Core Points - O-I Glass, Inc. will host an Investor Day on March 14, 2025, in New York City, themed "The Power of Glass" [1] - The event will feature presentations and a Q&A session with the global leadership team [1] - The event is scheduled to start at 8:30 a.m. ET and conclude around 11:30 a.m. ET, with limited in-person attendance by invitation only [2] Company Overview - O-I Glass, Inc. is a leading producer of glass bottles and jars globally, emphasizing the sustainability and recyclability of glass as a packaging material [4] - The company is headquartered in Perrysburg, Ohio, and employs approximately 21,000 people across 69 plants in 19 countries [4] - O-I Glass achieved revenues of $6.5 billion in 2024, positioning itself as a preferred partner for many leading food and beverage brands [4]

Employee and Workplace Safety - The Company has approximately 21,000 employees and operates 69 plants across 19 countries[53] - The Company has made significant expenditures on workplace safety improvements, which did not materially affect its results of operations or cash flows[52] - The Company continually monitors workplace safety and invests in projects to enhance employee safety, expecting continued improvement as a result[52] - The Company emphasizes a culture of respect and integrity, aiming to create an inclusive work environment to enhance overall performance[57] - The Company has implemented strategic investments to develop employees and improve retention and engagement through surveys and third-party consultations[58] - The Company does not anticipate any material work stoppages in the near term, considering its employee relations to be good[59] Financial Performance - Net sales for 2024 were $6,531 million, a decrease of 8% compared to $7,105 million in 2023[320] - Gross profit for 2024 was $1,045 million, down 30% from $1,496 million in 2023[320] - Net earnings attributable to the Company for 2024 were a loss of $106 million, compared to a loss of $103 million in 2023 and a profit of $584 million in 2022[320] - Basic and diluted earnings per share for 2024 were both $(0.69), compared to $(0.67) in 2023 and $3.76 in 2022[320] - Total assets decreased to $8,654 million in 2024 from $9,669 million in 2023, a decline of approximately 10.5%[326] - Total liabilities decreased to $7,449 million in 2024 from $7,925 million in 2023, a reduction of about 6%[328] - Total comprehensive loss for 2024 was $493 million, compared to a comprehensive income of $208 million in 2023[323] - Cash and cash equivalents decreased to $734 million in 2024 from $913 million in 2023, a decline of 19.6%[326] - Inventories decreased to $963 million in 2024 from $1,071 million in 2023, a reduction of approximately 10.1%[326] - The Company reported a foreign currency translation adjustment loss of $496 million in 2024, compared to a gain of $343 million in 2023[323] Debt and Cash Flow - The Company had approximately $5.0 billion and $4.9 billion of total debt outstanding as of December 31, 2024 and December 31, 2023, respectively[108] - Approximately 28% of the Company's total debt is subject to variable interest rates as of December 31, 2024[111] - The Company’s ability to generate cash flow is critical for servicing its debt and funding operations, with no assurance of sufficient future cash flow[111] - Cash provided by operating activities decreased to $489 million in 2024 from $818 million in 2023[333] - Total cash utilized in investing activities was $620 million in 2024, down from $683 million in 2023[333] - Additions to long-term debt in 2024 amounted to $1,102 million, compared to $1,332 million in 2023[333] Environmental and Regulatory Compliance - The Company has incurred costs for environmental compliance and expects these costs to increase in the future, potentially impacting financial condition and operations[126] - The Company had to comply with various environmental legal requirements that may have a material adverse effect on operations[125] - As of December 31, 2024, various U.S. states, Canadian provinces, and European countries have implemented or are considering recycling laws that may impose fees or require minimum recycled content, affecting packaging choices[129] - Increased scrutiny on environmental, social, and governance (ESG) matters may impose additional costs and risks on the Company[136] Supply Chain and Operational Risks - The Company relies on third parties for transportation, and disruptions in the transportation industry could increase costs and affect operations[90] - Supply chain disruptions have impacted the Company's capital expenditure plans, potentially affecting operating costs and project timelines[86] - The Company faces risks related to supply chain disruptions, competitive pricing pressures, and changes in consumer preferences[302] Technology and Innovation - The Company has implemented the MAGMA program to improve glass melting technology, with a focus on reducing capital requirements and emissions[81] - A greenfield facility utilizing the MAGMA technology was completed in Bowling Green, Kentucky, with production ramping up as of the end of 2024[82] - The Company has paused development on the final phase of the MAGMA program until commercialization activities at the Bowling Green plant are completed[84] - The Company is working on improving its glass melting technology, known as the MAGMA program, to enhance economic profit[303] Competition and Market Conditions - The Company is subject to intense competition from other glass container producers and alternative packaging forms, which could adversely affect its financial health[74] - Future financial performance may be affected by geopolitical factors, including the Ukraine-Russia conflict and other global tensions[302] Currency and Interest Rate Risks - The Company is exposed to risks associated with fluctuations in foreign currency exchange rates, which could adversely impact financial results[118] - The Company has defined a financial counterparty policy to manage credit risk associated with derivative instruments[289] - A potential change in fair value for financial instruments from a 10% change in foreign exchange rates would be approximately $137 million as of December 31, 2024[293] - A one percentage point change in interest rates would change the Company's annual net interest expense by $14 million as of December 31, 2024[296] - The Company has variable-interest rate borrowings exposed to fluctuations in foreign currencies, using derivatives to manage these exposures[388] Goodwill and Impairment - Goodwill totaled $1.32 billion as of December 31, 2024, representing approximately 15% of total assets, with a non-cash impairment charge of $445 million recorded in Q4 2023[98] - The company's goodwill balance was $1,321 million as of December 31, 2024, with no impairment indicated in the annual test[314] - Goodwill for the Americas segment was $521 million as of December 31, 2024, net of accumulated impairment losses of $1,040 million[381]

