O-I shares rise 9% as CFO backs prospectus

Outlook unchanged despite tough market

9/7/2012

NEW YORK — Shares of Owens-Illinois Inc.jumped nearly 9 percent Thursday after the Perrysburg glass container company’s chief financial officer backed the company’s third-quarter outlook in his comments at an investor conference.

Stephen Bramlage told investors that despite tough market conditions in many parts of the world, the company’s third-quarter outlook hasn’t changed. Mr. Bramlage became CFO at the end of the second quarter when Ed White retired. Mr. Bramlage had been president of the company’s Asia Pacific operations.

In July, Owens-Illinois said its third-quarter profit would likely be down from year-ago levels, mainly as a result of lower European demand. It added it expected its results for the rest of the year to be hurt by the effects of unfavorable exchange rates.

“If I had to summarize overall, I would say our adjusted earnings expectations for the quarter are unchanged.” Mr. Bramlage said at the conference. 

“The mix has changed a little bit in terms of what’s driving some of the results. But overall, we’re consistent with what we had indicated when we had our earnings call in July.”

Shares were up $1.53 to $18.78 after peaking at $19.05 earlier in the day. The company’s shares are up about 8 percent for the last year but are off their 52-week peak of $25.46 reached in January.