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Oi Glass, Inc. (OI) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Owens Illinois Inc

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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 GLASS REPORTS FULL YEAR AND FOURTH QUARTER 2020 RESULTS

Business performance exceeded company guidance

 

PERRYSBURG, Ohio (February 9, 2021)

– O-I Glass, Inc. (“O-I”) (NYSE: OI) today reported financial results for the full year and fourth quarter ended December 31, 2020.

 

“The global pandemic significantly impacted O-I’s results in 2020. Yet, business conditions improved later in the year as market conditions stabilized. We are pleased with our fourth quarter results as earnings and cash flows exceeded the company’s most recent outlook. Glass shipments were consistent with prior year levels and operating and cost performance continued to surpass expectations,” said Andres Lopez, CEO.

 

“The company continued to take bold structural actions to improve O-I’s business fundamentals during 2020, despite the challenges of the pandemic. The benefit from the company’s turnaround initiatives to expand margins significantly exceeded O-I’s original target as efforts were accelerated to help mitigate the impact of the global recession. As we seek to revolutionize glass, we continued to advance MAGMA, and the early 2021 installation in Germany represents a key milestone that will pave the way for broader deployment in 2022 and beyond. Likewise, we are optimizing the company’s business portfolio and capital structure through divestitures of assets that are not core to our strategy. Finally, the corporate modernization effort, which rebranded the company as O-I Glass, supported January 2020’s actions to establish a final, certain and equitable resolution of our legacy asbestos-related claims liabilities.”

 

“We are optimistic as we enter 2021. While demand may be choppy during the pandemic, business trends should continue to improve as markets stabilize and gradually reopen. Additionally, our strategic actions are set to create future shareholder value, and we expect improved earnings and cash flows in 2021,” concluded Lopez.

 

Full Year 2020 Results

 

·Reported Results: For the full year 2020, the company recorded earnings from continuing operations of $1.57 per share (diluted), compared with a loss of $2.56 per share in 2019. Current year earnings from continuing operations before income taxes were $353 million, compared to a loss of $261 million in the prior year. Both periods included items management considers not representative of ongoing operations. Cash provided by continuing operating activities was $457 million in 2020, compared with $408 million in 2019.

 

The following information was filed by Owens Illinois Inc (OI) on Tuesday, February 9, 2021 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 (Loss)
Consolidated Results Of Operations
Consolidated Share Owners' Equity
Consolidated Share Owners' Equity (Parenthetical)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Tables)
Accumulated Other Comprehensive Loss (Details)
Business Combinations
Business Combinations (Details)
Business Combinations (Tables)
Business Combinations - Subsequent Adjustments (Details)
Contingencies
Contingencies (Tables)
Contingencies - Asbestos (Details)
Contingencies - Asbestos - Rollforward Of Number Of Plaintiffs - (Details)
Covid-19 Impacts
Credit Losses
Credit Losses (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)
Divestiture
Divestiture (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Equity Investments
Equity Investments (Tables)
Equity Investments - Ownership Percentage (Details)
Equity Investments - Summarized Combined Financial Information For Equity Affiliates (Details)
Equity Investments - Summarized Information Pertaining To Equity Affiliates (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Details)
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 Included In Consolidated Balance Sheets (Details)
Income Taxes - Possible Changes 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 - Reconciliation Of Total Gross Unrecognized Tax Benefits (Details)
Income Taxes - Significant Components Of Deferred Taxes (Details)
Income Taxes - Tax Cuts And Jobs Act ("Act") (Details)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Maturity Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Other Information (Details)
Leases - Supplemental Balance Sheet Information (Details)
Other Assets
Other Assets (Details)
Other Assets (Tables)
Other Assets - Capitalized Software (Details)
Other Income (Expense), Net
Other Income (Expense), Net (Details)
Other Income (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 - 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 - 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 (Details)
Segment Information (Tables)
Segment Information - Assets, Investments, Equity, Capital Expenses And Depreciation And Amortization (Details)
Segment Information - Intangible Long Lived Assets, Including Property, Plant And Equipment And Operating Lease Right-Of-Use Assets, By Geographic Segment (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)
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)
Supplemental Cash Flow Information - Components Of Working Capital (Details)
Ticker: OI
CIK: 812074
Form Type: 10-K Annual Report
Accession Number: 0001558370-21-001009
Submitted to the SEC: Tue Feb 16 2021 6:48:52 AM EST
Accepted by the SEC: Tue Feb 16 2021
Period: Thursday, December 31, 2020
Industry: Glass Containers

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