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Oi Glass, Inc. (OI) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Owens Illinois Inc

CIK: 812074 Ticker: OI

Exhibit 99.1

 

 

 

FOR IMMEDIATE RELEASE

 

For more information, contact:

Chris Manuel

Vice President of Investor Relations

567-336-2600

Chris.Manuel@o-i.com

 

O-I REPORTS SECOND QUARTER 2020 RESULTS

Improving business trends as markets reopen

 

PERRYSBURG, Ohio (August 4, 2020)

– O-I Glass, Inc. (NYSE: OI) today reported financial results for the second quarter ended June 30, 2020.

 

“The first half of 2020 was the most challenging business environment in decades given the sudden onset of the pandemic. However, the second quarter ended on a positive note. After enduring the brunt of COVID-19 in April and May, O-I’s sales volume improved significantly in the latter part of the quarter as markets started to reopen. Likewise, continued strong operating performance and cost control measures helped partially mitigate the impact of the pandemic and contributed to very good cash flow in the quarter,” said Andres Lopez, O-I CEO.

 

“O-I successfully advanced a number of important strategic efforts to create long-term value. The company’s turnaround initiatives provided a strong platform to improve operating performance and navigate the pandemic. O-I recently completed the sale of its Australia and New Zealand (“ANZ”) operation to optimize its structure and reduce debt. Furthermore, refinancing efforts improved the company’s financial flexibility, and the Paddock Chapter 11 process continues to progress as O-I seeks a final resolution of its legacy asbestos liabilities. Consistent with O-I’s goal to revolutionize glass, the company remains on track with the Generation 1 MAGMA installation in early 2021 that will pave the way for broader deployment starting in 2022,” added Lopez.

 

Summary

 

·Reported Earnings: For the second quarter 2020, loss from continuing operations was $0.64 per share compared with earnings of $0.42 per share (diluted) in the second quarter of 2019. Current quarter results included the unfavorable impact of the pandemic, as well as charges for restructuring, asset impairment and note repurchase premiums.

 

·Adjusted Earnings: Excluding certain items management considers not representative of ongoing operations, adjusted earnings1 were $0.01 per share, compared with $0.69 per share in the second quarter of 2019. Current quarter results reflected the impact of the pandemic and were consistent with the company’s most recent business update that indicated approximately breakeven results.

 

 

 

1 Adjusted earnings per share, segment operating profit of reportable segments (“segment operating profit”), free cash flow, adjusted net interest expense, adjusted effective tax rate and net debt (total debt less cash) 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 Tuesday, August 4, 2020 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: 0001558370-20-009400
Submitted to the SEC: Wed Aug 05 2020 4:17:41 PM EST
Accepted by the SEC: Wed Aug 05 2020
Period: Tuesday, June 30, 2020
Industry: Glass Containers

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