Monday, Oct 24, 2016
One of America's Great Newspapers ~ Toledo, Ohio


3rd-quarter profit rises for O-I as sales wane

Owens-Illinois Inc., which is in the midst of a state takeover of its Venezuelan plants, reported increased third-quarter profits Wednesday despite a 7 percent decline in sales.

O-I is the world's largest manufacturer of glass containers. For the quarter, the Perrysburg-based company reported sales of $1.74 billion, down from $1.87 billion for the same period a year earlier.

The company reported a profit of $138.7 million, or 84 cents a share, during the third quarter, up from $126.7 million, or 74 cents a share, during the same period in 2009.

The glassmaker said bottle shipments for beer in newer markets, as well as global glass shipments for wine and alcohol, were up between 5 and 13 percent. It expects the expropriation of its two Venezuelan plants to negatively impact its fourth-quarter results.

Meanwhile, Owens Corning said decreased sales in its roofing segment contributed to a 44 percent decline in its third-quarter earnings compared to last year.

The Toledo-based maker of building materials and fiber-glass reported sales of $1.2 billion for the third quarter, down from $1.3 billion in the same period a year ago.

The company had a quarterly profit of $44 million, or 35 cents a share, a decrease of nearly 44 percent from $78 million, or 61 cents a share, in the same period a year ago.

Owens Corning said sales for its composites segment grew to $477 million for the quarter, up 6 percent for the quarter. However, building material sales fell nearly 21 percent to $742 million.

The company said sales also decreased for its roofing materials, which contributed to a 28 percent decline overall in building materials sales compared with a year ago.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2015 Toledo Blade

To Top

Fetching stories…