State-of-the-art furnace technology to reduce emissions and enhance efficiencyNext milestone in O-I's decarbonization strategy Building an even more competitive business in Germany creates new value for O-I customers PERRYSBURG, Ohio / HOLZMINDEN, Germany , Feb. 06, 2025 (GLOBE NEWSWIRE) -- - As part of its vision to reshape the company and become the most competitive glass maker in the industry, O-I Glass, Inc. ("O-I Glass" or "O-I") is further strengthening its business in Germany.  Determined to build an ...

Financial Data and Key Metrics Changes - Full year adjusted earnings were $0.81 per share, slightly exceeding guidance but down from historically high performance in 2023 [6] - Fourth quarter reported an adjusted loss of $0.05 per share compared to adjusted earnings of $0.12 per share in the same period last year [6][16] - Free cash flow was a $128 million use of cash, reflecting lower earnings and elevated restructuring interest and tax payments [13] Business Line Data and Key Metrics Changes - Segment operating profit in the Americas was $96 million, up from $93 million in Q4 2023, benefiting from a 5% growth in sales volume [18] - Segment operating profit in Europe was $40 million, down from $75 million in Q4 2023, due to unfavorable net price and a 5% decrease in sales volume [19] Market Data and Key Metrics Changes - Shipments in the Americas increased by 5% in Q4, with notable growth in Mexico and Brazil, while shipments in Europe declined by approximately 5% [21][22] - The company noted sluggish market demand and high in-home spirits inventories, particularly in the US, impacting net price [7] Company Strategy and Development Direction - The company is implementing a "fit to win" strategy aimed at improving competitiveness by reducing total costs and enabling sustainable growth [8][24] - The initiative is expected to generate savings of $300 million over three years, with a target of $175 million to $200 million in 2025 [25][26] - The company plans to optimize its supply chain and reduce excess capacity, with a focus on improving operational efficiencies [30][39] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious commercial outlook, anticipating solid earnings improvement in 2025 driven by strategic initiatives [9][34] - The company expects adjusted EPS in the range of $1.20 to $1.50 per share for 2025, representing a 50% to 85% increase from 2024 levels [9][34] - Management highlighted the need to align consumer real income with inflation and to moderate destocking across the value chain [23] Other Important Information - The company anticipates free cash flow to rebound to between $150 million and $200 million in 2025, reflecting higher earnings and lower CapEx [36] - The economic spread was WACC minus 2% compared to plus 2% in 2023, reflecting softer earnings [15] Q&A Session Summary Question: Signs of volume stability and trends in alcohol market - Management noted that alcohol constitutes around 75% of the portfolio, with growth in the Americas, particularly in Brazil and Mexico, while Europe faces sluggish demand [45][46] Question: Confidence in pricing component for 2025 - Management indicated that about 55% of the global portfolio is under long-term contracts, providing stability, while the remaining 45% is renegotiated annually [50][51] Question: Impact of potential tariffs on volume - Management stated that the fit to win program is not volume dependent and that exposure to tariffs is limited, with potential volume shifts to domestic brands [57][60] Question: Substrate substitution dynamics - Management acknowledged the need to be competitive with cans and noted that glass volume growth occurs when costs are within 15% of cans [70][72] Question: Energy contract plans and cost management - Management is implementing an enterprise-wide program to optimize energy usage and reduce costs, which is part of the fit to win strategy [82][84] Question: CapEx and restructuring costs - Management expects restructuring costs to peak in 2025, with ongoing activities into 2026, focusing on optimizing the network and reducing fixed costs [125][126]

It is possible that the Company's future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the Company's ability to achieve expected benefits from cost management, efficiency improvements, and profitability initiatives, such as its Fit to Win program, including expected impacts from production curtailments, reduction in force and furnace closures, (2) the general political, economic and competitive conditions in markets and countr ...

