O-I Glass cuts earnings outlook as rising energy costs hit performance
Updated
Updated · MarketWatch · Apr 28
O-I Glass cuts earnings outlook as rising energy costs hit performance
3 articles · Updated · MarketWatch · Apr 28
Shares fell 19% in after-hours trading to $8.32 after O-I Glass lowered its full-year adjusted earnings forecast to $1.00-$1.50 and free cash flow to $50-$150 million.
The company reported a first-quarter loss of $73 million, with adjusted earnings of 5 cents a share, missing analyst expectations. Sales dropped slightly to $1.54 billion, with declines in both European and Americas segments.
O-I Glass cited higher global energy costs from Middle East conflicts and increased price pressure in Europe as reasons for the outlook cut, but noted improved volume trends and customer wins may support growth later in the year.
With its stock collapsing, can O-I Glass's tech innovations prevent a corporate meltdown?
Is O-I Glass the canary in the coal mine for Europe's entire manufacturing sector?
Can a pivot to premium spirits save O-I Glass as its traditional markets crumble?
Is the Mideast crisis a smokescreen for O-I Glass's deeper struggles in the European market?
Will soaring energy prices permanently push beverage makers from glass to cheaper aluminum?