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Owens Illinois Inc (OI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Owens Illinois Inc

CIK: 812074 Ticker: OI

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

O-I REPORTS FULL YEAR AND FOURTH QUARTER 2013 RESULTS

Focused Execution Delivers Higher Earnings and Double-Digit Growth in Free Cash Flow

 

PERRYSBURG, Ohio (Jan. 28, 2014)

— Owens-Illinois, Inc. (NYSE: OI) today reported financial results for the full year and fourth quarter ending December 31, 2013.

 

Highlights

 

·        Full year 2013 earnings from continuing operations attributable to the Company were $1.22 per share (diluted), compared with $1.12 per share in 2012. Excluding certain items management considers not representative of ongoing operations, adjusted earnings(1) were $2.72 per share compared with $2.64 per share in the prior year.

 

·        Fourth quarter 2013 adjusted earnings were $0.51 per share, compared with $0.40 per share in the same period of 2012. Earnings improvement was driven by higher sales and production volume, as well as structural cost savings.

 

·        O-I generated $339 million of free cash flow (non-GAAP) for the full year 2013. Free cash flow increased 17 percent due to higher segment operating profit, improvement in working capital and lower pension contributions.

 

·        The Company repaid nearly $300 million of debt, in line with its disciplined capital allocation program. O-I’s leverage ratio(2) was 2.6 at year end, an improvement over prior year.

 

·        Full year segment operating profit increased by $12 million versus the prior year due to a global focus on structural cost reductions. Global volumes for 2013 were flat with prior year. Broad-based weakness in beer was largely offset by gains in wine, especially in Europe.

 

·        The Company expects to generate approximately $350 million of free cash flow in 2014.

 

Commenting on the Company’s 2013 results, Chairman and Chief Executive Officer Al Stroucken said, “Our strong free cash flow generation and earnings growth demonstrate our success in executing on our strategic agenda. We remain focused on driving structural cost reductions, optimizing our asset base and smoothing production. The bottom line benefits of these efforts were partially masked by ongoing economic weakness in Europe, and volatility in South America. As committed, we are using most of our free cash flow to enhance our financial flexibility, while also repurchasing more than a million shares.”

 


The following information was filed by Owens Illinois Inc (OI) on Tuesday, January 28, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Cash Flows
Consolidated Comprehensive Income
Consolidated Results Of Operations
Consolidated Share Owners' Equity
Consolidated Share Owners' Equity (parenthetical)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Business Combinations
Business Combinations (details)
Contingencies
Contingencies (details)
Contingencies (tables)
Debt
Debt (details 2)
Debt (details)
Debt (tables)
Derivative Instruments
Derivative Instruments (details 2)
Derivative Instruments (details)
Derivative Instruments (tables)
Discontinued Operations
Discontinued Operations (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Equity Investments
Equity Investments (details)
Equity Investments (tables)
Financial Information For Subsidiary Guarantors And Non-guarantors
Financial Information For Subsidiary Guarantors And Non-guarantors (details 2)
Financial Information For Subsidiary Guarantors And Non-guarantors (details)
Financial Information For Subsidiary Guarantors And Non-guarantors (tables)
Goodwill
Goodwill (details)
Goodwill (tables)
Income Taxes
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details 4)
Income Taxes (details)
Income Taxes (tables)
Inventories
Inventories (details)
Inventories (tables)
Operating Leases
Operating Leases (details)
Other Assets
Other Assets (details)
Other Assets (tables)
Other Expense
Other Expense (details)
Pension Benefit Plans And Other Postretirement Benefits
Pension Benefit Plans And Other Postretirement Benefits (details 2)
Pension Benefit Plans And Other Postretirement Benefits (details 3)
Pension Benefit Plans And Other Postretirement Benefits (details 4)
Pension Benefit Plans And Other Postretirement Benefits (details 5)
Pension Benefit Plans And Other Postretirement Benefits (details 6)
Pension Benefit Plans And Other Postretirement Benefits (details 7)
Pension Benefit Plans And Other Postretirement Benefits (details)
Pension Benefit Plans And Other Postretirement Benefits (tables)
Receivables
Receivables (details)
Receivables (tables)
Restructuring Accruals, Asset Impairments And Other Costs Related To Closed Facilities
Restructuring Accruals, Asset Impairments And Other Costs Related To Closed Facilities (details)
Restructuring Accruals, Asset Impairments And Other Costs Related To Closed Facilities (tables)
Schedule Ii - Valuation And Qualifying Accounts (consolidated)
Schedule Ii - Valuation And Qualifying Accounts (consolidated) (details)
Segment Information
Segment Information (details 2)
Segment Information (details 3)
Segment Information (details 4)
Segment Information (details)
Segment Information (tables)
Significant Accounting Policies
Significant Accounting Policies (details 2)
Significant Accounting Policies (details)
Significant Accounting Policies (policies)
Stock Options And Other Stock Based Compensation
Stock Options And Other Stock Based Compensation (details 2)
Stock Options And Other Stock Based Compensation (details 3)
Stock Options And Other Stock Based Compensation (details)
Stock Options And Other Stock Based Compensation (tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (details)
Supplemental Cash Flow Information (tables)
Ticker: OI
CIK: 812074
Form Type: 10-K Annual Report
Accession Number: 0001047469-14-000875
Submitted to the SEC: Thu Feb 13 2014 4:14:22 PM EST
Accepted by the SEC: Thu Feb 13 2014
Period: Tuesday, December 31, 2013
Industry: Glass Containers

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