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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; [email protected]

Stock News for Owens Illinois (OI)
02/14/201714:39:54Statement of Ownership (sc 13g)
02/10/201713:39:21Amended Statement of Ownership (sc 13g/a)
02/10/201706:43:22Annual Report (10-k)
02/01/201716:46:43Current Report Filing (8-k)
02/01/201716:30:31O-I REPORTS FULL YEAR AND FOURTH QUARTER 2016 RESULTS; Entering...
01/30/201715:44:18Statement of Ownership (sc 13g)
01/05/201716:20:10O-I Announces Fourth Quarter and Full Year 2016 Earnings Conference...
01/05/201712:23:42Initial Statement of Beneficial Ownership (3)
01/04/201717:22:44Amended Statement of Beneficial Ownership (sc 13d/a)
12/20/201617:01:17Current Report Filing (8-k)
12/20/201616:30:17O-I Continues to Build Momentum on Its Transformational Journey
12/12/201613:26:26Amended Statement of Ownership (sc 13g/a)
11/29/201618:21:00Mid-America Apartment Communities, AmSurg to Join S&P 500; Others...
11/29/201606:52:23Current Report Filing (8-k)
11/21/201616:20:27O-I CFO to Present at the Citi 2016 Basic Materials Conference
11/03/201616:46:46Current Report Filing (8-k)
10/27/201600:30:23Owens-Illinois, Inc.: OI European Group B.V. Launches Private...
10/26/201616:48:06Quarterly Report (10-q)
10/25/201616:40:03Current Report Filing (8-k)
10/25/201616:30:27O-I REPORTS THIRD QUARTER 2016 RESULTS; Steady improvement in...

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