Loading…
Sunday, April 20, 2014
Current Weather
Loading Current Weather....
HomeNewsLocal
Published: 4/21/2005

O-I profit doubles, sales grow

Soft market conditions and inflationary pressures didn't seem to faze Owens-Illinois Inc. in the first quarter this year, as Toledo's second-largest company reported yesterday that its profit for the period doubled and sales rose by a third.

The nation's largest glass container maker said its profit for the quarter ending March 31 was $117.5 million, or 73 cents a share, up from $54.8 million, or 33 cents a share, for the period a year earlier.

The financial report, released after the stock market closed, showed sales for the quarter jumped to $1.66 billion from $1.27 billion a year earlier.

Improved production, pricing, and product sales mix contributed to the solid quarter, the company said, but a soft market for beer and food containers and higher raw material and packaging costs hurt the results.

The company's debt was reduced to $5.26 billion and asbestos-liability cash payments were down slightly to $45.5 million. New claims also declined, but 35,000 claims are pending. Debt and asbestos liability are two items that have clouded the firm's financial picture.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.



Poll