PERRYSBURG, Ohio, July 30, 2024 (GLOBE NEWSWIRE) -- FOR IMMEDIATE RELEASE O-I Glass, Inc. ("O-I") (NYSE: OI) today reported financial results for the second quarter ended June 30, 2024. | --- | --- | --- | --- | --- | |------------|----------------------------|--------------------------------------------------|-----------|-------------------------------------| | | Per Share (Diluted) \n2Q24 | Net Earnings Attributable to the Company \n2Q23 | $M \n2Q24 | Earnings Before Income Taxes \n2Q23 | | Reported | $0. ...

Core Viewpoint - O-I Glass is expected to report a year-over-year decline in earnings due to lower revenues, with the consensus EPS estimate at $0.42, reflecting a decrease of 52.3% compared to the previous year [10][12]. Earnings Expectations - The upcoming earnings report is anticipated to be released on July 30, with revenues expected to be $1.75 billion, down 7.2% from the year-ago quarter [2][3]. - The Most Accurate Estimate for O-I Glass is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -0.79%, indicating a bearish outlook from analysts [22]. Historical Performance - O-I Glass has beaten consensus EPS estimates in the last four quarters, delivering a surprise of +25% in the most recent quarter where it reported earnings of $0.45 against an expectation of $0.36 [8][24]. Analyst Sentiment - The consensus EPS estimate has remained unchanged over the last 30 days, reflecting a collective reassessment by covering analysts [13]. - The stock currently holds a Zacks Rank of 2 (Buy), which suggests a relatively positive sentiment despite the negative Earnings ESP [16][22]. Predictive Models - The Zacks Earnings ESP model indicates that a positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a solid Zacks Rank [1]. - However, a negative Earnings ESP reading complicates the prediction of an earnings beat, making it difficult to conclude that O-I Glass will surpass the consensus EPS estimate [7][15].

Delivering the next step towards long-term global sustainability targets Investment of approximately $150 million in the Alloa site over the next two years Perrysburg, Ohio, July 02, 2024 (GLOBE NEWSWIRE) -- O-I Glass, Inc. ("O-I Glass" or "O-I") plans a major transformation of its Alloa, UK manufacturing plant into an even more technologically advanced facility with an expected significant reduction in CO2 emissions. Over the next two years, the company plans to invest approximately $150 million in a serie ...

Core Insights - O-I Glass plans to invest approximately $150 million over the next two years to upgrade its Alloa manufacturing plant, focusing on sustainability and technological advancements [1][5][10] - The transformation includes rebuilding an existing furnace with state-of-the-art technology aimed at reducing CO2 emissions and increasing the use of renewable energy and recycled glass [1][6][10] - The company aims to reduce CO2 emissions by 25% by 2030 as part of its sustainability roadmap [6] Investment and Technological Advancements - The investment will support the construction of a new furnace that enhances long-term flexibility and sustainability efforts, particularly in the Spirits segment [10] - O-I is partnering with a supplier to establish an oxygen farm adjacent to the Alloa plant, which will separate air into oxygen, nitrogen, and argon, benefiting local manufacturing and healthcare [11] Company Background and Market Position - O-I Glass is a leading producer of glass bottles and jars globally, with net sales of $6.9 billion in 2022 [2] - The Alloa plant has a long heritage dating back to 1750 and is being transformed into a modern facility while maintaining its historical significance [2][5]

Core Insights - O-I Glass has made significant progress in sustainability, achieving a nearly 20% reduction in scope 1 & 2 emissions since the 2017 base year through various innovations and projects [3][2][1] Group 1: Sustainability Achievements - The company has conserved over 24,400 tons of glass and approximately 13,120 tons of CO2 through lightweighting initiatives [2][1] - More than 100 energy reduction projects have led to the elimination of approximately 34,950 tons of CO2 emissions [1][2] - O-I has established 35 glass packaging collection sites to enhance recycling efforts in nine North American communities, contributing to the collection of 688 tons of glass [4][1] Group 2: Innovative Technologies - O-I is focusing on renewable energy sourcing, increasing recycled content, and implementing new furnace technologies to drive sustainable progress [3][5] - Recent investments include a €50 million ($54.12 million) facility in Vayres, France, for gas-oxy combustion technology and a new GOAT furnace in Zipaquira, Colombia [6][5] Group 3: Community Engagement - The Glass4GoodTM program has donated over $26,100 to United Way and saved approximately 800 tons of raw materials, along with reducing CO2 emissions equivalent to the energy use of about 28 homes for a year [4][1] - The company has created 44 closed-loop partnership programs with customers globally, conserving nearly 145,000 tons of glass [4][1] Group 4: Company Overview - O-I Glass, Inc. is a leading producer of glass bottles and jars, with revenues of $7.1 billion in 2023 and a workforce of approximately 23,000 employees across 68 plants in 19 countries [8][1]

