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Owens-Illinois Inc. (O-I) recently announced fourth quarter 2013 net sales of $1.76 billion, similar to the prior year’s fourth quarter. The company reportedly benefited from price gains of 1%, and recorded a currency headwind of 2%.
Fourth quarter 2013 segment operating profit was $195 million, up 19% over the same period last year. The company’s efforts to better manage production levels throughout the year reportedly obviated the need to sharply curtail production in the fourth quarter, as was done in the previous year.
Full year net sales were flat with the prior year, at $7 billion. Price increased 2%, while currency was a 1% headwind, primarily due to the Brazilian real and the Australian dollar.
“Our strong free cash flow generation and earnings growth demonstrate our success in executing on our strategic agenda,” said Al Stroucken, chairman and CEO. “We remain focused on driving structural cost reductions, optimizing our asset base and smoothing production. The bottom line benefits of these efforts were partially masked by ongoing economic weakness in Europe, and volatility in South America. As committed, we are using most of our free cash flow to enhance our financial flexibility, while also repurchasing more than a million shares.”
For more information, visit www.o-i.com.