{"id":751108,"date":"2023-04-25T17:34:44","date_gmt":"2023-04-25T21:34:44","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/"},"modified":"2023-04-25T17:34:44","modified_gmt":"2023-04-25T21:34:44","slug":"o-i-glass-reports-first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/","title":{"rendered":"O-I Glass Reports First Quarter 2023 Results"},"content":{"rendered":"<h2>\nResults Significantly Exceeded Management Guidance; Substantially Increased Full Year 2023 Outlook<br \/>\n<\/h2>\n<div class=\"mw_release\">\n<p align=\"justify\">PERRYSBURG, Ohio, April  25, 2023  (GLOBE NEWSWIRE) &#8212; <strong>FOR IMMEDIATE RELEASE<\/strong>\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/p>\n<p align=\"justify\">\u00a0O-I Glass, Inc. (\u201cO-I\u201d) (NYSE: OI) today reported financial results for the first quarter ended March 31, 2023.<\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td rowspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Net Earnings Attributable <\/strong><br \/>\n            <br \/>\n            <strong>to the Company <\/strong><br \/>\n            <br \/>\n            <strong> Per Share (Diluted<\/strong>)<\/td>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Earnings Before <\/strong><br \/>\n            <br \/>\n            <strong>Income Taxes<\/strong><br \/>\n            <br \/>\n            <strong>$M<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong><br \/>\n              <em>1Q<\/em><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <em>2<\/em><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <em>3<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong><br \/>\n              <em>1Q<\/em><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <em>2<\/em><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <em>2<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong><br \/>\n              <em>1Q<\/em><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <em>2<\/em><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <em>3<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong><br \/>\n              <em>1Q22<\/em><br \/>\n            <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\n            <strong>Reported<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;vertical-align: top;text-align: center;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>1.29<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;vertical-align: top;text-align: center;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>0<\/strong><br \/>\n            <strong>.5<\/strong><br \/>\n            <strong>5<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;vertical-align: top;text-align: center;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>270<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;vertical-align: top;text-align: center;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>170<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\u00a0<\/td>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Adjusted Earnings<\/strong><br \/>\n            <br \/>\n            <strong>Earnings Per Share (Diluted)<\/strong>\n          <\/td>\n<td colspan=\"4\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\n            <strong>Segment Operating Profit<\/strong><br \/>\n            <br \/>\n            <strong>$M<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong><br \/>\n              <em>1Q23<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong><br \/>\n              <em>1Q22<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong><br \/>\n              <em>1Q23<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong><br \/>\n              <em>1Q22<\/em><br \/>\n            <\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\n            <strong>Non &#8211; GAAP<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong>1.2<\/strong><br \/>\n            <strong>9<\/strong><br \/>\n            <br \/>\n            <strong><br \/>\n              <em>(Guidance: <\/em><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <em>exceed $0.80<\/em><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <em> -$<\/em><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <em>0.85<\/em><br \/>\n            <\/strong><br \/>\n            <strong><br \/>\n              <em>)<\/em><br \/>\n            <\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;vertical-align: top;text-align: center;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>0.5<\/strong><br \/>\n            <strong>6<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;vertical-align: top;text-align: center;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>3<\/strong><br \/>\n            <strong>98<\/strong>\n          <\/td>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;padding-right: 0;vertical-align: top;text-align: center;vertical-align: middle\">\n            <strong>$<\/strong><br \/>\n            <strong>231<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\u201cWe are pleased to report very strong first quarter performance, which significantly exceeded our expectations heading into the period. Higher earnings reflected strong net price realization, solid operating performance and benefits from our ongoing margin expansion initiatives. As expected, sales volume was down from the same period in the prior year given a challenging prior year comparison among other factors. Despite elevated macroeconomic pressure, we are increasingly optimistic about our 2023 performance and have raised our full year guidance,\u201d said Andres Lopez, O-I Glass CEO.