Higher results for O-I in Europe and Latin America lead to double-digit increase in earnings per share
Owens-Illinois, Inc. (O-I) has reported financial results for the third quarter ended 30 September 2017. For the third quarter, earnings from continuing operations were USD 0.77 per share (diluted), up 13% compared with USD 0.68 per share in 2016, primarily driven by improved segment operating profit in Europe and Latin America, and lower interest and tax expense.
Net sales were USD 1.8 billion, an increase of almost 5% compared to the prior year third quarter, primarily due to favourable currency translation. Price increased 1% on a global basis, while shipments were on par with the prior year. Earnings from continuing operations before income taxes were USD 172 million, an increase of 12% compared with the same period in 2016. Segment operating profit of reportable segments for the third quarter of 2017 was USD 260 million, an increase of 10% compared with prior year. Notable gains were reported in Europe and Latin America, which more than compensated for external weakness in North America.
Europe benefited from a favourable sales mix, a currency tailwind and the receipt of an energy credit, as expected. The increase in Latin America was driven by a 7% increase in shipments including double-digit gains in Brazil and a reduction in total systems cost. Strategic initiatives in commercial programs and end-to-end supply chain management continue to generate benefits as planned.
Total systems cost improvements generated approximately USD 8 million in cost savings during the third...
Net sales were USD 1.8 billion, an increase of almost 5% compared to the prior year third quarter, primarily due to favourable currency translation. Price increased 1% on a global basis, while shipments were on par with the prior year. Earnings from continuing operations before income taxes were USD 172 million, an increase of 12% compared with the same period in 2016. Segment operating profit of reportable segments for the third quarter of 2017 was USD 260 million, an increase of 10% compared with prior year. Notable gains were reported in Europe and Latin America, which more than compensated for external weakness in North America.
Europe benefited from a favourable sales mix, a currency tailwind and the receipt of an energy credit, as expected. The increase in Latin America was driven by a 7% increase in shipments including double-digit gains in Brazil and a reduction in total systems cost. Strategic initiatives in commercial programs and end-to-end supply chain management continue to generate benefits as planned.
Total systems cost improvements generated approximately USD 8 million in cost savings during the third...
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