O-I Glass (“O-I”) has reported financial results for the second quarter ended June 30, 2025.
“Our teams executed effectively to deliver a strong second quarter 2025 performance, despite a sluggish demand environment,” said Gordon Hardie, Chief Executive Officer of O-I Glass. “While reported earnings declined year-over-year due to restructuring charges, our adjusted earnings rose 20 percent compared to the second quarter of last year. Notably, the company’s continued performance on Fit to Win initiatives to improve our competitive position has more than offset macroeconomic softness in several markets.”
“The company remains focused on executing against controllable factors—and the results reflect that discipline. Year-to-date, Fit to Win benefits have reached USD 145 million, reinforcing our confidence in achieving or surpassing the ambitious goals we set during our recent Investor Day. Given our strong performance and momentum, we are raising our full-year 2025 guidance and now anticipate adjusted earnings will increase 60 to 90 percent over 2024.”
“Following a comprehensive review, we have made the financially prudent decision to halt further MAGMA development and operations. While the earlier stages delivered meaningful technical advancements, we have concluded the platform does not have a pathway to the operational or financial return requirements as previously outlined.”
“Through our ‘Best at Both’ operations strategy, as outlined at Investor Day, we believe we can drive significantly higher premium output at lower operating cost and capital intensity than MAGMA would have realised in the coming years. This decision aligns with our focus on driving competitiveness and economic profit. Accordingly, we intend to reconfigure our Bowling Green facility into a best-cost, premium-focused operation. We are confident this is the right path forward for our business, our customers, and our shareholders,” Hardie concluded.
Second Quarter 2025 results
O-I Glass reported second quarter 2025 net sales of USD 1.7 billion, consistent with the prior year. Net Sales benefited from favourable currency translation; however, this was offset by slightly lower selling prices and an approximately 3 percent decline in shipment volume (in tons). While demand increased in the Americas, it softened in Europe. On a year-to-date basis, shipment volumes were up nearly 1 percent compared to the prior year.
Earnings before income taxes totalled USD 7 million, down from USD 104 million in the same period last year. This decline primarily reflected items not considered representative of ongoing operations, including USD 108 million in restructuring and asset impairment charges, largely associated with the discontinuation of the MAGMA program. Additionally, segment operating profit was modestly lower, though this was partially offset by improved retained corporate and other costs.
Segment operating profit was USD 225 million in the second quarter compared to USD 233 million in the same period of 2024.
The full report is available here.