O-I Glass, Inc. (OI) reported first-quarter 2024 earnings per share of 45 cents, which beat the Zacks Consensus Estimate of 36 cents. On a year-over-year basis, earnings plunged 65%, reflecting lower volumes due to weak consumer demand and inventory destocking across the value chain.Operational UpdateRevenues were $1.59 billion for the quarter under review, down 13% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $1.71 billion. The downside was driven by lower segmental operat ...

Financial Data and Key Metrics - Q1 2024 earnings were $0.45 per share, down from $1.29 per share in the prior year period, reflecting softer demand and temporary production curtailments [14][17] - Americas segment operating profit was $102 million, down from $176 million last year, with sales volume down 15% [91] - Europe segment operating profit totaled $133 million, down from $222 million last year, with sales volumes down 10% [18] - Adjusted earnings for 2024 are expected to be $1.50 to $2 per share, revised from the prior outlook of $2.25 to $2.65 per share due to unfavorable FX trends, higher interest rates, and a higher tax rate [19] Business Line Data and Key Metrics - Beer category showed the most improvement, with year-to-date Q1 year-on-year growth of 5.3% in Brazil, driven by premiumization [8] - Wine and spirits category destocking is expected to continue for a couple of quarters, with slower recovery due to softer consumer consumption [103][26] - April shipments were up 3% on an absolute basis, but down 10% on a per day basis when adjusted for the Easter holiday [2][16] Market Data and Key Metrics - In Brazil, the economy has been stable, and glass demand in the beer segment is solid, driven by premiumization [8] - Colombia is performing well, with mid-teens year-on-year growth, while other markets are experiencing slowdowns [141] - Europe saw improved performance in beer in North Central Europe and wine in Italy, but overall consumption recovery is slower than expected [146] Company Strategy and Industry Competition - The company is advancing its MAGMA technology, with the first Greenfield plant in Kentucky set to start up in summer 2024 [15][21] - MAGMA and Ultra technologies are expected to expand the company's total addressable market by over 30% [95] - The company is focusing on margin expansion initiatives, increasing the full-year target to at least $175 million [127] Management Commentary on Operating Environment and Future Outlook - Management expects glass demand to recover to pre-pandemic levels over time, driven by megatrends such as premiumization, health and wellness, and sustainability [12][89] - The company is confident in the long-term trajectory of glass demand and future earnings potential, despite short-term challenges [22][102] - Consumer consumption patterns are improving gradually, but at a slower rate than expected [88][101] Other Important Information - The company received up to $125 million in funding from the US Department of Energy to accelerate industrial decarbonization technologies [136] - Free cash flow for 2024 is expected to range between $100 million to $150 million, with leverage in the low threes by year-end [108] Q&A Session Summary Question: April shipment trends and Q2 outlook - April shipments were up 3% on an absolute basis but down 10% on a per day basis when adjusted for Easter. Q2 is expected to be in a narrow breakeven range, with stronger volumes in the back half of the year [2][3] Question: Performance in Brazil and competitive dynamics - Brazil's economy has been stable, and glass demand in the beer segment is solid, driven by premiumization. The company does not participate much in the carbonated soft drinks segment, which is driving demand for other substrates [5][8] Question: Destocking timeline for wine and spirits - Destocking for wine and spirits is expected to continue through the second half of the year, with slower recovery due to softer consumer consumption [26][103] Question: Curtailment activity and its impact on pricing - Curtailment activity is more pronounced in the Americas, with expectations of 10% to 12% curtailment over the balance of the year, peaking in Q2 [57][122] Question: MAGMA opportunities and margin expansion initiatives - MAGMA offers flexibility and scalability, with opportunities in fragmented premium markets. The company has increased its margin expansion initiative target to $175 million, with $75 million related to restructuring and SG&A reductions [124][125] Question: Consumer trade-down trends - Trade-down activity is concentrated in some markets and linked to promotional activity, with some movement from higher-end to lower-end bottles or different substrates [161][180]

2 This presentation contains "forward-looking" statements related to O-I Glass, Inc. ("O-I Glass" or the "Company") within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the company's current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words "believe," "expect," "anticipate," "will," "could," "would," " ...

O-I Glass (OI) came out with quarterly earnings of $0.45 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $1.29 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 25%. A quarter ago, it was expected that this glass container manufacturer would post earnings of $0.03 per share when it actually produced earnings of $0.12, delivering a surprise of 300%.Over the last four quarters, the ...

