Owens-Illinois, Inc. (NYSE:OI) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
Owens-Illinois, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 17.81% to $0.60 in the quarter versus EPS of $0.73 in the year-earlier quarter.
Revenue: Decreased 5.69% to $1.64 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Owens-Illinois, Inc. reported adjusted EPS income of $0.60 per share. By that measure, the company beat the mean analyst estimate of $0.57. It missed the average revenue estimate of $1.71 billion.
Quoting Management: Chairman and Chief Executive Officer Al Stroucken said, “We are pleased with our performance overall. Our price increases continue to cover cost inflation. We are clearly seeing the financial benefits of our global structural cost reductions, as well as the impact of our growth strategy on South America`s rising profitability. Yet we faced lower demand, as expected, particularly in economically troubled Europe. Our initiative to mitigate production volatility over the course of the year was a planned headwind in the first quarter, but will benefit us in the second half of the year.”
Key Stats (on next page)…