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Oi Glass, Inc. (OI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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 SECOND QUARTER 2022 RESULTS

·Strong second quarter results exceeded guidance
·Delivered on key transformation commitments including resolution of legacy asbestos liabilities
·Management increased full-year 2022 financial outlook

 

PERRYSBURG, Ohio (August 2, 2022)

– O-I Glass, Inc. (“O-I”) (NYSE: OI) today reported financial results for the second quarter ended June 30, 2022.

 

 

Net Earnings (Loss) Attributable

to the Company

Earnings Per Share (Diluted)

Earnings (loss) Before

Income Taxes

$M

2Q22 2Q21 2Q22 2Q21
Reported $1.59 $0.73 $328 $198
 

Adjusted Earnings

Earnings Per Share (Diluted)

Segment Operating Profit

$M

2Q22 2Q21 2Q22 2Q21
Non – GAAP1

$0.73

(Guidance: > $0.65)

$0.54 $257 $232

 

“O-I reported strong second quarter net earnings attributable to the company and adjusted earnings exceeded guidance demonstrating exceptional agility amid elevated market volatility. As expected, our glass shipments increased slightly compared to the prior year period and the benefit of higher selling prices continued to more than offset elevated cost inflation. Strong earnings also reflected solid operating and cost performance supported by O-I’s ongoing Margin Expansion initiatives.”

 

“Importantly, O-I delivered on key commitments along our transformation journey. The balance sheet is now in its best position since prior to the acquisition of O-I Mexico in 2015. The company recently announced the first U.S. MAGMA greenfield facility at Bowling Green, KY which should commence production mid-2024. Additionally, Paddock has achieved a fair and final resolution of its legacy asbestos liabilities and the 524(g) trust was fully funded as of July 18th, 2022.”

 

“Overall, O-I is operating very well and is delivering on its transformation commitments which will benefit all stakeholders and continue to create value for our shareholders,” said Andres Lopez, O-I Glass CEO.

 

Net sales were $1.8 billion in the second quarter of 2022, up from $1.7 billion in the prior year quarter. Unfavorable foreign currency translation impacted sales by $95 million and $11 million of lower sales was due to divestitures. Higher average selling prices contributed $208 million to

 

 

1 Adjusted earnings per share, free cash flow, adjusted free cash flow and segment operating profit 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 Tuesday, August 2, 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-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

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Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
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Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
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Contingencies - Other Matters (Details)
Covid-19 Impacts
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Other Income (Expense), Net
Other Income (Expense), Net (Details)
Other Income (Expense), Net (Tables)
Pension Benefit Plans
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Segment Information - Reportable Segments - Net Sales (Details)
Segment Information - Reportable Segments - Segment Operating Profits And Reporting Segment Totals (Details)
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Share Owners' Equity (Tables)
Share Owners' Equity - Rollforward (Details)
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Material Contracts, Statements, Certifications & more

Owens Illinois Inc provided additional information to their SEC Filing as exhibits

Ticker: OI
CIK: 812074
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-011903
Submitted to the SEC: Wed Aug 03 2022 4:31:06 PM EST
Accepted by the SEC: Wed Aug 03 2022
Period: Thursday, June 30, 2022
Industry: Glass Containers

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