Financial Performance - Net sales for Q1 2024 were $1.6 billion, down from $1.8 billion in Q1 2023, reflecting a 12.5% decline in sales volume[2] - Net earnings attributable to the company were $0.45 per share (diluted) in Q1 2024, compared to $1.29 per share (diluted) in the prior year[8] - Earnings before income taxes decreased to $117 million in Q1 2024 from $270 million in Q1 2023, primarily due to lower segment operating profit and higher interest expense[3] - Segment operating profit was $235 million in Q1 2024, down from $398 million in the same period of 2023[4] - The ratio of earnings before income taxes to net sales for Q1 2024 was 7.3%, down from 14.7% in Q1 2023, indicating a decline in profitability[32] Guidance and Forecast - The company has revised its FY24 guidance, expecting sales volume growth to be flat to up low single digits, down from low to mid single-digit growth[9] - Adjusted earnings per share for FY24 are now projected to be between $1.50 and $2.00, reduced from the previous range of $2.25 to $2.65[11] - Free cash flow is expected to be between $100 million and $150 million, down from the prior estimate of $150 million to $200 million[11] - Free cash flow forecast for the year ending December 31, 2024 is projected to be between $100 million and $150 million, down from the prior forecast of $150 million to $200 million[39] Segment Performance - The Americas segment operating profit was $102 million, down from $176 million, reflecting a 15% decline in sales volume[12] - Segment operating profit for the Americas decreased to $102 million in Q1 2024 from $176 million in Q1 2023, a drop of 42.0%[36] Cash Flow and Assets - Cash utilized by continuing operating activities was $(270) million for Q1 2024, compared to $(193) million in Q1 2023, indicating an increase in cash outflow[29] - Cash and cash equivalents decreased to $395 million as of March 31, 2024, from $913 million at December 31, 2023, a decrease of 56.7%[27] - Total assets decreased to $9,409 million as of March 31, 2024, from $9,669 million at December 31, 2023, representing a decline of 2.68%[27] - Total current liabilities increased to $2,602 million as of March 31, 2024, from $2,346 million at December 31, 2023, an increase of 10.9%[27] Inventory and Tax - Inventories increased to $1,210 million as of March 31, 2024, from $1,071 million at December 31, 2023, an increase of 12.97%[27] - The effective tax rate for Q1 2024 was approximately 35%, compared to about 22% in Q1 2023, reflecting a shift in regional earnings mix[7] Future Developments - The first MAGMA greenfield plant is set to start up in summer 2024, which is expected to provide a significant competitive advantage[1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 1-9576 O-I GLASS, INC. (Exact name of registrant as specified in its charter) Delaware (State or other jurisdiction of incorporation or organization) 22-2781933 (IRS Empl ...

O-I Glass, Inc. (NYSE:OI) Q4 2023 Results Conference Call February 7, 2024 8:00 AM ET Company Participants Chris Manuel - Vice President of Investor Relations Andres Lopez - President and Chief Executive Officer John Haudrich - Senior Vice President and Chief Financial Officer Conference Call Participants Ghansham Panjabi - Baird George Staphos - Bank of America Anthony Pettinari - Citi Gabe Hadji - Wells Fargo Mike Roxland - Truist Securities Arun Viswanathan - RBC Capital Operator Hello, everyone, and wel ...