<\/p>\n<p align=\"justify\">Net sales were $1.8 billion in the first quarter of 2023, up compared to $1.7 billion in the prior year period primarily due to higher selling prices. Sales volume (in tons) was down 8 percent which was partially offset by favorable change in mix. Approximately 3 to 4 percent of the volume decline was attributed to a challenging prior year comparison (up 6.4 percent) amid record low inventories and disruption from temporary external events impacted volumes around 2 percent. Overall, the company estimates underlying market demand was down approximately 2 to 3 percent primarily due to inventory destocking across the supply chain and softer consumer demand in a few markets given macroeconomic uncertainty.<\/p>\n<p align=\"justify\">Earnings before income taxes were $270 million in the first quarter of 2023, up $100 million compared to the prior year quarter. Likewise, segment operating profit was $398 million in the first quarter of 2023 compared to $231 million in the prior year period.<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:6pt;text-align:justify\">\n          <em><br \/>\n            <u>Americas<\/u><br \/>\n          <\/em><br \/>\n          <em>:<\/em> Segment operating profit in the Americas was $176 million compared to $129 million in the first quarter of 2022. Segment operating profit benefited from favorable net price as higher selling prices more than offset cost inflation while solid operating and cost performance mitigated the impact of elevated planned project activity. As expected, sales volumes (in tons) declined 5 percent amid a challenging prior year comparison (up 3 percent) as well as disruption from civil unrest in Peru and flooding in Northern California. The impact of lower sales volume was partially offset by a favorable change in mix. Results were negatively impacted $8 million due to divestitures and $2 million from foreign currency translation.<\/li>\n<li style=\"text-align:justify\">\n          <em><br \/>\n            <u>Europe<\/u><br \/>\n          <\/em><br \/>\n          <em>:<\/em> Segment operating profit in Europe was $222 million compared to $102 million in the first quarter of 2022. Segment operating profit benefited from favorable net price as higher selling prices more than offset cost inflation, solid operating performance, benefits from O-I\u2019s margin expansion initiatives, and inventory revaluation. As expected, sales volumes (in tons) declined 12 percent amid a very challenging prior year comparison (up 10 percent) and disruption from general strikes in France. Results were negatively impacted by $1 million due to unfavorable foreign currency translation.<\/li>\n<\/ul>\n<p align=\"justify\">Retained corporate and other costs were $60 million, up compared to $50 million in the first quarter of 2022 primarily\u00a0due to higher management incentives and cost inflation.<\/p>\n<p align=\"justify\">Net earnings attributable to the company were $1.29 per share (diluted) in the first quarter of 2023 compared to $0.55 per share (diluted) in the prior year period. Adjusted earnings were $1.29 per share (diluted) in the first quarter of 2023, compared to $0.56 per share (diluted) in the prior year period. Actual results exceeded original guidance of $0.80 to $0.85 per share.<\/p>\n<p align=\"justify\">\n        <strong>202<\/strong><br \/>\n        <strong>3<\/strong><br \/>\n        <strong>Outlook<\/strong>\n      <\/p>\n<table style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: middle\">\u00a0<\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>2Q23 Guidance<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: middle\">\n            <strong>Full Year 2023 Guidance<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\n            <strong>Sales Volume Growth (in Tons)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>\u25bc LSD<\/strong><br \/>\n            <strong>\/<\/strong><br \/>\n            <strong>M<\/strong><br \/>\n            <strong>SD<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>\u25bc<\/strong><br \/>\n            <strong>LSD<\/strong><br \/>\n            <strong>\/<\/strong><br \/>\n            <strong>MSD<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\n            <strong>Adjusted Earnings Per Share<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$0.