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

Owens Illinois Inc

CIK: 812074 Ticker: OI

Exhibit 99.1

 

 

 

FOR IMMEDIATE RELEASE

 

O-I REPORTS THIRD QUARTER 2019 RESULTS

 

PERRYSBURG, Ohio (October 28, 2019)

– Owens-Illinois, Inc. (NYSE: OI) today reported financial results for the third quarter ended September 30, 2019.

 

“O-I’s third quarter results were in-line with our most recent guidance and reflect the benefit of increased selling prices and our recent acquisition of Nueva Fanal which partially offset foreign currency pressures and lower than expected sales volumes,” said Andres Lopez, CEO. “Consistent with our focus on strengthening O-I’s balance sheet, we also reduced the company’s debt levels supported by free cash flow during the quarter.”

 

“In the face of softer than expected demand, we are accelerating our actions to curtail capacity and reduce costs. Separately, we are expanding our strategic portfolio review to include the evaluation of our Australia and New Zealand business. While our outlook for the year remains muted as reflected in our revised guidance, we anticipate these actions will enable us to stabilize the business and resume our long-term trend of improved performance and cash flow as well as further debt reduction in 2020.”

 

Highlights

 

·For the third quarter 2019, loss from continuing operations was $3.69 per share (diluted), compared with earnings from continuing operations of $0.75 per share (diluted) in 2018. 2019 results included a $595 million non-cash charge to reduce the carrying value of goodwill for the company’s North America business unit, primarily reflecting the continued unfavorable trend in beer demand in that market.

 

·Excluding certain items management considers not representative of ongoing operations, third quarter 2019 adjusted earnings1 were $0.54 per share, compared with $0.75 per share in 2018. $0.15 per share of this decline was attributable to unfavorable foreign currency translation and benefit from discrete items in 2018 that did not repeat in 2019.

 

·Net sales were $1.67 billion, down slightly compared to the prior year third quarter.

 

·Loss from continuing operations before income taxes was $536 million, compared to earnings of $168 million in the third quarter of 2018.

 

·Segment operating profit1 was $205 million, compared with $255 million in the third quarter of 2018. $32 million of this decline was attributable to currency and discrete items. Higher selling prices more than offset cost inflation yet total sales volumes were down approximately 1 percent. While benefiting from the recent acquisition of Nueva Fanal, lower than expected shipments reflected slower market growth, especially in Mexico and China, as well as continued unfavorable demand trends for beer and non-alcoholic beverages in the U.S.

 

 

1Adjusted earnings per share and segment operating profit of reportable segments (“segment operating profit”) are non-GAAP financial measures. See tables included in this release for reconciliations to the most directly comparable GAAP measures.

 


The following information was filed by Owens Illinois Inc (OI) on Monday, October 28, 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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Owens Illinois Inc provided additional information to their SEC Filing as exhibits

Ticker: OI
CIK: 812074
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-009317
Submitted to the SEC: Tue Oct 29 2019 3:19:37 PM EST
Accepted by the SEC: Wed Oct 30 2019
Period: Monday, September 30, 2019
Industry: Glass Containers

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