Owens-Illinois shares rise more than 5 percent

2/1/2013

Owens-Illinois Inc. shares were up more than 5 percent in early trading today after the company reported fourth-quarter earnings Wednesday that beat analysts' estimates.

O-I said it had an adjusted net income of $67 million in the fourth quarter, or 40 cents per share. That's down from $78 million, or 48 cents per share, the year before, but topped the 37 cents per share analysts were expecting.

The company said part of the reason for the year-to-year decrease was lower segment operating profit, especially in Europe.

Before excluding one time items, Perrysburg-based O-I reported a fourth-quarter loss of $162 million, compared to a $774 million loss last year.

Shortly before 11 a.m., O-I shares were trading at $24 a share, up 5.45 percent.