2nd quarter results for O-I nearly unchanged

Revenues increase less than 1% from year ago

7/25/2013

Glass maker Owens-Illinois Inc. said Wednesday its second-quarter results were nearly unchanged from a year ago.

The Perrysburg-based company said it earned $132 million, or 80 cents per share, in the quarter. Last year, O-I reported earnings of $133 million, or 81 cents per share.

The company’s revenue also was nearly flat, increasing less than 1 percent to $1.78 billion from $1.77 billion.

O-I said net sales were up slightly in Europe and North America, and were nearly flat in the Asia Pacific region. Sales were down about 5 percent in South America. The company said global shipments were down approximately 1 percent.

“The company performed in line with our expectations, notwithstanding weaker than expected demand,” Chief Executive Officer Al Stroucken said in a statement. “We are squarely focused on execution, especially asset optimization and wine share recovery in Europe, as well as labor productivity savings in North America.

“These actions are allowing us to achieve our targets despite headwinds,” he added.

The company said its operating profits were higher in Europe and Asia Pacific.

O-I reported its earnings after the market closed Wednesday.

Shares of the company’s stock were down 1.2 percent to $29.25 on Wednesday. So far this year, O-I’s stock is up more than 34 percent.