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Oi Glass, Inc. (OI) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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 2021 RESULTS

Fourth Quarter and Full Year Performance Exceeded Most Recent Business Outlook
2021 Shipments Surpassed Pre-Pandemic Levels
Lowest Debt Levels Since Mid-2015

 

PERRYSBURG, Ohio (February 1, 2022)

– O-I Glass, Inc. (“O-I”) (NYSE: OI) today reported financial results for the full year and fourth quarter ended December 31, 2021.

 

Full Year 2021 Results

 

   Earnings from
Continuing Operations
Earnings Per Share (Diluted)		   Earnings from Continuing
Operations Before Income Taxes
$M		   Cash Provided by Continuing
Operating Activities
$M		 
   FY21   FY20   FY21   FY20   FY21   FY20 
Reported  $0.88   $1.57   $332   $353   $680   $457 

 

 

   Adjusted Earnings
Earnings Per Share (Diluted)		   Segment Operating Profit
$M		   Free Cash Flow
$M		 
   FY21   FY20   FY21   FY20   FY21   FY20 
Non - GAAP1   $1.83
 (Guidance: $1.77-$1.82)		   $1.22   $827   $678    $282
 (Guidance: ≥ $260)		   $146 

 

“We are pleased with O-I’s full year 2021 results, which rebounded strongly following the onset of the pandemic. Business performance exceeded the company’s guidance provided at the beginning of the year as well as our most recent business outlook. Sales and production volumes surpassed pre-COVID levels underscoring consumer preference for premium and sustainable glass packaging. Likewise, earnings benefited from very good operating performance and the company’s margin expansion initiatives,” said Andres Lopez, CEO of O-I.

 

·Reported Results: For the full year 2021, the company recorded earnings from continuing operations of $0.88 per share (diluted), compared to $1.57 per share (diluted) in 2020. Current year earnings from continuing operations before income taxes were $332 million, compared to $353 million in the prior year. Lower 2021 earnings primarily reflected the non-recurrence of a $275 million gain related to the 2020 sale of O-I’s Australia and New Zealand business unit, partially offset by higher operating results in 2021. Both periods included items management considers not representative of ongoing operations and other adjustments.

 

The following information was filed by Owens Illinois Inc (OI) on Tuesday, February 1, 2022 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 Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Assets Held For Sale
Assets Held For Sale (Details)
Assets Held For Sale (Tables)
Business Combinations
Business Combinations (Details)
Business Combinations (Tables)
Business Combinations - Subsequent Adjustments (Details)
Contingencies
Contingencies - Asbestos (Details)
Contingencies - Other Matters (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)
Divestitures
Divestitures (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)
Inventories
Inventories (Details)
Inventories (Tables)
Leases
Leases (Tables)
Leases - (Details)
Leases - Lease Cost (Details)
Leases - Maturity Of Lease Liabilities (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: 0001558370-22-000923
Submitted to the SEC: Wed Feb 09 2022 6:46:45 AM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Glass Containers

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