<\/strong><br \/>\n            <strong>80<\/strong><br \/>\n            <strong> &#8211; $0.8<\/strong><br \/>\n            <strong>5<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>$<\/strong><br \/>\n            <strong>3.<\/strong><br \/>\n            <strong>05<\/strong><br \/>\n            <strong> &#8211; $3.<\/strong><br \/>\n            <strong>2<\/strong><br \/>\n            <strong>5<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\n            <strong>Free Cash Flow ($M)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>n\/a<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>\u2265 $4<\/strong><br \/>\n            <strong>75<\/strong><br \/>\n            <strong> aFCF \/ \u2265 $<\/strong><br \/>\n            <strong>1<\/strong><br \/>\n            <strong>75<\/strong><br \/>\n            <strong> FCF<\/strong>\n          <\/td>\n<\/tr>\n<tr>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: justify;vertical-align: middle;vertical-align: top\">\n            <strong>Capital Expenditures ($M)<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>n\/a<\/strong>\n          <\/td>\n<td style=\"border-top: solid black 1pt;border-right: solid black 1pt;border-bottom: solid black 1pt;border-left: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: top\">\n            <strong>~ $700 &#8211; $725<\/strong>\n          <\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">O-I has increased its full year guidance for adjusted earnings per share, free cash flow and adjusted free cash flow given very good first quarter performance. The company now anticipates 2023 adjusted earnings will approximate $3.05 to $3.25 per share, compared to prior guidance of at least $2.50 per share, reflecting incremental net price realization as well as strong operating and cost performance. Sales volume (in tons) should be down modestly from the prior year given elevated macroeconomic pressure. The company continues to expect strong earnings in the first half of the year while the outlook is intentionally conservative on the second half given increasing risk of recession. O-I\u2019s cash flow guidance has also increased to at least $475 million of adjusted free cash flow and $175 million of free cash flow. The company expects to refine its earnings and cash flow guidance over the course of the year as greater clarity is gained on sales volume and working capital trends.<\/p>\n<p align=\"justify\">Second quarter 2023 adjusted earnings should approximate $0.80 to $0.85 per share compared to the prior year quarter of $0.73 per share. Higher earnings are expected to reflect strong net price while sales volume (in tons) will likely be down modestly compared with the prior year due to current inventory destocking actions and softer consumer demand in a few markets. Results are expected to reflect higher costs due to elevated project activity, unfavorable inventory valuation as well as higher interest expense. \u00a0\u00a0\u00a0<\/p>\n<p align=\"justify\">O-I\u2019s earnings outlook assumes foreign currency rates as of April 24, 2023, earnings dilution from the company\u2019s portfolio optimization program, and incremental interest expense due to higher prevailing interest rates and debt incurred to fund the Paddock 524(g) trust. The full-year effective tax rate should approximate 23 to 25 percent. The earnings and cash flow guidance ranges may not fully reflect uncertainty in macroeconomic conditions, currency rates, and further pandemic effects such as supply chain and labor challenges, among other factors.<\/p>\n<p><strong>Conference Call S<\/strong><strong>cheduled for <\/strong><strong>April 26<\/strong><strong>,<\/strong><strong> 20<\/strong><strong>2<\/strong><strong>3<\/strong><\/p>\n<p align=\"justify\">O-I CEO Andres Lopez and CFO John Haudrich will conduct a conference call to discuss the company\u2019s latest results on Wednesday, April 26, 2023, at 8:00 a.m. EST A live webcast of the conference call, including presentation materials, will be available on the O-I website, <a href=\"http:\/\/www.o-i.com\/investors\" rel=\"nofollow noopener\" target=\"_blank\">www.o-i.com\/investors<\/a>, in the News and Events section. A replay of the call will be available on the website for a year following the event.<\/p>\n<p align=\"justify\">Contact: Sasha Sekpeh, 567-336-5128 \u2013 O-I Investor Relations<\/p>\n<p align=\"justify\">O-I news releases are available on the O-I website at <a href=\"http:\/\/www.o-i.com\" rel=\"nofollow noopener\" target=\"_blank\">www.o-i.com<\/a>.<\/p>\n<p align=\"justify\">O-I\u2019s second quarter 2023 earnings conference call is currently scheduled for Wednesday, August 2, 2023, at 8:00 a.m. EDT.