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Owens-Illinois 4Q Loss Narrows On Higher Sales; Shares Up

DOW JONES NEWSWIRES Owens-Illinois Inc.'s (OI) fourth-quarter loss narrowed as the glass-container company saw sales increase on stronger pricing. Shares climbed 5.3% to $30 in after-hours trading as the results topped Wall Street estimates. The stock is off 13% so far this year. Chief Executive Al Stroucken said higher prices should more than offset cost inflation, which it expects to remain modest, in 2010. He also said he expects global glass shipments to improve from last year. Packaging companies are heavily dependent on sales of consumer products, putting them at the leading edge of any recovery. In the meantime, cost-cutting has mitigated the downturn's effects, but Owens-Illinois warned a quarter ago seasonal volume trends and production cuts to reduce inventories would likely hurt fourth-quarter earnings. For the latest quarter, Owens-Illinois reported a loss from continuing operations of $159.3 million, or 95 cents a share, narrowing from a year-earlier loss of $228.6 million, or $1.38 a share. Excluding restructuring costs, write-downs and other items, earnings rose to 49 cents a share from 45 cents. Net sales increased to $1.9 billion from $1.7 billion as improved pricing and mix and favorable foreign currency translations more than offset lower shipments. Analysts polled by Thomson Reuters estimated earnings of 47 cents on revenue of $1.8 billion. Glass shipments declined 5%. -By Jay Miller and Lauren Pollock, Dow Jones Newswires; 212-416-2356; lauren.pollock@dowjones.com

Stock News for Owens Illinois (OI)
DateTimeHeadline
03/19/201508:14:36Current Report Filing (8-k)
03/19/201508:08:39Chief Financial Officer Steve Bramlage to leave O-I; John Haudrich...
03/16/201512:28:58Statement of Changes in Beneficial Ownership (4)
03/12/201516:27:52Current Report Filing (8-k)
03/12/201508:48:17O-I prevails in international arbitration against Venezuela
03/03/201507:42:01Current Report Filing (8-k)
02/20/201516:23:19Statement of Changes in Beneficial Ownership (4)
02/18/201516:05:49O-I CFO to Present at 2015 J.P. Morgan Aviation, Transportation...
02/11/201511:53:05Amended Statement of Ownership (sc 13g/a)
02/11/201506:02:15Current Report Filing (8-k)
02/09/201506:02:54Amended Statement of Ownership (sc 13g/a)
02/04/201516:45:50O-I Enters into Agreement to Repurchase $100M of Common Stock
02/02/201516:15:40Current Report Filing (8-k)
02/02/201516:05:53O-I REPORTS FULL YEAR AND FOURTH QUARTER 2014 RESULTS: O-I generates...
01/20/201508:01:44O-I Names Vitaliano Torno as Leader of European Operations
01/16/201509:02:01Annual Statement of Changes in Beneficial Ownership (5)
01/16/201509:02:01Annual Statement of Changes in Beneficial Ownership (5)
01/16/201509:02:01Annual Statement of Changes in Beneficial Ownership (5)
01/07/201516:05:49O-I ANNOUNCES FOURTH QUARTER AND FULL YEAR 2014 EARNINGS CONFERENCE...
12/23/201416:50:39Current Report Filing (8-k)

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