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Owens Illinois Inc (OI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Owens Illinois Inc

CIK: 812074 Ticker: OI

Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

O-I REPORTS FULL YEAR AND FOURTH QUARTER 2016 RESULTS

Entering next phase of transformational journey as Company delivers
strong financial performance for 2016

 

PERRYSBURG, Ohio (Feb. 1, 2017)

– Owens-Illinois, Inc. (NYSE: OI) today reported financial results for the full year and fourth quarter ended Dec. 31, 2016.

·                  For the full year 2016, the Company recorded earnings from continuing operations of $1.32 per share (diluted), which compares favorably with $0.85 per share in 2015.

·                  Excluding certain items management considers not representative of ongoing operations, adjusted earnings(1) were $2.31 per share. This was up 15 percent compared with prior year and in line with guidance of $2.27 to $2.32 per share.

·                  The Company continues to generate strong cash flows. Cash provided by continuing operating activities for 2016 was $758 million compared with $612 million for 2015. Adjusted free cash flow(1) for 2016 was $429 million, up 23 percent compared with the $348 million reported last year. Adjusted free cash flow excludes asbestos-related payments.

·                  Global volumes for 2016 were up 9 percent compared to the prior year. Key contributors to growth were the acquired business, Europe, legacy North America, as well as Australia and New Zealand. On a global basis, volumes of all major end use categories grew year-on-year. Excluding the overall decline in shipments in Asia Pacific, organic growth increased approximately one percent.

·                  Earnings from continuing operations before income taxes were $356 million for the year compared with $268 million for 2015. Segment operating profit of reportable segments(1) for 2016 was $882 million, an increase of 19 percent compared with prior year. While all regions except Asia Pacific posted higher segment operating profit compared with prior year, the increase was largely driven by the acquired business.

·                  Strategic initiatives, primarily in manufacturing, contributed approximately $55 million to segment operating profit for the year, consistent with commitments made by management at investor day in early 2016.

·                  The Company’s disciplined capital allocation continues to favorably impact its debt structure. Total debt in 2016 declined $245 million, primarily due to debt repayments as well as the favorable impact of foreign currency.

·                  The Company improved its debt profile in the fourth quarter through the issuance of a 500 million euro, eight-year, fixed-rate bond with a very favorable coupon of 3.125 percent. This transaction increased the proportion of fixed-rate debt to nearly two-thirds, augmented the natural hedge to foreign currency exposure, repaid higher-cost floating-rate debt and extended the Company’s debt maturity profile.

 


The following information was filed by Owens Illinois Inc (OI) on Wednesday, February 1, 2017 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)
Business Combinations (tables)
Contingencies
Contingencies (tables)
Contingencies - Asbestos (details)
Debt
Debt (details)
Debt (tables)
Debt - Annual Maturities Of Long-term Debt (details)
Derivative Instruments
Derivative Instruments (tables)
Derivative Instruments - Balance Sheet Classification (details)
Derivative Instruments - Derivatives And Hedges (details)
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 (tables)
Financial Information For Subsidiary Guarantors And Non-guarantors - Balance Sheet (details)
Financial Information For Subsidiary Guarantors And Non-guarantors - Cash Flows (details)
Financial Information For Subsidiary Guarantors And Non-guarantors - Results Of Operations And Comprehensive Income (details)
Goodwill - Goodwill Rollforward (details)
Goodwill - Schedule Of Intangible Assets (details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Income Taxes
Income Taxes (tables)
Income Taxes - Deferred Taxes (details)
Income Taxes - Income (loss) Before Taxes And Income Tax Expense (benefit) (details)
Income Taxes - Possible Changes And Reconciliation Of Unrecognized Tax Benefits (details)
Income Taxes - Reconciliation Of The Provision (benefit) For Income Taxes (details)
Inventories
Inventories (details)
Inventories (tables)
Operating Leases
Operating Leases (details)
Other Expense, Net
Other Expense, Net (details)
Other Expense, Net (tables)
Pension Benefit Plans And Other Postretirement Benefits
Pension Benefit Plans And Other Postretirement Benefits (tables)
Pension Benefit Plans And Other Postretirement Benefits - Changes In Plan Assets And Benefit Obligations Recognized In Aoci (details)
Pensions Benefit Plans And Other Postretirement Benefits - Amortized From Aoci (details)
Pensions Benefit Plans And Other Postretirement Benefits - Changes In Fair Value Of Pension Plan Assets (details)
Pensions Benefit Plans And Other Postretirement Benefits - Changes In The Benefit Obligation (details))
Pensions Benefit Plans And Other Postretirement Benefits - Components Of Net Periodic Pension And Postretirement Cost (income) (details)
Pensions Benefit Plans And Other Postretirement Benefits - Funded Status (details)
Pensions Benefit Plans And Other Postretirement Benefits - Minimum Funding Requirements And Estimated Future Benefit Payments (details)
Pensions Benefit Plans And Other Postretirement Benefits - Net Amount Recognized Included In Consolidated Balance Sheets (details)
Pensions Benefit Plans And Other Postretirement Benefits - Projected And Accumulated Benefit Obligations In Excess Of Fair Value Of Plan Assets (details)
Pensions Benefit Plans And Other Postretirement Benefits - Reconciliation Of Pension Plan Assets Using Significant Unobservable Inputs (details)
Pensions Benefit Plans And Other Postretirement Benefits - U.s. Plan Assets By Hierarchy (details)
Pensions Benefit Plans And Other Postretirement Benefits - Weighted Average Assumptions (details)
Pensions Benefit Plans And Other Postretirement Benefits Weighted Average Assumptions Assumed And Effect Of Percentage Point Change In Health Care Cost Trend (details)
Prepaid Expenses And Other Assets
Prepaid Expenses And Other Assets (details)
Prepaid Expenses And Other Assets (tables)
Pro Forma Information - Vitro Acquisition
Pro Forma Information - Vitro Acquisition (details)
Pro Forma Information - Vitro Acquisition (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 (tables)
Segment Information - Assets, Investments, Equity, Capital Expenses And Depreciation And Amortization (details)
Segment Information - Concentration By Geography (details)
Segment Information - Ppe And Geographical Sales (details)
Segment Information - Reportable Segments (details)
Significant Accounting Policies
Significant Accounting Policies (policies)
Significant Accounting Policies - Equity Method Investments And Stock-based Compensation (details)
Significant Accounting Policies - Ppe (details)
Stock Options And Other Stock Based Compensation
Stock Options And Other Stock Based Compensation (tables)
Stock Options And Other Stock Based Compensation - Options (details)
Stock Options And Other Stock Based Compensation - Restricted Share And Restricted Share Units And Performance Vested Restricted Share Units (details)
Stock Options And Other Stock Based Compensation - Share-based Compensation Arrangement By Share-based Payment Award (details)
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: 0001558370-17-000499
Submitted to the SEC: Fri Feb 10 2017 6:40:01 AM EST
Accepted by the SEC: Fri Feb 10 2017
Period: Saturday, December 31, 2016
Industry: Glass Containers

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