<\/p>\n<p align=\"justify\">\n        <strong>About O-I Glass <\/strong>\n      <\/p>\n<p align=\"justify\">At O-I Glass, Inc. (NYSE: OI), we love glass and we\u2019re proud to be one of the leading producers of glass bottles and jars around the globe. Glass is not only beautiful, it\u2019s also pure and completely recyclable, making it the most sustainable rigid packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is the preferred partner for many of the world\u2019s leading food and beverage brands. We innovate in line with customers\u2019 needs to create iconic packaging that builds brands around the world. Led by our diverse team of more than 24,000 people across 69\u00a0plants in 19\u00a0countries, O-I achieved net sales of $6.9 billion in 2022. Learn more about us: <a href=\"https:\/\/www.o-i.com\/\" rel=\"nofollow noopener\" target=\"_blank\">o-i.com<\/a> \/\u00a0<a href=\"https:\/\/www.facebook.com\/OIGlass\" rel=\"nofollow noopener\" target=\"_blank\">Facebook<\/a> \/ <a href=\"https:\/\/twitter.com\/OI_Glass\" rel=\"nofollow noopener\" target=\"_blank\">Twitter<\/a> \/ <a href=\"https:\/\/www.instagram.com\/OI_Glass\/\" rel=\"nofollow noopener\" target=\"_blank\">Instagram<\/a> \/ <a href=\"https:\/\/www.linkedin.com\/company\/o-i\" rel=\"nofollow noopener\" target=\"_blank\">LinkedIn<\/a><\/p>\n<p align=\"justify\">\n        <strong>Non-GAAP Financial Measures<\/strong>\n      <\/p>\n<p align=\"justify\">The company uses certain non-GAAP financial measures, which are measures of its historical or future financial performance that are not calculated and presented in accordance with GAAP, within the meaning of applicable SEC rules. Management believes that its presentation and use of certain non-GAAP financial measures, including adjusted earnings, adjusted earnings per share, free cash flow, adjusted free cash flow and segment operating profit provide relevant and useful supplemental financial information that is widely used by analysts and investors, as well as by management in assessing both consolidated and business unit performance. These non-GAAP measures are reconciled to the most directly comparable GAAP measures and should be considered supplemental in nature and should not be considered in isolation or be construed as being more important than comparable GAAP measures.<\/p>\n<p align=\"justify\">Adjusted earnings relates to net earnings attributable to the company,\u00a0exclusive of items management considers not representative of ongoing operations and other adjustments because such items are not reflective of the company\u2019s principal business activity, which is glass container production. Adjusted earnings are divided by weighted average shares outstanding (diluted) to derive adjusted earnings per share. Segment operating profit relates to earnings before interest expense, net, and before income taxes and is also exclusive of items management considers not representative of ongoing operations as well as certain retained corporate costs and other adjustments. Management uses adjusted earnings, adjusted earnings per share and segment operating profit, to evaluate its period-over-period operating performance because it believes these provide useful supplemental measures of the results of operations of its principal business activity by excluding items that are not reflective of such operations.\u00a0 The above non-GAAP financial measures may be useful to investors in evaluating the underlying operating performance of the company\u2019s business as these measures eliminate items that are not reflective of its principal business activity.<\/p>\n<p align=\"justify\">Further, free cash flow relates to cash provided by operating activities plus cash payments to the Paddock 524(g) trust and related expenses less cash payments for property, plant, and equipment. Adjusted free cash flow relates to cash provided by operating activities plus cash payments to the Paddock 524(g) trust and related expenses less cash payments for property, plant and equipment plus cash payments for property, plant and equipment related to strategic or expansion projects. Management has historically used free cash flow and adjusted free cash flow to evaluate its period-over-period cash generation performance because it believes these have provided useful supplemental measures related to its principal business activity. It should not be inferred that the entire free cash flow or adjusted free cash flow amount is available for discretionary expenditures, since the company has mandatory debt service requirements and other non-discretionary expenditures that are not deducted from these measures. Management uses non-GAAP information principally for internal reporting, forecasting, budgeting and calculating compensation payments.<\/p>\n<p align=\"justify\">The company routinely posts important information on its website \u2013 <a href=\"http:\/\/www.o-i.com\/investors\" rel=\"nofollow noopener\" target=\"_blank\">www.o-i.com\/investors<\/a>.