O-I Glass beats Q3 adj. EPS but slashes FY guidance; volume down 15%

O-I Glass, Inc. /DE/

2023-Q3 EPS reported $2.31 revenue$5,464,000,000

Q3 adj. EPS $0.80 beats guidance ($0.68-$0.73) and prior year $0.63; reported EPS $0.32 vs $1.45.
Revenue $1.74B (+3% YoY); sales volume -15% on destocking; segment profit $301M (+13%).
Americas segment profit $116M (down from $130M); Europe $185M (up from $136M).
FY23 adj. EPS guidance cut to ~$3.00 from $3.10-$3.25; Q4 guided $0.03 vs prior $0.25-$0.35.
FCF guidance slashed to $100-150M from $400-450M; higher curtailment costs and inventory destocking cited.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

O-I Glass, Inc. /DE/ reported 2023 results: EPS ~$3.00. Guidance raised.

Period: 2023
EPS: ~$3.00
Guidance: raised
Result: guidance update

Exact text from the filing

Year-to-date adjusted earnings have already exceeded full year 2022 and the company expects 2023 adjusted earnings will approximate $3.00 per share.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

O-I Glass, Inc. /DE/ reported the third quarter ended September 30, 2023 results: revenue $1.74 billion, net income $0.32 per share (diluted), EPS $0.32. Guidance raised.

Period: the third quarter ended September 30, 2023
Revenue: $1.74 billion
Net income: $0.32 per share (diluted)
EPS: $0.32
Guidance: raised
Result: reported results

Exact text from the filing

believe will occur in 2024. This focus aligns with our ongoing efforts to transform the company and create shareholder value,” concluded Lopez. Third Quarter 2023 Net sales were $1.74 billion in the third quarter of 2023, up 3 percent compared to $1.69 billion in the prior year period primarily due to higher average selling prices as well as favorable foreign currency

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O-I Glass, Inc. /DE/ filing history →

Source: SEC EDGAR

accession 0001104659-23-112957

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