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S&P 500 (NYSE:SPY) component Owens Illinois Inc. (NYSE:OI) reported net income above Wall Street’s expectations for the first quarter. Owens-Illinois manufactures glass containers primarily for the food and beverage industries in Europe, North America, South America, and Asia Pacific.
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Owens Illinois Earnings Cheat Sheet for the First Quarter
Results: Net income for Owens Illinois Inc. rose to $121 million (72 cents per share) vs. $82 million (44 cents per share) in the same quarter a year earlier. This marks a rise of 47.6% from the year-earlier quarter.
Revenue: Rose 1.2% to $1.74 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Owens Illinois Inc. reported adjusted net income of 73 cents per share. By that measure, the company beat the mean estimate of 66 cents per share. Analysts were expecting revenue of $1.76 billion.
Quoting Management: Commenting on the Company`s first quarter, Chairman and Chief Executive Officer Al Stroucken said, “We are encouraged by our start in 2012. To better serve the seasonally stronger second quarter, especially in Europe and North America, we increased production and inventory levels in the first quarter. We also saw generally good results from our pricing strategy and cost-cutting initiatives in all regions.”
Revenue has increased for four quarters in a row. Revenue increased 13.7% to $1.82 billion in the fourth quarter of the last fiscal year. The figure rose 6.9% in the third quarter of the last fiscal year from the year earlier and climbed 14.5% in the second quarter of the last fiscal year from the year-ago quarter.
The company has now topped analyst estimates for the last three quarters. It beat the mark by 2 cents in the fourth quarter of the last fiscal year and by 12 cents in the third quarter of the last fiscal year.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the second quarter has moved up from 78 cents a share to 82 cents over the last ninety days. The average estimate for the fiscal year has seen a bump from $2.75 per share sixty days ago to $2.88.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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