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Owens Illinois Inc (OI) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Owens Illinois Inc

CIK: 812074 Ticker: OI

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

O-I REPORTS FULL YEAR AND FOURTH QUARTER 2017 RESULTS

Company delivers strong financial performance for 2017 and
expects higher earnings and cash flow generation in 2018

 

PERRYSBURG, Ohio (February 6, 2018)

— Owens-Illinois, Inc. (NYSE: OI) today reported financial results for the full year and fourth quarter ended Dec. 31, 2017.

 

“In 2017, we delivered strong earnings and cash flow generation, in line with the commitments we made at Investor Day in early 2016. We have been building capabilities in the commercial, manufacturing and supply chain space that are demonstrably adding to the top line — through higher shipments year-on-year - and the bottom line — through the tangible benefits of our Total Systems Cost approach,” said Andres Lopez, CEO. “We are working together in a new way, as one enterprise, enhancing the customer experience, executing on our initiatives and deleveraging the balance sheet that together support our conviction to deliver rising earnings and cash flow in 2018. Even as we continue to invest in new capabilities and explore non-organic growth opportunities in the industry, we have begun to pivot towards a more balanced approach to capital allocation that we anticipate will include share buybacks in 2018.”

 

Highlights

 

·      For the full year 2017, the Company recorded earnings from continuing operations of $1.11 per share (diluted), compared with $1.32 per share in 2016.

 

·      Excluding certain items management considers not representative of ongoing operations, adjusted earnings(1) were $2.65 per share. This was up 15 percent compared with the prior year of $2.31 per share and at the high end of management guidance of $2.60 to $2.65 per share.

 

·      The Company generated strong cash flows, exceeding guidance. Cash provided by continuing operating activities for 2017 was $724 million compared with $758 million for 2016 which included a non-recurring value added tax refund of approximately $130 million.  Adjusted free cash flow(1) for 2017 was $393 million, which exceeded management guidance of $365 million.

 

·      Net sales were $6.9 billion, an increase of nearly 3 percent compared to the prior year, due to higher shipments, higher prices and favorable currency translation. Total glass container shipments increased approximately 1 percent on a global basis, compared with the prior year, led by gains in Europe and Latin America.

 


The following information was filed by Owens Illinois Inc (OI) on Tuesday, February 6, 2018 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 And Pro Forma Information
Business Combinations And Pro Forma Information (details)
Business Combinations And Pro Forma Information (details)
Business Combinations And Pro Forma Information (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)
Equity Investments - Ownership Percentage (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 - Possible Changes And Reconciliation Of Unrecognized Tax Benefits (details)
Income Taxes - Provision (benefit) For Income Taxes (details)
Income Taxes - Provision For Income Taxes, Continued And Discontinued Operations (details)
Income Taxes - Reconciliation Of The Provision (benefit) For Income Taxes (details)
Income Taxes - Tax Cuts And Jobs Act ("act") (details)
Inventories
Inventories (details)
Inventories (tables)
Operating Leases
Operating Leases (details)
Other Assets
Other Assets (details)
Other Assets (tables)
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)
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 Based Compensation
Stock Based Compensation (tables)
Stock Based Compensation - Restricted Share And Restricted Share Units And Performance Vested Restricted Share Units (details)
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: 0001558370-18-000669
Submitted to the SEC: Wed Feb 14 2018 7:02:56 AM EST
Accepted by the SEC: Wed Feb 14 2018
Period: Sunday, December 31, 2017
Industry: Glass Containers

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