O-I Glass Lifts FY22 Outlook, Stock Up 12%

(RTTNews) - While reporting its results for the first quarter on Monday, O-I Glass, Inc. (OI) lifted its earnings outlook for the full year 2022, sending its shares up 12% in extended trading session.

The company now expects adjusted earnings of between $1.85 and $2.10 per share, up from the original guidance of between $1.85 and $2.00 per share. Analysts polled by Thomson Reuters currently estimate earnings of $1.89 per share for the full year 2022.

The company said the updated outlook reflects "favorable first quarter results and good momentum as the company navigates a period of elevated macro uncertainty."

"We are increasingly optimistic on our full-year business outlook as we continue to navigate challenging macro conditions with agility. Demand for healthy, sustainable glass containers remains strong, operating performance is solid and we are effectively raising prices to offset cost inflation," said CEO Andres Lopez.

For the second quarter, O-I expects adjusted earnings of about $0.55 to $0.60 per share. Analysts currently estimate earnings of $0.57 per share for the quarter.

OI closed Monday's trading at $13.25, down $0.13 or 0.97%, on the NYSE. The stock, however, gained $1.67 or 12.60% in the after-hours trading.