O-I Glass reports Q3 EPS 80c, consensus 70c

Reports Q3 revenue $1.74B, consensus $1.76B. “O-I continues to execute well, and third quarter results exceeded our expectations. Business performance improved significantly from the prior year period reflecting favorable net price realization, solid operating results, and benefits from our ongoing margin expansion initiatives, which more than offset the impact of lower-than-expected demand. Importantly, our balance sheet position continued to improve, and we achieved our 2023 target ahead of plan,” said Andres Lopez, O-I Glass CEO. “Demand for glass containers has temporarily decoupled from consumer consumption patterns primarily due to significant inventory destocking across the value chain. While we are not immune to the dynamics our industry is currently facing, we continue to navigate well through elevated volatility, and we are taking actions in the near term to best position our company for the market recovery that we believe will occur in 2024. This focus aligns with our ongoing efforts to transform the company and create shareholder value,” concluded Lopez.