Ceramic Industry News

O-I Reports Lower Third Quarter Sales

Owens-Illinois Inc. (O-I) recently reported financial results for the third quarter ended September 30. Net earnings were $0.84 per share (diluted) in the third quarter of 2010, compared to $0.74 per share in the prior year. Adjusted net earnings (non-GAAP) of $0.90 per share were down from $0.95 per share in the third quarter of 2009. Unfavorable currency translation affected earnings by $0.04 per share.

Third quarter net sales were $1.74 billion in 2010, down from $1.87 billion in the prior year, primarily due to unfavorable foreign currency translation effects.

“Our financial results reflected the varying pace of economic recovery in the regions we serve,” said Al Stroucken, chairman and CEO. “In the emerging markets, glass demand improved in all end-use categories. Globally, demand was up across the wine, food and spirits categories, while beer demand remained sluggish in the more mature markets. We continued to execute on our long-term growth strategy. During the quarter, we acquired CIV in northern Brazil and opened new furnaces in Peru and Argentina. These initiatives build on acquisitions earlier this year in Argentina, China, Malaysia and Vietnam, as we expand our business in attractive and growing markets.”

For additional details, visit www.o-i.com.

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