Owens-Illinois Q2 Profit Tops Estimate

(RTTNews) - Owens-Illinois, Inc. (OI), the world's largest glass container manufacturer, reported net income for the second quarter of $40 million or $0.25 per share, compared to $114 million or $1.68 per share for the year-ago quarter.

Income from continuing operations for the second quarter was $42 million or $0.26 per share, compared to $134 million or $0.80 per share in the prior year quarter.

Excluding items, adjusted earnings for the second quarter were $0.60 per share, compared to $0.80 per share in the second quarter of last year.

Net sales for the second quarter fell to $1.54 billion from $1.80 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.58 per share on revenue of $1.54 billion for the second quarter.

The company said it now expects full year 2015 adjusted earnings to be in the range of $2.00 to $2.20 per share, compared to its prior guidance of $2.00 to $2.30 per share. Analysts currently expect the company to earn $2.14 per share for the full year 2015.