Published on 7 Feb 2024 on Zacks via Yahoo Finance

O-I Glass (OI) Q4 Earnings & Revenues Beat Estimates, Dip Y/Y

O-I Glass, Inc. OI reported fourth-quarter 2023 adjusted earnings per share of 12 cents, which beat the Zacks Consensus Estimate of 3 cents. The bottom line was also higher than the company’s guidance of 3 cents. On a year-over-year basis, earnings decreased 68%.Including one-time items, O-I Glass reported a loss of $3.05 for the quarter against earnings of 8 cents in the prior-year quarter.

Operational Update

Revenues were $1.64 billion for the quarter under review, down 3.1% from the year-ago quarter. However, the top line surpassed the Zacks Consensus Estimate of $1.63 billion. The downside was driven by lower sales volume, partially offset by higher average selling prices and favorable foreign currency translation.Cost of sales was down 1.7% year over year to $1.41 billion. Gross profit decreased 10.8% year over year to $231 million. The gross margin was 14.1% for the quarter under review compared with 15.3% in the prior-year quarter. Selling and administrative expenses were down 7.9% year over year to $116 million.Adjusted segment operating profit amounted to $168 million for the reported quarter, down from the prior-year period’s $206 million. The segment operating margin was 10.2% compared with the prior-year quarter’s 12.2%.