Ceramic Industry News

O-I Announces Slightly Reduced Annual Net Sales

Owens-Illinois Inc. (O-I) recently reported financial results for the full year and fourth quarter ending December 31, 2010. Full year 2010 net sales from continuing operations were $6.63 billion, compared to $6.65 billion in 2009. Earnings from continuing operations attributable to the company for 2010 were $258 million, or $1.55 per share (diluted), compared to $110 million, or $0.65 per share (diluted), in the prior year.

O-I reported fourth quarter 2010 segment operating profit of $221 million, up from $174 million in the prior year’s fourth quarter. Price and product mix, as well as total shipment levels (in tons) were flat with the fourth quarter of 2009. Manufacturing and delivery costs decreased by $35 million from the prior year, primarily due to higher operating rates. Non-operational costs increased from the fourth quarter of 2009.

“We expect improved financial performance and free cash flow generation in 2011,” said Al Stroucken, chairman and CEO. “Shipments should increase due to organic growth and benefits from recent acquisitions. To support future profitable growth, we will invest in our sales, marketing and innovation capabilities. Also, higher selling prices will partially offset additional cost inflation. As capital investments and restructuring payments will decline significantly from 2010 levels, we expect free cash flow will approximate $300 million in 2011.”

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

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