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Net earnings from continuing operations attributable to the company in the third quarter of 2011 were $119 million, compared with net earnings from continuing operations in the third quarter of 2010 of $127 million. Third quarter 2011 adjusted net earnings improved from second quarter 2011 adjusted net earnings of $98 million.
“We made good progress in the third quarter,” said Al Stroucken, chairman and CEO. “Earnings were in line with the prior year and improved significantly from the second quarter due to better operating performance, especially in North America and Asia Pacific. To address market challenges in Australia, we closed a furnace at the end of September. Globally, higher year-over-year shipments and prices contributed to earnings, but were offset by high cost inflation. We used the $138 million of free cash flow generated in the quarter primarily to reduce debt. This is consistent with our goal of reducing our leverage ratio to between two and three times EBITDA.”
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