O-I reports second quarter 2017 results

  Company financial news

Continued strong business performance and favourable non-operational tailwinds drive 2017 earnings guidance higher.

Finances
Owens-Illinois, Inc. (O-I) has reported financial results for the second quarter
Owens-Illinois, Inc. (O-I) has reported financial results for the second quarter ended 30 June 2017.
For the second quarter, earnings from continuing operations were USD 0.85 per share (diluted), compared with USD 0.65 per share in 2016, primarily driven by improved segment operating profit and lower interest and tax expense.
Excluding certain items management considers not representative of ongoing operations, adjusted earnings were USD 0.75 per share, up 15% compared with prior year. This exceeded management’s second quarter guidance of USD 0.63 to USD 0.68 per share, largely due to a four cent per share benefit from a tax audit settled late in the quarter.
Net sales were USD 1.8 billion, on par with prior year second quarter. Price increased 1% on a global basis, which was offset by modestly lower sales volume and adverse currency translation. For the year-to-date period, net sales increased more than 50 basis points compared to 2016.
Earnings from continuing operations before income taxes were USD 152 million for the second quarter compared with USD 141 million for the same period in 2016, an increase of 8%.
Segment operating profit of reportable segments1 for the second quarter of 2017 was USD 252 million, an increase of 8% compared with prior year. More than half of the increase was generated in Latin America which benefited from sales gains and the early adoption of a total systems cost approach to managing structural costs. The 10% improvement in Europe was primarily d...




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