Owens-Illinois: significant rise in 3Q 2005 profit

Container glass giant Owens-Illinois Inc. posted a sharply higher profit for the 3Q 2005, boosted by increased shipments of glass beverage containers and plastic packaging.
Net income totaled USD 119.

Container glass giant Owens-Illinois Inc. posted a sharply higher profit for the 3Q 2005, boosted by increased shipments of glass beverage containers and plastic packaging. Net income totaled USD 119 million, or USD 0.75 a share, compared with USD 76.4 million, or USD 0.47, a year earlier. Unit shipments of glass containers rose by 3% and plastics packaging shipments registered a 20% rise, as a result of significant growth in health care containers and tamper-evident closures in the plastics business. Earnings per share from continuing operations, excluding natural gas hedge accounting and other items, fell to USD 0.34 from USD 0.40 a year earlier. Analysts had on average expected earnings of USD 0.44. The decline in earnings from continuing operations was caused by higher costs for overheads, energy and raw materials, the Toledo, Ohio-based, company said.