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Owens Illinois Inc (OI) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Owens Illinois Inc

CIK: 812074 Ticker: OI

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

O-I REPORTS SECOND QUARTER 2019 RESULTS

 

PERRYSBURG, Ohio (July 31, 2019)

— Owens-Illinois, Inc. (NYSE: OI) today reported financial results for the second quarter ended June 30, 2019.

 

“The Company has been on a transformational journey and has made meaningful progress over the past three years.  However, the second quarter was a challenging period for O-I.  Earnings fell short of management’s guidance as sales volumes were essentially flat with last year compared to our expectation of modest growth. Despite encouraging demand trends in April and May, June shipments were softer than anticipated including the impact of extreme weather conditions in Europe,” said Andres Lopez, CEO.  “We also incurred higher than expected costs in the Americas related to the commissioning of a furnace at a joint venture as well as unplanned downtime due to flooding and weather-related issues. While 2019 is turning out to be a difficult year, we believe many of these factors are temporary and we are taking action to accelerate performance.”

 

Highlights

 

·                  For the second quarter 2019, earnings from continuing operations were $0.42 per share (diluted), compared with $0.31 per share (diluted) in 2018.  Excluding certain items management considers not representative of ongoing operations, adjusted earnings(1) were $0.69 per share, compared with $0.77 per share in 2018.

 

·                  Net sales were $1.8 billion, essentially flat with the prior year second quarter. Higher prices were offset by unfavorable foreign currency translation while sales volumes were essentially flat with the prior year.

 

·                  Earnings from continuing operations before income taxes were $98 million, compared to $78 million in the second quarter of 2018.  This improvement reflects lower restructuring charges in the second quarter of 2019 than in the prior year.

 

·                  Segment operating profit(1) was $236 million which compares to $255 million in the second quarter of 2018. While the benefit of higher selling prices more than offset cost inflation, operating costs were higher than the prior year. Increased costs reflected additional costs related to the commissioning of a furnace at a joint venture, unexpected weather related downtime and timing of an energy credit.

 

·                  Despite a challenging second quarter, O-I recently achieved key milestones across a number of strategic priorities:

 

·            Sales volume growth was strong in the markets where O-I recently commissioned new capacity including Brazil, Colombia and China.

 

·            Production of commercial ware at the Company’s first MAGMA line started in early July.

 


The following information was filed by Owens Illinois Inc (OI) on Wednesday, July 31, 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-Q Quarterly 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-Q Quarterly Report:

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Ticker: OI
CIK: 812074
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-006829
Submitted to the SEC: Thu Aug 01 2019 12:29:16 PM EST
Accepted by the SEC: Thu Aug 01 2019
Period: Sunday, June 30, 2019
Industry: Glass Containers

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