O-I PROVIDES FIRST QUARTER RESULTS UPDATE Encouraging early performance, yet conflicting European sales patterns impact visibility
(Thomson Reuters ONE) -
FOR IMMEDIATE RELEASE
O-I PROVIDES FIRST QUARTER RESULTS UPDATE
Encouraging early performance, yet conflicting European sales patterns impact
visibility
PERRYSBURG, Ohio (April 10, 2012) - Owens-Illinois, Inc. (NYSE: OI) announced
today that first quarter 2012 results, based on preliminary indications, should
exceed prior year first quarter 2011 earnings from continuing operations of
$0.50 per share (diluted) by more than 35 percent. The higher first quarter
2012 results were primarily driven by good manufacturing performance as the
Company's facilities operated at greater than planned production rates. The
Company increased its levels of finished goods inventory during the first
quarter to support the upcoming seasonal sales volume trends, especially in
North America and Europe, and to avoid the supply chain inefficiencies
experienced last year during the second quarter. The results also partially
benefited from 2012 pricing actions to offset unrecovered prior year inflation
and anticipated 2012 inflation. Cost reduction activities initiated in the
second half of 2011, as well as lower than expected costs in the first quarter
of 2012 for the successful SAP deployment in North America, also benefited
results.
Commenting on preliminary first quarter 2012 results and the Company's business
outlook, Chairman and CEO Al Stroucken said, "We are seeing generally good
initial results from our price increases and operational efficiencies. We are
encouraged by the first quarter performance, yet conflicting customer demand
patterns, especially in Europe where uncertainty regarding financial markets
persists, continue to impact our visibility for the remainder of the year.
Accordingly, we will actively manage our production levels for significant
changes in sales demand patterns, and such actions could considerably influence
future financial results."
The Company will provide further details on its first quarter performance and
business outlook on its quarterly earnings conference call scheduled for April
26, 2012.
Company profile
Owens-Illinois, Inc. (NYSE: OI) is the world's largest glass container
manufacturer and preferred partner for many of the world's leading food and
beverage brands. With revenues of $7.4 billion in 2011, the Company is
headquartered in Perrysburg, Ohio, USA, and employs more than 24,000 people at
81 plants in 21 countries. O-I delivers safe, effective and sustainable glass
packaging solutions to a growing global marketplace. For more information, visit
www.o-i.com.
Forward looking statements
This news release contains "forward looking" statements within the meaning of
Section 21E of the Securities Exchange Act of 1934 and Section 27A of the
Securities Act of 1933. Forward looking statements reflect the Company's current
expectations and projections about future events at the time, and thus involve
uncertainty and risk. The words "believe," "expect," "anticipate," "will,"
"could," "would," "should," "may," "plan," "estimate," "intend," "predict,"
"potential," "continue," and the negatives of these words and other similar
expressions generally identify forward looking statements. It is possible the
Company's future financial performance may differ from expectations due to a
variety of factors including, but not limited to the following: (1) foreign
currency fluctuations relative to the U.S. dollar, specifically the Euro,
Brazilian real and Australian dollar, (2) changes in capital availability or
cost, including interest rate fluctuations, (3) the general political, economic
and competitive conditions in markets and countries where the Company has
operations, including uncertainties related to the economic conditions in Europe
and Australia, the expropriation of the Company's operations in Venezuela,
disruptions in capital markets, disruptions in the supply chain, competitive
pricing pressures, inflation or deflation, and changes in tax rates and laws,
(4) consumer preferences for alternative forms of packaging, (5) fluctuations in
raw material and labor costs, (6) availability of raw materials, (7) costs and
availability of energy, including natural gas prices, (8) transportation costs,
(9) the ability of the Company to raise selling prices commensurate with energy
and other cost increases, (10) consolidation among competitors and customers,
(11) the ability of the Company to acquire businesses and expand plants,
integrate operations of acquired businesses and achieve expected synergies, (12)
unanticipated expenditures with respect to environmental, safety and health
laws, (13) the performance by customers of their obligations under purchase
agreements, (14) the Company's ability to further develop its sales, marketing
and product development capabilities, (15) the Company's ability to resolve its
production and supply chain issues in North America, (16) the Company's success
in implementing necessary restructuring plans and the impact of such
restructuring plans on the carrying value of recorded goodwill, (17) the
Company's ability to successfully navigate the structural changes in Australia,
(18) the proceeds from the land sales in China do not occur in the time schedule
or amount that the Company expects, and (19) the timing and occurrence of events
which are beyond the control of the Company, including any expropriation of the
Company's operations, floods and other natural disasters, and events related to
asbestos-related claims. It is not possible to foresee or identify all such
factors. Any forward looking statements in this document are based on certain
assumptions and analyses made by the Company in light of its experience and
perception of historical trends, current conditions, expected future
developments, and other factors it believes are appropriate in the
circumstances. Forward looking statements are not a guarantee of future
performance and actual results or developments may differ materially from
expectations. While the Company continually reviews trends and uncertainties
affecting the Company's results of operations and financial condition, the
Company does not assume any obligation to update or supplement any particular
forward looking statements contained in this news release.
Contacts: O-I, Erin Crandall, 567-336-2355 - Investor Relations
O-I, Stephanie Johnston, 567-336-7199 - Corporate
Communications
Copies of O-I news releases are available on the O-I website at www.o-i.com.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Owens-Illinois, Inc. via Thomson Reuters ONE
[HUG#1601327]
Unternehmensinformation / Kurzprofil:
Datum: 10.04.2012 - 22:19 Uhr
Sprache: Deutsch
News-ID 133670
Anzahl Zeichen: 7692
contact information:
Town:
Perrysburg, OH
Kategorie:
Business News
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