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Owens-Illinois reports profit dips to $79 million in first quarter

Owens-Illinois Inc. Tuesday announced first-quarter earnings that were $43 million less than the same period in 2012.

The Perrysburg glass-container maker had earnings of $79 million, or 48 cents a share, compared with $122 million, or 73 cents a share, during the first quarter last year. When adjusted for items the company does not consider representative of ongoing operations, earnings were 60 cents per share.

O-I said net sales in the first quarter were $1.64 billion, down from $1.74 billion in the first quarter of 2012.

"We are pleased with our performance overall. Our price increases continue to cover cost inflation. We are clearly seeing the financial benefits of our global structural cost reductions, as well as the impact of our growth strategy on South America's rising profitability," O-I Chairman and Chief Executive Officer Al Stroucken said in a statement. "Yet we faced lower demand, as expected, particularly in economically troubled Europe. Our initiative to mitigate production volatility over the course of the year was a planned headwind in the first quarter, but will benefit us in the second half of the year."

O-I announced its earnings after the market closed. Its stock fell one cent to $25.81 in after-hours trading.

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