O-I Glass Q2 Results Up; Lifts FY22 Outlook

(RTTNews) - Glass container manufacturing company O-I Glass, Inc. (OI) on Tuesday reported higher earnings and sales in the second quarter, which came in above the Street view. The company also lifted its full-year 2022 outlook.

O-I Glass posted net income of $252 million or $1.59 per share in the second quarter, higher than $118 million or $0.73 per share in the year-ago quarter.

Excluding items, income was $115 million or $0.73 per share in the period, compared to $87 million or $0.54 per share last year. On average, 11 analysts polled by Thomson Reuters expected the company to post earnings of $0.65 per share in the quarter. Analysts' estimates, usually exclude one-time items.

Net sales rose to $1.77 billion from $1.66 billion last year while 10 analysts were looking for revenues of $1.74 billion for the period.

Looking ahead, the company expects third quarter 2022 adjusted earnings of around $0.55 to $0.60 per share, while 12 analysts polled by Thomson Reuters expect the company to post earnings of $0.65 per share in the period.

The company also lifted its full-year 2022 guidance, reflecting favorable first half results and solid momentum heading into the second half of the year. The company now expects adjusted earnings per share of between $2.05 and $2.20 compared to the prior guidance of between $1.85 and $2.10 per share.

On average, 12 analysts expect the company to post earnings of $2.1 per share in the year ahead.