O-I Glass reports Q2 EPS $0.36, down 48% YoY; cuts FY24 guidance; plans 6 furnace closures

O-I Glass, Inc. /DE/

2024-Q2 EPS reported $0.81 revenue$3,322,000,000

Q2 reported EPS $0.36 (adjusted $0.44) vs $0.69 (adjusted $0.88) a year ago; net sales fell to $1.7B from $1.9B.
Segment operating profit dropped to $233M from $326M; Americas $106M (down $20M), Europe $127M (down $73M).
FY2024 guidance slashed: adjusted EPS $1.00-$1.25 (from $1.50-$2.00), free cash flow $50-$100M (from $100-$150M).
New CEO Gordon Hardie launched 'Fit To Win' program; expects at least 6 indefinite/permanent furnace closures.
Company sees volume flat to slightly down in FY24; inventory control actions concentrated in Q3.

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