SVP and CFO.