Financial Performance - Net sales for Q3 2023 were $1,743 million, an increase of $50 million, or 3%, compared to Q3 2022, driven by higher prices and favorable foreign currency exchange rates [111][116]. - Segment operating profit for reportable segments in Q3 2023 was $301 million, an increase of $35 million, or approximately 13%, compared to Q3 2022, primarily due to higher net prices and margin expansion initiatives [122]. - Net earnings attributable to the Company in Q3 2023 were $51 million, or $0.32 per share, compared to $231 million, or $1.45 per share, in Q3 2022, reflecting a significant decrease [115]. - Net sales for the first nine months of 2023 increased by $301 million, or 6%, to $5,464 million compared to the same period in 2022 [133][139]. - Net earnings attributable to the Company for the third quarter of 2023 were $51 million, or $0.32 per share (diluted), down from $231 million, or $1.45 per share (diluted), in the third quarter of 2022 [132]. - Segment operating profit for reportable segments in the first nine months of 2023 was $1,025 million, an increase of $272 million, or approximately 36%, compared to the same period in 2022 [145]. - The Company recorded earnings before income taxes of $506 million in the first nine months of 2023, a decrease of $270 million from $776 million in the same period of 2022 [143]. - Net earnings attributable to the Company for the first nine months of 2023 were $367 million, or $2.31 per share, down from $571 million, or $3.59 per share, in the same period of 2022 [156]. Sales and Shipments - Glass container shipments declined approximately 15% in Q3 2023, resulting in a decrease in net sales of approximately $271 million compared to the same period in 2022 [116]. - In the Americas, net sales decreased by $39 million, or 4%, to $948 million in Q3 2023, primarily due to lower shipments and significant destocking activity [118]. - In Europe, net sales increased by $86 million, or 13%, to $766 million in Q3 2023, driven by higher selling prices and favorable foreign currency exchange rates [119]. - Glass container shipments declined approximately 11% in the first nine months of 2023, decreasing net sales by approximately $559 million compared to the same period in 2022 [139]. - In Europe, net sales increased by $275 million, or 13%, to $2,428 million in the first nine months of 2023 compared to the same period in 2022 [142]. Costs and Expenses - Earnings before income taxes were $82 million in Q3 2023, a decrease of $196 million compared to Q3 2022, attributed to higher interest expense and restructuring charges [120]. - The Company recorded a net interest expense increase of $15 million in Q3 2023, primarily due to higher interest rates [114]. - Net interest expense for the first nine months of 2023 increased by $88 million compared to the same period in 2022, primarily due to higher interest rates [137]. - The effective tax rate for the third quarter of 2023 was 31.7%, significantly higher than 15.5% in the same quarter of 2022 [131]. - The effective tax rate for the first nine months of 2023 was 25.1%, an increase from 21.1% in the same period of 2022, primarily due to unfavorable tax rates on restructuring charges [153]. Production and Capacity - The Company implemented temporary production curtailments to better match production with customer demand, which will result in higher operating costs for the remainder of 2023 [125]. - The Company plans to temporarily curtail approximately 20% of its global production in Q4 2023 to align inventory levels, which will lead to higher operating costs due to unabsorbed fixed costs [157]. - The Company plans to continue monitoring business trends and may consider further permanent capacity closures to align with demand trends [125]. Cash Flow and Financing - Cash provided by operating activities is expected to range between $800 million and $850 million for 2023, reflecting variability in sales and production volume [157]. - Cash provided by operating activities was $437 million for the nine months ended September 30, 2023, compared to a cash utilization of $224 million in the same period in 2022 [187]. - Working capital was a use of cash of $416 million in the first nine months of 2023, compared to a use of cash of $162 million in the same period in 2022 [188]. - Cash utilized in investing activities was $457 million for the nine months ended September 30, 2023, compared to $108 million of cash provided in the same period in 2022 [189]. - Capital spending for property, plant, and equipment was $465 million during the first nine months of 2023, compared to $346 million in the same period in 2022 [189]. - Cash provided by financing activities was $31 million for the nine months ended September 30, 2023, compared to $54 million of cash utilized in financing activities in the same period in 2022 [192]. - The Company anticipates that cash flows from operations and available credit will be sufficient to fund its operating and seasonal working capital needs, debt service, and other obligations [194]. - The Company has $1.24 billion in unused credit available under its Credit Agreement as of September 30, 2023, with a weighted average interest rate of 6.84% on outstanding borrowings [172]. Strategic Initiatives and Risks - The Company is actively reviewing its remaining businesses in the former Asia Pacific region to explore options for maximizing shareholder value, which may lead to divestitures or corporate transactions [161]. - The ongoing conflict between Russia and Ukraine may impact the Company's operations, particularly regarding energy supply agreements and costs [159]. - The current conflict between Russia and Ukraine has caused significant increases in natural gas prices and price volatility, impacting the Company's European operations [150]. - The Company faces various risks that may impact future financial performance, including geopolitical tensions, supply chain disruptions, and inflationary pressures [199]. - The ongoing Ukraine-Russia and Israel-Hamas conflicts are affecting the cost and availability of raw materials, labor, and transportation [199]. - The Company is evaluating its strategic plan to navigate market uncertainties and achieve growth objectives [199]. - The Company is focused on improving its glass melting technology through the MAGMA program, which is critical for operational efficiency [199]. - There is a risk of unanticipated operational disruptions, including higher capital spending, which could affect financial outcomes [199]. - The Company must manage its cost structure effectively to achieve operational efficiency and working capital management [199]. - Future cash flow generation is essential to ensure that the Company's goodwill remains intact [199]. Compliance and Governance - As of September 30, 2023, the Company was in compliance with all covenants and restrictions in the Credit Agreement [175]. - The Company believes it will remain in compliance with the Credit Agreement for its term [175]. - The Company is subject to increased scrutiny regarding environmental, social, and governance (ESG) factors, which may impact operations [199]. - There have been no material changes in market risk as of September 30, 2023, compared to the previous year [202]. - Forward-looking statements are based on assumptions that may not guarantee future performance, highlighting the need for cautious optimism [201].

O-I Glass, Inc. (NYSE:OI) Q3 2023 Results Conference Call November 1, 2023 8:00 AM ET Company Participants Chris Manuel - Vice President of Investor Relations Andres Lopez - President and Chief Executive Officer John Haudrich - Senior Vice President and Chief Financial Officer Conference Call Participants Ghansham Panjabi - Baird George Staphos - Bank of America Mike Roxland - Truist Securities Arun Viswanathan - RBC Capital Markets Gabe Hadji - Wells Fargo Securities Roger Schmitz - Bank of America Operato ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-9576 O-I GLASS, INC. (Exact name of registrant as specified in its charter) Delaware 22-2781933 (State or other jurisdiction of (IR ...