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Owens Illinois Inc (OI) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Owens Illinois Inc

CIK: 812074 Ticker: OI

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

O-I REPORTS FULL YEAR AND FOURTH QUARTER 2018 RESULTS
Company delivers solid financial performance for 2018 and
affirms expectations for higher earnings and cash flow generation in 2019

 

PERRYSBURG, Ohio (February 5, 2019)

— Owens-Illinois, Inc. (NYSE: OI) today reported financial results for the full year and fourth quarter ended Dec. 31, 2018.

 

“In line with our guidance, the Company delivered solid financial performance in 2018, demonstrating growing resilience in overcoming currency and inflationary headwinds,” said Andres Lopez, CEO.  “We continue to progress in our ability to deliver, while also investing to support future shareholder value creation.”

 

“Throughout 2018, Europe’s focus on the top line — sales mix management and premium products — and the benefits of Total System Cost efforts drove higher profits and strong margin expansion.  Over the course of the year, the Americas team responded to several unplanned headwinds and the stronger U.S. dollar by growing sales volume outside the U.S., and reducing structural costs across the region.  Asia Pacific completed its 2018 asset advancement program and exited the year with a strong margin, as expected.  Given favorable market trends, ascribable growth opportunities, and continued structural cost reductions, the Company expects higher earnings and cash flow generation in 2019, consistent with our Investor Day commitments,” said Lopez.

 

Highlights

 

·                  For the full year 2018, the Company recorded earnings from continuing operations of $0.89 per share (diluted), compared with $1.11 per share in 2017.  Earnings in both periods included items that management considers not representative of ongoing operations.  In 2018, these items exceeded those recorded in 2017, contributing to the year-over-year decline in earnings from continuing operations.

 

·                  Excluding certain items management considers not representative of ongoing operations, adjusted earnings(1) were $2.72 per share compared with the prior year of $2.65 per share.

 

·                  Cash provided by continuing operating activities for 2018 was $793 million, compared with $724 million for 2017.  Adjusted free cash flow(1) for 2018 was $362 million.

 

·                  Net sales were $6.9 billion, which is up slightly compared with 2017.  Higher prices — largely reflecting cost inflation — were partially offset by lower volumes and currency translation.  Total glass container shipments decreased nearly 2 percent on a global basis driven by the transfer of production to the Company’s joint venture with

 


The following information was filed by Owens Illinois Inc (OI) on Tuesday, February 5, 2019 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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Inside Owens Illinois Inc's 10-K Annual Report:

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)
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)
Derivative Instruments - Effects Of Derivative Instruments (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 And Intangible Assets
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Goodwill Rollforward (Details)
Goodwill And Intangible Assets - Schedule Of Intangible Assets (Details)
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
Restructuring (Details)
Restructuring (Tables)
Revenue
Revenue (Details)
Revenue (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 - Property, Plant And Equipment (Details)
Significant Accounting Policies - Reclassifications (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: 0001558370-19-000652
Submitted to the SEC: Thu Feb 14 2019 1:53:07 AM EST
Accepted by the SEC: Thu Feb 14 2019
Period: Monday, December 31, 2018
Industry: Glass Containers

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