Owens-Illinois (OI) Beats On Q1 Earnings & Sales, Keeps View
Zacks Investment Research | Apr 23, 2018 11:59PM ET
Owens-Illinois, Inc. (NYSE:OI) reported first-quarter 2018 adjusted earnings of 59 cents per share, up 1.7% year over year. Also, the figure came close to the higher end of management’s guided range of 55-60 cents. Earnings also beat the Zacks Consensus Estimate by a penny. The year-over-year earnings improvement was led by sales growth and margin expansion in the Americas and Europe.
Including one-time items, the company had reported earnings of 30 cents per share in the prior-year quarter, while the first quarter does not include any adjustments.
Operational Update
Owens-Illinois’ net sales were up around 8% year over year to $1.74 billion. Revenues also surpassed the Zacks Consensus Estimate of $1.71 billion. The improvement in net sales was driven by a 2% increase in price on a global basis and favorable currency-translation impact. Favorable currency-translation impact benefited net sales by $99 million, primarily due to a stronger Euro.
Owens-Illinois, Inc. Price, Consensus and EPS Surprise
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