<\/p>\n<p align=\"justify\">\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">This press release contains \u201cforward-looking\u201d statements related to O-I Glass, Inc. (\u201cO-I Glass\u201d or the \u201ccompany\u201d) within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the \u201cExchange Act\u201d) and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements reflect the company\u2019s current expectations and projections about future events at the time, and thus involve uncertainty and risk. The words \u201cbelieve,\u201d \u201cexpect,\u201d \u201canticipate,\u201d \u201cwill,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cshould,\u201d \u201cmay,\u201d \u201cplan,\u201d \u201cestimate,\u201d \u201cintend,\u201d \u201cpredict,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d and the negatives of these words and other similar expressions generally identify forward-looking statements.<\/p>\n<p align=\"justify\">It is possible that the Company\u2019s future financial performance may differ from expectations due to a variety of factors including, but not limited to the following: (1) the general political, economic and competitive conditions in markets and countries where the Company has operations, including uncertainties related to economic and social conditions, disruptions in the supply chain, competitive pricing pressures, inflation or deflation, changes in tax rates and laws, war, civil disturbance or acts of terrorism, natural disasters, and weather, (2) cost and availability of raw materials, labor, energy and transportation (including impacts related to the current conflict between Russia and Ukraine and disruptions in supply of raw materials caused by transportation delays), (3) the impact of the COVID-19 pandemic and the various governmental, industry and consumer actions related thereto, (4) competitive pressures, consumer preferences for alternative forms of packaging or consolidation among competitors and customers, (5) the Company\u2019s ability to improve its glass melting technology, known as the MAGMA program, and implement it within the timeframe expected, (6) unanticipated operational disruptions, including higher capital spending, (7) the failure of the Company\u2019s joint venture partners to meet their obligations or commit additional capital to the joint venture, (8) the Company\u2019s ability to manage its cost structure, including its success in implementing restructuring or other plans aimed at improving the Company\u2019s operating efficiency and working capital management, and achieving cost savings, (9) the Company\u2019s ability to acquire or divest businesses, acquire and expand plants, integrate operations of acquired businesses and achieve expected benefits from acquisitions, divestitures or expansions, (10) the Company\u2019s ability to generate sufficient future cash flows to ensure the Company\u2019s goodwill is not impaired, (11) the Company\u2019s ability to achieve its strategic plan, (12) unanticipated expenditures with respect to data privacy, environmental, safety and health laws, (13) the ability of the Company and the third parties on which it relies for information technology system support to prevent and detect security breaches related to cybersecurity and data privacy, (14) changes in capital availability or cost, including interest rate fluctuations and the ability of the Company to refinance debt on favorable terms, (15) foreign currency fluctuations relative to the U.S. dollar, (16) changes in tax laws or U.S. trade policies, (17) risks related to recycling and recycled content laws and regulations, (18) risks related to climate-change and air emissions, including related laws or regulations and increased environmental, social and governance scrutiny and changing expectations from stakeholders regulations and the other risk factors discussed in the company&#8217;s filings with the Securities and Exchange Commission.<\/p>\n<p align=\"justify\">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\u2019s results or operations and financial condition, the company does not assume any obligation to update or supplement any particular forward-looking statements contained in this document.<\/p>\n<p \/>\n<p id=\"gnw_attachments_section-header\">\n        <strong>Attachments<\/strong>\n      <\/p>\n<ul id=\"gnw_attachments_section-items\">\n<li>\n          <a target=\"_blank\" href=\"https:\/\/ml.globenewswire.com\/Resource\/Download\/9a6b214c-fb4d-4f97-8143-5082b80f568e\" rel=\"noopener\">1Q 2023 O-I Glass Earnings Presentation <\/a>\n        <\/li>\n<li>\n          <a target=\"_blank\" href=\"https:\/\/ml.globenewswire.com\/Resource\/Download\/b52a8a80-f274-40fe-a2f2-75e6f2f236ae\" rel=\"noopener\">1Q 2023 O-I Glass Press Release <\/a>\n        <\/li>\n<\/ul>\n<p>      <img decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgyNTMyOSM1NTU2Nzg0IzIwMDc4OTc=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" src=\"https:\/\/ml.globenewswire.com\/media\/Mjg1NjhlMTItMjYxMS00Zjg3LWI1NDQtMmM2NmU1ODE2NDYxLTEwMTk0NzA=\/tiny\/Owens-Illinois-General-Inc-.