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Oi Glass, Inc. (OI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, September 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 THIRD QUARTER 2021 RESULTS

Results exceeded expectations on solid operating performance

Raising full-year outlook

Binding commitment from a subsidiary of Berlin Packaging L.L.C. to buy O-I’s Le Parfait brand and business

 

PERRYSBURG, Ohio (October 25, 2021)

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

 

   

Earnings from

Continuing Operations
Earning
s Per Share (Diluted)

   Earnings from Continuing
Operations Before Income Taxes
$M
   Cash Provided by Continuing
Operating Activities
$M
 
     3Q21   3Q20   3Q21   3Q20   3Q21   3Q20
Reported   $0.48   $2.06   $127   $376   $306   $262 

 

     

Adjusted Earnings

Earnings Per Share (Diluted)

    

Segment Operating Profit

$M

    

Free Cash Flow

$M

 
     3Q21   3Q20   3Q21   3Q20   3Q21   3Q20
Non - GAAP1    

$0.58

(Guidance: $0.47-$0.52)

   $0.41   $243   $204   $213   $205 

 

“We are pleased with O-I’s third quarter business performance. Once again, we delivered on our commitments as performance exceeded the company’s guidance range, despite a number of macro challenges. Demand for glass containers remains strong, yet shipments were down slightly due to choppy demand patterns, mix management and ongoing supply chain disruptions. On the other hand, higher average selling prices fully offset escalating cost inflation, and earnings benefited from continued solid operating and cost performance supported by the company’s Margin Expansion initiatives. Cash From Operating Activities and Free Cash Flow1 were also strong reflecting solid earnings and debt was the lowest level since 2015,” said Andres Lopez, CEO.

 

“We continue to advance O-I’s strategy and have made very good progress on our 2021 priorities. With $50 million of benefits year-to-date, our Margin Expansion initiatives have already achieved the company’s full year target. O-I is redefining glass production with our new MAGMA solution. We have successfully commercialized the Generation 1 MAGMA line at Holzminden, Germany, and our Generation 2 pilot is proceeding well. As we seek to rebalance the packaging dialogue, our glass advocacy digital marketing campaign has connected with over 99 million consumers across North America, and we issued our 2021 sustainability report in August that showcases how we are advancing our ESG position. As part of our ongoing portfolio optimization program, we recently announced our intent to sell our Le Parfait brand and business in France at an attractive valuation that also includes a long-term strategic supply agreement. The combination of rebalancing O-I’s business portfolio and addressing legacy asbestos and pension liabilities will significantly improve the company’s financial flexibility. All of these actions are consistent with our strategy to increase stakeholder value. We are pleased with our momentum and we are increasing our full-year 2021 outlook.”

 

 

 

1 Adjusted earnings per share, free cash flow, segment operating profit, and net debt are each 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 25, 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:

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Ticker: OI
CIK: 812074
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-21-013512
Submitted to the SEC: Tue Oct 26 2021 4:31:28 PM EST
Accepted by the SEC: Tue Oct 26 2021
Period: Thursday, September 30, 2021
Industry: Glass Containers

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