O-I Glass(US:OI)2024-07-31 15:49Financial Performance & Outlook - O-I's Q2 2024 adjusted earnings per share (aEPS) was $0.44, down from $0.88 in Q2 2023[31, 40] - Sales volume in Q2 2024 decreased by 4.5% year-over-year, an improvement compared to the 12.5% decrease in Q1 2024[22] - The company expects sales volumes to increase in the mid-single digits (MSD) in the second half of 2024[22, 30] - Adjusted full-year 2024 guidance includes sales volume growth to be flat to down low-single digits (LSD), and adjusted EBITDA between $1150 million and $1200 million[44] - Free cash flow for FY24 is projected to be between $50 million and $100 million, and the net debt ratio is expected to be around 3.5x[44] Strategic Initiatives - O-I is focusing on installing MAGMA Gen 1 to heritage furnaces and optimizing Gen 2 at Bowling Green to accelerate economic profit[2] - The company aims to improve its Total Recordable Incident Rate (TRIR) by 50% by 2030 as part of its journey toward zero injuries[3] - O-I is implementing the "Fit to Win" program to enhance competitiveness, drive capital discipline, and improve financial performance[30, 46, 47, 88] Sustainability Goals - O-I is targeting a 25% reduction in greenhouse gas (GHG) emissions by 2030, with an interim target of 10% by 2025[68] - The company aims to increase recycled content to an average of 50% by 2030[66] - O-I is committed to reducing global water usage by 25% by 2030, prioritizing operations in higher-risk areas[71]