PERRYSBURG, Ohio, May 15, 2024 (GLOBE NEWSWIRE) -- O-I Glass, Inc. ("O-I") (NYSE:OI) today announced that, after the conclusion of O-I's Annual Meeting of Share Owners held earlier today, the Board appointed John Humphrey as the new Independent Board Chair, following the previously announced retirement of John H. Walker from the Board. Additionally, at the Annual Meeting, 10 director nominees were elected for one-year terms, including Gordon J. Hardie, whose appointment as Chief Executive Officer became eff ...

Perrysburg, Ohio, May 13, 2024 (GLOBE NEWSWIRE) -- – O-I Glass, Inc. ("O-I Glass", "O-I" or the "Company") announced today that the Company has completed full allocation of the proceeds from its second round of Green Bond offerings to advance the company's climate-change strategy. In May of 2023, Owens- Brockway Glass Container Inc., and OI European Group B.V. launched private Green Bond offerings of $690 million and €600 million, respectively. The Green Bond proceeds were spent on Eligible Green Projects a ...

Did you analyze how O-I Glass (OI) fared in its international operations for the quarter ending March 2024? Given the widespread global presence of this glass container manufacturer, scrutinizing the trends in international revenues becomes imperative to assess its financial strength and future growth possibilities.In today's increasingly interconnected global economy, a company's ability to tap into international markets can be a pivotal factor in shaping its overall financial health and growth trajectory. ...

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 March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | Title of each class | Trading symbol | Name of each exchange on which | | --- | --- | --- | | | | registered | | Common Stock, $.01 par value | OI | New ...

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 ...