05.03.19
Owens-Illinois, Inc. reported financial results for the first quarter ended March 31, 2019.
First quarter 2019 net sales were $1.6 billion, compared to $1.7 billion in the prior year, driven primarily by the stronger US dollar. Average selling prices improved 2% on a global basis, mainly due to price adjustment formulas, while sales volumes declined 2.5% globally.
Earnings from continuing operations before income taxes were $111 million, compared with $135 million in the prior year, reflecting $24 million of lower segment operating profit. Europe and Asia Pacific reported higher segment operating profit year-over-year, while the Americas declined primarily due to currency headwinds as well as incremental costs to commission new capacity.
The company continues to expect cash provided by continuing operating activities to be approximately $740 million for the year 2019, and adjusted free cash flow to be approximately $400 million.
“Our first quarter results were in-line with our guidance as the company commissioned new capacity to support future growth,” said Andres Lopez, CEO. “In addition, we announced future expansion at our Gironcourt, France plant as well as a definitive agreement to acquire the Nueva Fanal operations in Mexico from ABI.”
First quarter 2019 net sales were $1.6 billion, compared to $1.7 billion in the prior year, driven primarily by the stronger US dollar. Average selling prices improved 2% on a global basis, mainly due to price adjustment formulas, while sales volumes declined 2.5% globally.
Earnings from continuing operations before income taxes were $111 million, compared with $135 million in the prior year, reflecting $24 million of lower segment operating profit. Europe and Asia Pacific reported higher segment operating profit year-over-year, while the Americas declined primarily due to currency headwinds as well as incremental costs to commission new capacity.
The company continues to expect cash provided by continuing operating activities to be approximately $740 million for the year 2019, and adjusted free cash flow to be approximately $400 million.
“Our first quarter results were in-line with our guidance as the company commissioned new capacity to support future growth,” said Andres Lopez, CEO. “In addition, we announced future expansion at our Gironcourt, France plant as well as a definitive agreement to acquire the Nueva Fanal operations in Mexico from ABI.”
