7 May 1998: US-based Owens-Illinois, Inc., reported increased sales and earnings for the first quarter of 1998. The company reported first quarter net earnings of US$ 80.4 million or US$ 0.56 per shar…
7 May 1998: US-based Owens-Illinois, Inc., reported increased sales and earnings for the first quarter of 1998. The company reported first quarter net earnings of US$ 80.4 million or US$ 0.56 per share (diluted). The net earnings include a one-time benefit of US$ 0.10 per share (diluted) related to a tax rate reduction in Italy. In the first quarter of 1997, the company reported net earnings of US$ 54.6 million, or US$ 0.44 per share (diluted). Excluding the effect of certain unusual items, 1997 first quarter earnings were US$ 0.38 per share (diluted). Net sales rose to $1.099 billion, up from $1.056 billion in the first quarter of 1997. The domestic glass container operations reported increased sales and operating profit, reflecting higher unit sales volumes and improved operating efficiencies. Increased shipments of bottles for the beer, tea and juice, and liquor and wine industries all contributed to the improved first quarter results. The international operations reported increased sales and operating profit due in part to the effects of the February 1997 acquisition of AVIR S.p.A., the largest glass container company in Italy. The performance of the international operations also benefited from improved results in Latin America, Central and Eastern Europe, and Asia, exclusive of unusual items.