Ball Corporation

Greetings and welcome to the Ball Corporation third quarter 2023 earnings call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session. At that time, if you have a question, please press the 1 followed by the 4 on your telephone. If at any time during the conference you need to reach an operator, please press star 0. 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.

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 one, business segment information. for a quarterly breakout of Russia's historical sales and comparable operating earnings. In addition, the release includes a summary of non-comparable 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 17th, 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. Also in early September, the company announced Scott Morrison's well-deserved retirement as Ball's CFO, and that Howard Yu has assumed the role of EVP and CFO. To ensure a smooth transition and to enable a successful close to the aerospace transaction, Scott has agreed to stay on with Ball as an advisor until September of 2024. It is a pleasure to have both Scott and Howard joining me on the call today. I'll provide some brief introductory remarks and provide Howard an opportunity to introduce himself. Scott will execute his last earnings call for Ball and discuss key financial metrics, and then we will finish up with closing comments and our outlook for the remainder of 2023 and Q&A. First, let me begin by taking a few minutes to thank Scott for his 23 years of service to Ball and his 13 years of serving as Ball's CFO. Some of you may not know that Scott has been an integral part of every Ball M&A deal since 1998. Pre-Ball, he was actually one of our outside bankers, arranging the financing for the Reynolds Metals acquisition. In 2000, Scott joined Ball as our treasurer, and the rest is history. He has executed multiple transformative M&A and record-setting bond deals, successfully navigated Ball through numerous economic cycles, always stepped up when called upon, and he's completed 55 of these wonderful earnings calls now. Scott is sailing off into the sunset, literally. Our company is better because of Scott Morrison, and personally, I am thankful to have worked with him since 2010. At my request, Scott agreed to stay on a bit longer as CFO than he originally planned, and I'm so grateful he did. Nothing like a multi-year global pandemic, land wars, the steepest rise in interest rates and inflation since the 70s, and helping onboard a new CEO to finish off your incredibly successful career. Scott, thank you for your commitment to Ball, for being a friend, a trusted ear, for being a candid mentor, a leader who surrounded himself with a capable team, and someone who bled Ball blue. On behalf of the entire team, we wish you a long, happy, and healthy retirement. I'm excited to introduce Howard Yu. Ball welcomed Howard as our new CFO in late September. Howard joins Ball with a wealth of experience as a public company CFO, a CV packed with global experience, and fresh eyes to unlock even more value for our stakeholders. Howard's focus on continuous improvement and passion for operational excellence will help lead Ball for the next decade.

Howard, I'll turn it over to you to say a few words. Thank you, Dan, and the entire Ball team for your warm welcome. Scott, Congratulations on your retirement, and I really appreciate your insights and introductions during these first 30 days. My onboarding and immersion have been excellent, meeting with leaders across three continents, participating in the recent board meetings, and touring several manufacturing facilities. I look forward to meeting many of you in person at future investor events and industry conferences. We have a packed investor relations schedule to close out 2023. including a reception at the New York Stock Exchange on November 14th. Reach out to Ann and the investor relations team for details about our upcoming outreach schedule. With that, I'll turn it back over to Dan.