10.26.16
Owens-Illinois, Inc. reported financial results for the third quarter ended Sept. 30, 2016.
Earnings from continuing operations were $0.68 per share (diluted), which was in line with management’s guidance of $0.65 to $0.70 per share. This compares favorably with earnings from continuing operations in the third quarter of 2015 of $0.11 per share (diluted), and, on an adjusted basis, of $0.57 per share.
Net sales were $1.7 billion, up 9% from the prior year third quarter, due to the incremental third quarter net sales from the company’s acquisition of Vitro’s food and beverage business. Excluding the impact of the acquired business, shipments were 2% below the prior year period. Higher shipments in North America were more than offset by lower volumes in Latin America, mainly due to the challenging economic environment in Brazil and Ecuador.
Earnings from continuing operations before income taxes were $153 million in the quarter. Segment operating profit of reportable segments was $237 million, an increase of $38 million, or 19 percent, compared with prior year. The increase was largely attributable to $37 million of incremental segment operating profit from the acquired business. All regions except Europe posted higher segment operating profit compared with prior year.
“I’m pleased with our performance during the quarter and the progress we’re making against our strategic initiatives,” said CEO Andres Lopez. “The steady, year-on-year improvement we’ve achieved despite difficult market conditions reflects the strength of our team, our plan and our solid operational performance. For the full year, we’re still expecting a double-digit increase in earnings and continued deleveraging driven by strong cash flow.”
Earnings from continuing operations were $0.68 per share (diluted), which was in line with management’s guidance of $0.65 to $0.70 per share. This compares favorably with earnings from continuing operations in the third quarter of 2015 of $0.11 per share (diluted), and, on an adjusted basis, of $0.57 per share.
Net sales were $1.7 billion, up 9% from the prior year third quarter, due to the incremental third quarter net sales from the company’s acquisition of Vitro’s food and beverage business. Excluding the impact of the acquired business, shipments were 2% below the prior year period. Higher shipments in North America were more than offset by lower volumes in Latin America, mainly due to the challenging economic environment in Brazil and Ecuador.
Earnings from continuing operations before income taxes were $153 million in the quarter. Segment operating profit of reportable segments was $237 million, an increase of $38 million, or 19 percent, compared with prior year. The increase was largely attributable to $37 million of incremental segment operating profit from the acquired business. All regions except Europe posted higher segment operating profit compared with prior year.
“I’m pleased with our performance during the quarter and the progress we’re making against our strategic initiatives,” said CEO Andres Lopez. “The steady, year-on-year improvement we’ve achieved despite difficult market conditions reflects the strength of our team, our plan and our solid operational performance. For the full year, we’re still expecting a double-digit increase in earnings and continued deleveraging driven by strong cash flow.”