secwatch.observer — SEC 8-K summary
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Issuer:     O-I Glass, Inc. /DE/ (OI)
CIK:        0000812074
Form:       8-K
Filed at:   2024-07-30T23:59:59+00:00
Accession:  0001104659-24-083994
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/812074/000110465924083994/0001104659-24-083994-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/812074/000110465924083994/tm2420474d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-083994

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer