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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;

Stock News for Owens Illinois (OI)
11/25/201513:56:32Statement of Changes in Beneficial Ownership (4)
11/25/201513:56:31Initial Statement of Beneficial Ownership (3)
11/23/201506:37:22Current Report Filing (8-k)
11/23/201506:30:35Jan Bertsch Joins O-I as Chief Financial Officer
11/20/201506:30:28Owens-Illinois, Inc.: John Haudrich Named Chief Strategy and...
11/05/201518:53:58Statement of Changes in Beneficial Ownership (4)
10/31/201508:15:03Constellation Brands, Inc: Taking on Debt the Old-Fashioned Way
10/28/201517:16:38Quarterly Report (10-q)
10/27/201516:15:53Current Report Filing (8-k)
10/27/201516:05:30O-I REPORTS THIRD QUARTER 2015 RESULTS; Adjusted earnings in...
10/23/201509:24:34O-I donates bottles for unique whisky from historic George Washington...
10/20/201518:40:00Bottle Maker Owens-Illinois Names New CEO
10/20/201516:31:02Owens-Illinois names Lopez as CEO effective Jan. 1
10/20/201516:10:18Andres Lopez Named Chief Executive Officer of O-I
09/22/201516:37:23Amended Current Report Filing (8-k/a)
09/18/201507:15:32Current Report Filing (8-k)
09/14/201516:23:22Statement of Changes in Beneficial Ownership (4)
09/03/201517:09:49Current Report Filing (8-k)
09/01/201517:04:09O-I Completes Acquisition of Vitro's Food and Beverage Business
09/01/201517:00:45O-I culmina la Adquisición del negocio de alimentos y bebidas...

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