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\">\n<pre>For more information, contact:\r\nChris Manuel\r\nVice President of Investor Relations\r\n567-336-2600\r\nChris.Manuel@o-i.com<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Results Significantly Exceeded Management Guidance; Substantially Increased Full Year 2023 Outlook PERRYSBURG, Ohio, April 25, 2023 (GLOBE NEWSWIRE) &#8212; FOR IMMEDIATE RELEASE\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0O-I Glass, Inc. (\u201cO-I\u201d) (NYSE: OI) today reported financial results for the first quarter ended March 31, 2023. \u00a0 Net Earnings Attributable to the Company Per Share (Diluted) Earnings Before Income Taxes $M 1Q 2 3 1Q 2 2 1Q 2 3 1Q22 Reported $ 1.29 $ 0 .5 5 $ 270 $ 170 \u00a0 Adjusted Earnings Earnings Per Share (Diluted) Segment Operating Profit $M 1Q23 1Q22 1Q23 1Q22 Non &#8211; GAAP $ 1.2 9 (Guidance: exceed $0.80 -$ 0.85 ) $ 0.5 6 $ 3 98 $ 231 \u201cWe are pleased to report very strong first &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;O-I Glass Reports First Quarter 2023 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-751108","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>O-I Glass Reports First Quarter 2023 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"O-I Glass Reports First Quarter 2023 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Results Significantly Exceeded Management Guidance; Substantially Increased Full Year 2023 Outlook PERRYSBURG, Ohio, April 25, 2023 (GLOBE NEWSWIRE) &#8212; FOR IMMEDIATE RELEASE\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0O-I Glass, Inc. (\u201cO-I\u201d) (NYSE: OI) today reported financial results for the first quarter ended March 31, 2023. \u00a0 Net Earnings Attributable to the Company Per Share (Diluted) Earnings Before Income Taxes $M 1Q 2 3 1Q 2 2 1Q 2 3 1Q22 Reported $ 1.29 $ 0 .5 5 $ 270 $ 170 \u00a0 Adjusted Earnings Earnings Per Share (Diluted) Segment Operating Profit $M 1Q23 1Q22 1Q23 1Q22 Non &#8211; GAAP $ 1.2 9 (Guidance: exceed $0.80 -$ 0.85 ) $ 0.5 6 $ 3 98 $ 231 \u201cWe are pleased to report very strong first &hellip; Continue reading &quot;O-I Glass Reports First Quarter 2023 Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-25T21:34:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgyNTMyOSM1NTU2Nzg0IzIwMDc4OTc=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/o-i-glass-reports-first-quarter-2023-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/o-i-glass-reports-first-quarter-2023-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"O-I Glass Reports First Quarter 2023 Results\",\"datePublished\":\"2023-04-25T21:34:44+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/o-i-glass-reports-first-quarter-2023-results\\\/\"},\"wordCount\":2270,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/o-i-glass-reports-first-quarter-2023-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODgyNTMyOSM1NTU2Nzg0IzIwMDc4OTc=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/o-i-glass-reports-first-quarter-2023-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/o-i-glass-reports-first-quarter-2023-results\\\/\",\"name\":\"O-I Glass Reports First Quarter 2023 Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/","og_locale":"en_US","og_type":"article","og_title":"O-I Glass Reports First Quarter 2023 Results - Market Newsdesk","og_description":"Results Significantly Exceeded Management Guidance; Substantially Increased Full Year 2023 Outlook PERRYSBURG, Ohio, April 25, 2023 (GLOBE NEWSWIRE) &#8212; FOR IMMEDIATE RELEASE\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0O-I Glass, Inc. (\u201cO-I\u201d) (NYSE: OI) today reported financial results for the first quarter ended March 31, 2023. \u00a0 Net Earnings Attributable to the Company Per Share (Diluted) Earnings Before Income Taxes $M 1Q 2 3 1Q 2 2 1Q 2 3 1Q22 Reported $ 1.29 $ 0 .5 5 $ 270 $ 170 \u00a0 Adjusted Earnings Earnings Per Share (Diluted) Segment Operating Profit $M 1Q23 1Q22 1Q23 1Q22 Non &#8211; GAAP $ 1.2 9 (Guidance: exceed $0.80 -$ 0.85 ) $ 0.5 6 $ 3 98 $ 231 \u201cWe are pleased to report very strong first &hellip; Continue reading \"O-I Glass Reports First Quarter 2023 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/","og_site_name":"Market Newsdesk","article_published_time":"2023-04-25T21:34:44+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgyNTMyOSM1NTU2Nzg0IzIwMDc4OTc=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"11 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"O-I Glass Reports First Quarter 2023 Results","datePublished":"2023-04-25T21:34:44+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/"},"wordCount":2270,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgyNTMyOSM1NTU2Nzg0IzIwMDc4OTc=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/o-i-glass-reports-first-quarter-2023-results\/","name":"O-I Glass Reports First Quarter 2023 Results - 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