S&P 500 (NYSE:SPY) component Owens Illinois Inc. (NYSE:OI) reported its results for the first quarter. Owens-Illinois, Inc. manufactures glass containers primarily for the food and beverage industries in Europe, North America, South America and Asia Pacific.
Owens Illinois Earnings Cheat Sheet for the First Quarter
Results: Net income for the packaging and containers company fell to $73 million (44 cents/share) vs. $85.3 million (50 cents/share) a year earlier. A decline of 14.4% from the year earlier quarter.
Revenue: Rose 8.6% to $1.72 billion YoY.
Actual vs. Wall St. Expectations: OI reported adjusted net income of 47 cents/share. By this measure, the company beat the mean analyst estimate of 45 cents/share. Estimates ranged from 39 cents per share to 51 cents per share.
Quoting Management: Commenting on the Company’s first quarter, Chairman and Chief Executive Officer Al Stroucken said, “Our shipments were up from prior year levels across all regions and end-use categories. Higher volumes reflected last year’s acquisitions in South America and China as well as improving economic conditions. Stronger volumes boosted our production levels and capacity utilization rates. However, the benefit of greater shipments was offset by higher costs including elevated cost inflation and interest expense on additional borrowings to fund recent and future acquisitions. We are also investing in our sales and marketing capabilities to drive future profitable growth.”
Key Stats: A year-over-year revenue increase last quarter snaps a streak of three consecutive quarters of revenue declines. Revenue fell 14.3% in the fourth quarter of the last fiscal year, 7.1% in the third quarter of the last fiscal year and 5.3% in the second quarter of the last fiscal year.
Competitors to Watch: Amcor Limited (AMCRY), Saint-Gobain Oberland AG (OLG), Silgan Holdings (NASDAQ:SLGN), AptarGroup (NYSE:ATR), UFP Technologies (NASDAQ:UFPT), Sealed Ait (NYSE:SEE), AEP Industries (NASDAQ:AEPI), Myers Industries (NYSE:MYE) and Bemis Company (NYSE:BMS).
Today’s Performance: Shares of OI are up close to 1% in after hours trading.