O-I reports full year and fourth quarter 2014 results

  Company financial news

O-I reported financial results for the full year and fourth quarter ending 31 December 2014, generating its second highest free cash flow in the company's history.

Owenscorning
O-I generates second highest free cash flow in the company's history
Owens-Illinois, Inc. (O-I) reported financial results for the full year and fourth quarter ending 31 December 2014.
Full year 2014 earnings from continuing operations attributable to the company were USD 1.01 per share (diluted), compared with USD 1.22 per share in 2013. Excluding certain items management considers not representative of ongoing operations, adjusted earnings were USD 2.63 per share compared with USD 2.72 per share in the prior year.
Fourth quarter 2014 adjusted earnings were USD 0.46 per share, compared with USD 0.51 per share in the same period of 2013.
Global volumes for 2014 were flat compared to the prior year, excluding the deliberate retrenchment in China. Volume growth in Europe was 2%, and South America posted 4% growth for the year, led by broad-based gains in beer.
O-I positioned itself to benefit from fast-growing Mexican beer imports to the US through a joint venture with Constellation Brands, Inc. in Mexico, as well as a related long-term supply agreement with Constellation.
O-I generated USD 329 million of free cash flow for the full year 2014, the company's second highest on record, despite an adverse currency impact of approximately USD 40 million.
The company continues to employ disciplined capital allocation. As committed, O-I used 10% of its free cash flow to repurchase shares and also funded non-organic growth opportunities and reduced net debt. O-I's leverage ratio improved to 2.4 at year-end.
The Board of Directors authorized USD 500 million...






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