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Owens Illinois Inc (OI) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Owens Illinois Inc

CIK: 812074 Ticker: OI

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

O-I REPORTS FULL YEAR AND FOURTH QUARTER 2015 RESULTS

Improving operations on stable volumes plus acquisition benefits drive strong
free cash flow generation and earnings in constant currency in 2015;

Strategic initiatives expected to improve financial performance in 2016

 

PERRYSBURG, Ohio (Feb. 8, 2016)

— Owens-Illinois, Inc. (NYSE: OI) today reported financial results for the full year and fourth quarter ending December 31, 2015.

 

·      For full year 2015, the Company recorded a loss from continuing operations of $0.44 per share (diluted). Excluding certain items management considers not representative of ongoing operations, adjusted earnings(1) were $2.00 per share, in line with management guidance. These results compared with $2.07 per share in 2014 on a constant currency basis.  The Company’s charge in 2015 for asbestos-related costs(2) covers a four year period of estimated asbestos claims not yet asserted against the Company versus the three year period used in the prior year.

 

·      Fourth quarter 2015 adjusted earnings were $0.40 per share, compared with $0.32 per share in the same period of 2014 on a constant currency basis.

 

·      O-I generated $210 million of free cash flow(3) for the full year 2015, modestly exceeding management guidance. This is on par with prior year free cash flow in constant currency, which was the Company’s second highest year on record.

 

·      Global volumes for 2015 were up 3 percent compared to the prior year. Excluding the acquisition of Vitro’s food and beverage business (the acquired business) volumes were on par with 2014. On a global basis, volumes of wine, spirits, food and non-alcoholic beverages all grew year-on-year.  While global beer volumes fell 1 percent, driven by a decline in mainstream beer, shipments into craft and premium beer continue to expand.

 

·      The integration of the acquired business continues to progress well as evidenced by strong business performance to date and its contribution to free cash flow generation in the fourth quarter. The construction of the new furnace in Monterrey was finished by the end of 2015 and the realization of synergies has begun, with early savings in procurement.

 

·      Segment operating profit declined $168 million for the year, or $27 million on a constant currency basis.  Segment operating profit in constant currency improved over the prior year for all regions except for Europe which faced pricing pressure and lower

 


The following information was filed by Owens Illinois Inc (OI) on Monday, February 8, 2016 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 (parenthetical)-k
Consolidated Balance Sheets-k
Consolidated Cash Flows-k
Consolidated Comprehensive Income-k
Consolidated Results Of Operations-k
Consolidated Share Owners' Equity (parenthetical)-k
Consolidated Share Owners' Equity-k
Accumulated Other Comprehensive Income (loss) (details)-k
Accumulated Other Comprehensive Income (loss) (tables)-k
Accumulated Other Comprehensive Income (loss)-k
Business Combinations (details)-k
Business Combinations (tables)-k
Business Combinations-k
Contingencies (details)-k
Contingencies (tables)-k
Contingencies-k
Debt (details 2)-k
Debt (details)-k
Debt (tables)-k
Debt-k
Derivative Instruments (details 2)-k
Derivative Instruments (details)-k
Derivative Instruments (tables)-k
Derivative Instruments-k
Discontinued Operations (details)-k
Discontinued Operations-k
Earnings Per Share (details)-k
Earnings Per Share (tables)-k
Earnings Per Share-k
Equity Investments (details)-k
Equity Investments (tables)-k
Equity Investments-k
Financial Information For Subsidiary Guarantors And Non-guarantors (details 2)-k
Financial Information For Subsidiary Guarantors And Non-guarantors (details 3)-k
Financial Information For Subsidiary Guarantors And Non-guarantors (details)-k
Financial Information For Subsidiary Guarantors And Non-guarantors (tables)-k
Goodwill (tables)-k
Goodwill And Intangible Assets (details)-k
Goodwill And Intangible Assets - Schedule Of Intangible Assets (details)-k
Goodwill And Intangible Assets-k
Income Taxes (details 2)-k
Income Taxes (details 3)-k
Income Taxes (details 4)-k
Income Taxes (details)-k
Income Taxes (tables)-k
Income Taxes-k
Inventories (details)-k
Inventories (tables)-k
Inventories-k
Operating Leases (details)-k
Operating Leases-k
Other Assets-k
Other Expense, Net (details)-k
Other Expense, Net (tables)-k
Other Expense, Net-k
Pension Benefit Plans And Other Postretirement Benefits-k
Pensions Benefit Plans And Other Postretirement Benefits (details 2)-k
Pensions Benefit Plans And Other Postretirement Benefits (details 3)-k
Pensions Benefit Plans And Other Postretirement Benefits (details 4)-k
Pensions Benefit Plans And Other Postretirement Benefits (details 5)-k
Pensions Benefit Plans And Other Postretirement Benefits (details 6)-k
Pensions Benefit Plans And Other Postretirement Benefits (details 7)-k
Pensions Benefit Plans And Other Postretirement Benefits (details)-k
Pensions Benefit Plans And Other Postretirement Benefits (tables)-k
Prepaid Expenses And Other Assets (details)-k
Prepaid Expenses And Other Assets (tables)-k
Pro Forma Information ??? Viro Acquisition (details)-k
Pro Forma Information ??? Vitro Acquisition (tables)-k
Pro Forma Information ??? Vitro Acquisition-k
Restructuring Accruals, Asset Impairments And Other Costs Related To Closed Facilities (details)-k
Restructuring Accruals, Asset Impairments And Other Costs Related To Closed Facilities (tables)-k
Restructuring Accruals, Asset Impairments And Other Costs Related To Closed Facilities-k
Schedule Ii - Valuation And Qualifying Accounts (consolidated) (details)-k
Schedule Ii - Valuation And Qualifying Accounts (consolidated)-k
Segment Information (details 2)-k
Segment Information (details 3)-k
Segment Information (details 4)-k
Segment Information (details)-k
Segment Information (tables)-k
Segment Information-k
Significant Accounting Policies (details 2)-k
Significant Accounting Policies (details 3)-k
Significant Accounting Policies (details)-k
Significant Accounting Policies (policies)-k
Significant Accounting Policies-k
Stock Options And Other Stock Based Compensation (details 2)-k
Stock Options And Other Stock Based Compensation (details 3)-k
Stock Options And Other Stock Based Compensation (details)-k
Stock Options And Other Stock Based Compensation (tables)-k
Stock Options And Other Stock Based Compensation-k
Supplemental Cash Flow Information (details)-k
Supplemental Cash Flow Information (tables)-k
Supplemental Cash Flow Information-k
Ticker: OI
CIK: 812074
Form Type: 10-K Annual Report
Accession Number: 0001558370-16-003216
Submitted to the SEC: Tue Feb 16 2016 6:47:32 AM EST
Accepted by the SEC: Tue Feb 16 2016
Period: Thursday, December 31, 2015
Industry: Glass Containers

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