Published on 1 Feb 2023 on Zacks via Yahoo Finance

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

O-I Glass, Inc. OI reported fourth-quarter 2022 adjusted earnings per share of 38 cents, which beat the Zacks Consensus Estimate of 32 cents. The bottom line was higher than the company’s most recent guidance of 28-33 cents per share. On a year-over-year basis, earnings increased 6%.Including one-time items, O-I Glass reported EPS of 8 cents for the quarter compared with 27 cents in the prior-year quarter.

Operational Update

Revenues were $1.69 billion for the quarter under review, up 6.6% from the year-ago quarter’s level. The top line surpassed the Zacks Consensus Estimate of $1.57 billion. The unfavorable impacts of foreign currency translation and lower sales volumes were somewhat offset by higher average selling prices.Cost of sales was up 6.2% year over year to $1,434 million. Gross profit increased 8.8% year over year to $259 million. The gross margin was 15.3% for the quarter under review compared with 15% in the prior-year quarter. Selling and administrative expenses were up 16.7% year over year to $126 million.Adjusted segment operating profit amounted to $206 million for the reported quarter, up from the prior-year period’s $177 million. The segment operating margin was 12.2% compared with the prior-year quarter’s 11.1%.