A decline in shipments and a negative impact of foreign currency values despite higher average selling prices led Perrysburg bottle maker Owens-Illinois Inc. to a sharp decrease in first-quarter earnings.
The company said yesterday it had a profit of $45 million, or 27 cents a share, compared with a profit of $178 million, or $1.09 a share, a year ago. Its sales totaled $1.5 billion for the quarter, down from $2 billion for the period a year ago.
Overall, O-I said it was pleased with the performance and that its improved selling prices and product mix contributed more than 6 percent to its revenue, compared to the prior year. Sales declined mainly because of challenging market conditions, the firm said.