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Oi Glass, Inc. (OI) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 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 THIRD QUARTER 2020 RESULTS

Strong Rebound After A Challenging Second Quarter Due to the Pandemic

 

PERRYSBURG, Ohio (October 27, 2020)

– O-I Glass, Inc. (“O-I”) (NYSE: OI) today reported financial results for the third quarter ended September 30, 2020.

 

“After a very challenging second quarter due to the pandemic, earnings rebounded strongly during the third quarter. Sales volumes recovered very well reflecting consumers’ affinity for healthy and sustainable glass packaging. Likewise, continued strong operating performance substantially offset the impact of lower production levels as capacity was gradually restarted following a disruptive second quarter. Despite the ongoing pandemic, the company generated strong operating results and continued favorable cash flow,” said Andres Lopez, O-I CEO.

 

“O-I continued to advance its strategy to create long-term value. The turnaround initiatives gained momentum and contributed to the company’s strong operating performance during the quarter. The company completed the sale of its Australia and New Zealand (“ANZ”) operations to optimize its structure, and the net proceeds were used to reduce debt and improve O-I’s financial flexibility. Paddock’s Chapter 11 filing is proceeding as expected as Paddock seeks a final resolution of its asbestos-related liabilities. Additionally, the company remains on track with the MAGMA Generation 1 installation in early 2021 that will pave the way for broader deployment starting in 2022 as we seek to revolutionize the business model for glass,” added Lopez.

 

Summary Comments for Third Quarter 2020

 

·Reported Earnings: For the third quarter 2020, earnings from continuing operations were $2.06 per share (diluted) compared with a loss of $3.69 per share in the third quarter of 2019. Current year earnings from continuing operations before income taxes were $376 million, compared to a loss of $536 million in the prior year. 2020 results included an approximately $280 million net gain on the sale of O-I’s ANZ business unit. 2019 results included a $595 million non-cash impairment charge to reduce the carrying value of goodwill for the company’s North America business unit. Cash provided by continuing operating activities in the third quarter 2020 was $262 million compared to $416 million in the prior year. Cash payments for property, plant and equipment were $57 million in the third quarter of 2020 compared to $100 million last year.

 


The following information was filed by Owens Illinois Inc (OI) on Tuesday, October 27, 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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Ticker: OI
CIK: 812074
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-011894
Submitted to the SEC: Wed Oct 28 2020 4:36:44 PM EST
Accepted by the SEC: Wed Oct 28 2020
Period: Wednesday, September 30, 2020
Industry: Glass Containers

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