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Oi Glass, Inc. (OI) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

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 GLASS REPORTS STRONG SECOND QUARTER 2021 RESULTS

Results exceeded expectations on strong shipments and solid operating performance

 

PERRYSBURG, Ohio (August 3, 2021)

– O-I Glass, Inc. (“O-I”) (NYSE: OI) today reported financial results for the second quarter ended June 30, 2021.

 

“O-I’s second quarter business performance was strong and exceeded our expectations. Demand was robust and shipment levels rebounded to pre-pandemic levels. Excluding the effect of recent divestitures, sales volume was up 18 percent from the prior year period. Likewise, the company’s performance benefited from higher production as well as continued solid operating and cost performance supported by the company’s Margin Expansion initiatives. Second quarter cash provided by operating activities was also strong reflecting solid earnings,” said Andres Lopez, CEO.

 

“We continued to make very good progress on our 2021 priorities through the first half of the year. Our Margin Expansion initiatives generated $40 million of benefits year-to-date and we expect full-year benefits will exceed our original target for 2021. Consistent with our goal to revolutionize glass, we successfully validated multiple R&D assumptions at our first full-scale Generation 1 MAGMA line at Holzminden Germany. We also remain on track to pilot our Generation 2 MAGMA line at Streator Illinois in the second half of the year. Likewise, our Glass Advocacy campaign has reached over 80 million people in the U.S. as we seek to rebalance the packaging narrative and share the many favorable and sustainable attributes of glass. As we optimize our structure, we are now over 80 percent complete on our $1.15 billion divestiture program which should wrap up by the end of 2022. Finally, the Paddock Chapter 11 plan of reorganization is progressing as expected consistent with the agreement-in-principle reached in April as we seek a fair and final resolution to Paddock’s legacy asbestos liabilities. All of these actions are consistent with our strategy to increase shareholder value and ensure sustainable prosperity for O-I.”

 

“Despite a continued volatile environment and challenges with severe weather earlier in the year, our full year 2021 adjusted earnings, cash provided from operating activities and free cash flow outlook has improved reflecting favorable market trends and the company’s continued strong operating performance,” concluded Lopez.

 

Second Quarter 2021 Results

 

·Reported Results: For the second quarter 2021, the company recorded earnings of $0.73 per share (diluted) compared to a loss of $0.64 per share in the prior year period which was significantly impacted by the onset of the pandemic. The current year earnings before income taxes was $198 million, compared to a loss of $119 million in the second quarter of 2020, which was significantly impacted by the onset of the pandemic. Both periods include items management considers not representative of ongoing operations. Higher earnings were primarily the result of improved sales and production volumes, strong operating and cost performance and a gain on an indirect tax credit in Brazil.

 


The following information was filed by Owens Illinois Inc (OI) on Tuesday, August 3, 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-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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
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Accumulated Other Comprehensive Loss
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Ticker: OI
CIK: 812074
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-010240
Submitted to the SEC: Wed Aug 04 2021 4:36:03 PM EST
Accepted by the SEC: Wed Aug 04 2021
Period: Wednesday, June 30, 2021
Industry: Glass Containers

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