O-I Glass' (OI) Earnings & Revenues Trump Estimates In Q4
Zacks Investment Research | Feb 04, 2020 10:20PM ET
O-I Glass, Inc. (NYSE:OI) reported fourth-quarter 2019 adjusted earnings of 50 cents per share, surpassing the Zacks Consensus Estimate of 47 cents. Results came in at the higher end of the company’s guided range of 45 cents to 50 cents. Earnings reflected elevated selling prices and higher shipments which more than offset soaring operating costs. However, the bottom line declined 18% from the prior-year quarter figure of 61 cents.
Including one-time items, the company recorded earnings per share of 20 cents in the reported quarter, as against a loss of 79 cents per share reported in the prior-year quarter.
Operational Update
Net sales edged down 0.4% year over year to $1,628 million. Sales volumes reflected the benefit of the Nueva Fanal acquisition, which was partly muted by decline in organic sales volumes and unfavorable foreign-currency translation impact. Also, shipments and mix changes marred top-line growth. Nevertheless, the revenue figure outpaced the Zacks Consensus Estimate of $1,619 million.
Cost of sales was up 0.8% year over year to $1,352 million. Gross profit declined 6.1% year over year to $276 million. Selling and administrative expenses dropped 14.6% year over year to $99 million.
Total operating profit was $200 million in the reported quarter, down from the prior-year quarter’s $211 million.
Owens-Illinois, Inc. Price, Consensus and EPS Surprise
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