O-I Glass: 4Q Earnings Snapshot
PERRYSBURG, Ohio (AP) _ O-I Glass, Inc. (OI) on Tuesday reported fourth-quarter earnings of $32 million.
The Perrysburg, Ohio-based company said it had net income of 20 cents per share. Earnings, adjusted for one-time gains and costs, came to 50 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The glass container manufacturer posted revenue of $1.63 billion in the period, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $1.62 billion.
For the year, the company reported a loss of $397 million, or $2.56 per share, swinging to a loss in the period. Revenue was reported as $6.69 billion.
O-I Glass expects full-year earnings in the range of $2.10 to $2.25 per share.
O-I Glass shares have risen 12% since the beginning of the year, while the Standard & Poor’s 500 index has risen 2%. In the final minutes of trading on Tuesday, shares hit $13.40, a decrease of 33% in the last 12 months.