WESTMINSTER, Colo. - Ball Corporation (NYSE:BALL), a supplier of sustainable aluminum packaging solutions, has made several announcements regarding its financial strategies and executive leadership changes.
The company's board of directors declared a quarterly cash dividend of 20 cents per share, scheduled for payment on June 17, 2024, to shareholders on record by June 3, 2024. Moreover, the board has authorized a share repurchase program, allowing the company to buy back up to 40 million shares of its common stock, replacing all prior authorizations.
Howard Yu, the executive vice president and chief financial officer of Ball Corporation, commented on the share repurchase plan, emphasizing its role in the company's long-term strategy to return capital to shareholders.
In executive moves, the board elected Mandy Glew as senior vice president and president of the Europe, Middle East, and Africa (EMEA) sector. Glew, who joined Ball in 2020 and was promoted to president, EMEA in March, succeeds Carey Causey. She brings a diverse background from her time at Proctor & Gamble and holds a Ph.D. in chemistry, along with studies in managerial finance.
Ball Corporation is also set to release its first quarter 2024 earnings before the market opens on Friday, April 26th, 2024, followed by a quarterly conference call to discuss the results. Interested parties can join the webcast or participate in the live call.
The company, which employs 16,000 people globally, excluding divested aerospace staff, reported net sales of $14.03 billion in 2023. Ball continues to focus on its core business of providing aluminum packaging for various consumer goods.
This announcement is based on a press release statement and contains forward-looking statements that involve risks and uncertainties. These statements are not guarantees of future performance, and actual results may vary materially.
Ball Corporation advises against placing undue reliance on these forward-looking statements, which are qualified by cautionary statements and risk factors detailed in filings with the Securities and Exchange Commission.
InvestingPro Insights
As Ball Corporation (NYSE:BALL) gears up to share its first quarter 2024 earnings, investors are closely monitoring the company's performance indicators. With a robust market capitalization of 20.53 billion USD and a Price/Earnings (P/E) ratio standing at 28.92, the company's valuation is a key point of interest. Notably, the P/E ratio has adjusted to 24.89 for the last twelve months as of Q4 2023, reflecting a more favorable earnings perspective.
Bearing in mind the company's long history of dividend reliability, it is noteworthy that Ball Corporation has maintained dividend payments for an impressive 52 consecutive years. This consistency is a testament to the company's financial stability and commitment to shareholder returns. Additionally, with a dividend yield of 1.22% as of early 2024, investors can look forward to a steady income stream.
Investors are also taking note of the company's share performance, with a significant price uptick of 43.46% over the last six months, showcasing strong investor confidence. This positive momentum is further underscored by the company trading near its 52-week high, with the price at 95.91% of this peak. As the next earnings date approaches on April 26th, 2024, these metrics will be pivotal in assessing the company's trajectory.
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