Ball Corporation (NYSE:BALL) Q3 2023 Earnings Conference Call November 2, 2023 11:00 AM ET
Company Participants
Dan Fisher - Chairman and CEO
Howard Yu - EVP and CFO
Scott Morrison - EVP and CFO
Conference Call Participants
George Staphos - Bank of America
Mike Leithead - Barclays
Ghansham Panjabi - Baird
Arun Viswanathan - RBC Capital Markets
Mike Roxland - Truist Securities
Phil Ng - Jefferies
Gabe Hajde - Wells Fargo Securities
Adam Samuelson - Goldman Sachs
Operator
Greetings, and welcome to the Ball Corporation Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded on Thursday, November 2, 2023.
I would now like to turn the conference over to the Chairman and CEO, Mr. Dan Fisher. Please go ahead.
Dan Fisher
Thanks, Frank. Good morning, everyone. This is Ball Corporation's conference call regarding the company's third quarter 2023 results. The information provided during this call will contain forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied. Some factors that could cause the results or outcomes to differ are in the company's latest 10-K and in other company SEC filings as well as company news releases. If you do not already have our earnings release, it is available on our website at ball.com. Information regarding the use of non-GAAP financial measures may also be found in the notes section of today's earnings release.
Historical financial results for the divested Russian operations are reflected in the beverage packaging EMEA segment. See Note-1, business segment information. For a quarterly breakout of Russia's historical sales and comparable operating earnings. In addition, the release includes a summary of noncomparable items as well as a reconciliation of comparable net earnings and diluted earnings per share calculations. Before we dive into our discussion about Ball's solid third quarter earnings and cash flow performance, I would like to reference some important announcements made recently by the company.
On August 17, the company announced an agreement to sell its Aerospace business to BAE Systems, Inc. for $5.6 billion in cash proceeds, achieving a premium multiple for a premium business. The transaction is subject to regulatory approvals and customary closing conditions and adjustments.
Therefore, prospective estimates for certain financial metrics provided in today's earnings release and conference call commentary exclude any potential impact of the Aerospace business sale. The process to achieve necessary regulatory approvals is underway and when appropriate, a progress announcement will be made.