O-I Glass, Inc. (OI) reported a fourth-quarter 2024 adjusted loss per share of 5 cents, which beat the Zacks Consensus Estimate of a loss of 11 cents. The company posted earnings of 12 cents in the year-ago quarter. The downside was led by significant production curtailment due to sluggish demand.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Including one-time items, O-I Glass reported a loss of $1.00 for the quarter compared with the prior-year quarter’s loss of $3.05.OI’s Q4 Reven ...

O-I Glass (OI) came out with a quarterly loss of $0.05 per share versus the Zacks Consensus Estimate of a loss of $0.11. This compares to earnings of $0.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 54.55%. A quarter ago, it was expected that this glass container manufacturer would post earnings of $0.03 per share when it actually produced a loss of $0.04, delivering a surprise of -233.33%.Over the last four quarters, the ...

Financial Performance - Net sales for 2024 were $6.5 billion, a decrease of approximately 8 percent compared to $7.1 billion in 2023[4] - Adjusted earnings per share (diluted) for 2024 were $0.81, down from $3.09 in 2023, slightly exceeding management's guidance of $0.70 to $0.80[8] - Segment operating profit was $748 million in 2024, down from $1,193 million in 2023, reflecting lower net prices and increased operating costs[6] - The company reported a net loss attributable to the company of $0.69 per share in 2024, compared to a net loss of $0.67 per share in 2023[7] - Net sales for the year ended December 31, 2024, were $6,404 million, a decrease of 8.3% from $6,982 million in 2023[38] - Adjusted earnings (loss) for the year ended December 31, 2024, were $(8) million, compared to $491 million in 2023[43] Cash Flow and Assets - Free cash flow was a use of $128 million in 2024, compared to a source of $130 million in the prior year, slightly better than the guidance range of a use of $130 million to $170 million[9] - Cash provided by operating activities was $489 million in 2024, down from $818 million in 2023[8] - Cash provided by operating activities for the year ended December 31, 2024, was $489 million, down from $818 million in 2023[47] - Cash and cash equivalents at the end of Q4 2024 were $734 million, down from $913 million at the end of Q4 2023[33] - Total assets decreased to $8,654 million in 2024 from $9,669 million in 2023, a reduction of 10.5%[33] Segment Performance - Segment operating profit in the Americas was $392 million in 2024, down from $511 million in the prior year, impacted by lower net prices and increased operating costs[9] - Segment operating profit in Europe was $356 million in 2024, compared to $682 million in the prior year, primarily due to lower net prices and increased operating costs[9] - Segment operating profit for the Americas in 2024 was $392 million, down 23.3% from 511 million in 2023[41] - The segment operating profit margin for the Americas in 2024 was 10.9%, down from 13.2% in 2023[38] Quarterly Performance - Net sales for Q4 2024 were $1,529 million, a decrease of 6.8% from $1,641 million in Q4 2023[31] - Gross profit for Q4 2024 was $208 million, down from $231 million in Q4 2023, representing a decline of 9.9%[31] - The net loss attributable to the Company for Q4 2024 was $155 million, compared to a net loss of $470 million in Q4 2023[31] - The Company reported a cash provided by operating activities of $318 million for Q4 2024, compared to $381 million in Q4 2023[35] - Research, development, and engineering expenses for Q4 2024 were $18 million, down from $26 million in Q4 2023[31] - The Company incurred interest expenses of $83 million in Q4 2024, slightly up from $79 million in Q4 2023[31] - The Company’s equity earnings decreased significantly to $4 million in Q4 2024 from $27 million in Q4 2023[31] Future Outlook - The company anticipates adjusted EPS for 2025 to be in the range of $1.20 to $1.50, representing a 50 to 85 percent increase from 2024 levels[15] - Free cash flow for 2025 is expected to be between $150 million and $200 million, a significant improvement from the $128 million use of cash in 2024[16] Risks and Challenges - The Company is facing various risks including supply chain disruptions and competitive pressures, which may impact future performance[27] - Total debt as of December 31, 2024, was $4,969 million, an increase from $4,946 million in 2023[49] - The ratio of earnings before income taxes to net sales for the year ended December 31, 2024, was 0.6%, a slight decrease from 0.9% in 2023[38] - The company experienced a total reconciling item impact of $(116) million on net sales for the three months ended December 31, 2024[41]

PERRYSBURG, Ohio, Feb. 04, 2025 (GLOBE NEWSWIRE) -- FOR IMMEDIATE RELEASE                        Rapidly Implementing O-I's Fit To Win Initiative To Significantly Improve PerformanceAnticipate Stronger 2025 Earnings and Cash Flow O-I Glass, Inc. ("O-I") (NYSE:OI) today reported financial results for the full year and fourth quarter ended December 31, 2024. Full Year 2024 Results  Net Earnings (Loss) Attributable toTo the CompanyEarnings Per ShareEarnings BeforeIncome Taxes$MCash Provided byOperating Activit ...

The market expects O-I Glass (OI) to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended December 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 4, 2025, might help the stock move higher if these key numbers are be ...