O-I doubles 1Q 2005 net income

Glass packaging maker O-I, which recently changed its name from Owens-Illinois, reported on 20 April 2005 net income of USD 117.5 million for the 1Q 2005, or USD 0.73 a share, up from USD 54.8 million…

Glass packaging maker O-I, which recently changed its name from Owens-Illinois, reported on 20 April 2005 net income of USD 117.5 million for the 1Q 2005, or USD 0.73 a share, up from USD 54.8 million, or USD 0.33 a share, for the year-ago period. Revenue increased to USD 1.71 billion from USD 1.29 billion in the prior-year period. Earnings from continuing operations, including unusual items, rose to USD 0.73 a share, from USD 0.28 in the year-earlier period. The unusual items consisted of gains on the sale of a glass plant in Italy and the mark to market effect of natural gas hedge contracts. Earnings from continuing operations, excluding unusual items, increased to USD 0.44 a share, from USD 0.24 a share in the year-earlier period. Excluding all items, earnings from continuing operations were USD 0.37 a share. Analysts, on average, had expected the company to earn USD 0.34 a share. Asbestos-related cash payments fell 9.7%, or USD 4.9 million, during the quarter. New claim filings in the quarter were down by 300 on the prior year. O-I said results were positive despite soft market conditions and inflationary pressures.