Core Insights - O-I Glass, Inc. has published its 2024 Sustainability Report Update, showcasing significant progress towards its sustainability goals through innovation and transformation [1][5]. Sustainability Achievements - The company has achieved conservation of over 24,000 tons of glass and 13,000 tons of CO2 through lightweighting efforts [2][7]. - More than 100 energy reduction projects have led to the elimination of nearly 35,000 tons of CO2 emissions [2][7]. - O-I has established 35 glass packaging collection sites to enhance glass recycling in nine North American communities, including four Glass4GoodTM program sites that have collected 688 tons of glass and donated over $26,100 to United Way [3]. Process Innovations - O-I attributes its sustainability success to process innovations that lower carbon outcomes, implementing alternative fuel sources and innovative technologies [4][7]. - The company has reported a nearly 20% reduction in scope 1 & 2 emissions since the 2017 base year, driven by its climate strategy [7]. Investment in Innovation - Recent investments include a new facility in Bowling Green, Kentucky, for the proprietary MAGMA technology, and a €50 million ($54.12 million) investment in Vayres, France, for gas-oxy combustion technology and heat recovery systems [8]. - The company has also initiated operations of a newly built GOAT (Gas Oxy Advancement Technology) furnace in Zipaquira, Colombia [8]. Company Overview - O-I Glass is a leading global producer of glass bottles and jars, with revenues of $7.1 billion in 2023 and a workforce of approximately 23,000 across 68 plants in 19 countries [6].

By strategically charging and discharging the battery based on grid conditions, GridBeyond's AI-powered system helps to stabilize the local electricity grid during peak periods, increases O-I's resilience against brownouts, and improves the grid's efficiency and sustainability. It allows charging during times of high renewable energy availability and discharging energy to the site at peak hours of demand. With this approach, O-I is projected to conserve up to 240 tons of CO2 emissions annually at the Alloa ...

PERRYSBURG, OH/ALLOA, UK, June 25, 2024 (GLOBE NEWSWIRE) -- - O-I Glass, Inc. ("O-I Glass" or "O-I") and GridBeyond plan to implement a groundbreaking battery storage solution at O-I's Alloa, UK facility. The innovative 8MW battery system and supporting energy management system (EMS) leverages artificial intelligence to significantly enhance energy efficiency, resilience and sustainability. By strategically charging and discharging the battery based on grid conditions, GridBeyond's AI-powered system helps t ...

O-I Glass, Inc. (OI) announced its plans to invest around $65 million in the electrification and decarbonization of its plant in Veauche, France. The move aligns with O-I Glass's sustainability efforts and its previously announced investment in plant renovations. The company intends to simultaneously implement a heat recovery system that will reduce carbon emissions in the plant. O-I Glass reported first-quarter 2024 earnings per share of 45 cents, which beat the Zacks Consensus Estimate of 36 cents. On a y ...

Company Overview - O-I Glass, Inc. is a leading global producer of glass bottles and jars, emphasizing the sustainability and recyclability of glass as a packaging material [4] - The company is headquartered in Perrysburg, Ohio, and employs approximately 23,000 people across 68 plants in 19 countries, achieving revenues of $7.1 billion in 2023 [4] Sustainability Initiatives - O-I plans to invest approximately $65 million in the electrification and decarbonization of its Veauche, France plant, which will be the first to utilize hybrid-flex technology [13] - The hybrid-flex technology allows for the replacement of up to 70% of conventional fossil-fuel-based energy with electricity, leading to a projected 43% reduction in onsite CO2 emissions compared to traditional furnaces [13][10] - The Veauche plant is expected to reduce its overall CO2 emissions by up to 35% compared to pre-2020 levels once the new investments are completed by December 2025 [11] Technological Advancements - The new hybrid furnace will feature a heat recovery system that will supply up to 94% of the plant's heating needs, enhancing energy efficiency [11] - The plant produces approximately 300 million bottles annually and leverages up to 87% recycled glass sourced locally, supporting a circular economy [15] Market Position - O-I Glass is recognized as a preferred partner for many leading food and beverage brands, focusing on innovation to meet customer needs [4] - The company aims to achieve a global target of a 25% reduction in greenhouse gas emissions by 2030 through its sustainability efforts [13]