O-I Glass has reported financial results for the first quarter ended March 31, 2024.
Net sales were USD 1.6 billion in the first quarter of 2024 compared to USD 1.8 billion in the prior year reflecting slightly lower average selling prices and a 12.5 percent decline in sales volume (in tonnes). These headwinds were partially offset by favourable foreign currency translation.
Earnings before income taxes was USD 117 million in the first quarter of 2024 which was down from USD 270 million in the prior year period, primarily due to lower segment operating profit and higher interest expense which were partially offset by lower retained corporate and other costs.
Segment operating profit was USD 235 million in the first quarter compared to USD 398 million in the same period of 2023.
Retained corporate and other costs were USD 40 million, down from USD 60 million in the first quarter of 2023 due to lower corporate spending and management incentives. Net interest expense totaled USD 78 million which was up from USD 68 million in the prior year given higher interest rates. The company’s effective tax rate approximated 35 percent in the first quarter of 2024 compared to about 22 percent in the first quarter of 2023 reflecting a shift in regional earnings mix.
Net earnings attributable to the company was USD 0.45 per share (diluted) in the first quarter of 2024 compared to earnings of USD 1.29 per share (diluted) in the prior year period.
To read the full release click here.