O-I Glass Inc. has reported financial results for the third quarter ended September 30, 2022.
“O-I reported strong third quarter performance which exceeded guidance driven by solid net price realization as we began implementation of our third price increase this year in Europe,” said Andres Lopez, O-I Glass CEO. “Our glass shipments increased slightly compared to the prior year period, as expected. Elevated asset project activity contributed to higher operating costs, as we commission much needed new capacity to support future growth. Higher costs were partially offset by solid operating performance and the benefits from O-I’s ongoing Margin Expansion initiatives.
“As previously announced, the company continues to deliver on key transformation initiatives. Following Paddock’s fair and final resolution of its legacy asbestos liabilities and emergence from Chapter 11 protection in July, O-I completed its USD 1.5 billion portfolio optimization program in August with proceeds used to reduce debt and pre-fund upcoming expansion initiatives. Reflecting a healthier balance sheet, both Moody’s and S&P upgraded the company’s credit rating during the third quarter.
“O-I is performing well, advancing its strategy and is a much more resilient and agile company as we continue to navigate elevated market volatility. Reflecting strong year-to-date earnings and business momentum, we now expect 2022 full-year adjusted earnings will be at the high-end of our recently increased guidance range and we anticipate further improvement in 2023,” concluded Lopez.
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