Ceramic Industry News

O-I Reports Lower Second Quarter Results

August 5, 2010
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Owens-Illinois, Inc. (O-I) has reported its financial results for the second quarter ended June 30. Second quarter net sales were $1.7 billion in 2010, down from $1.8 billion in the prior year, primarily due to unfavorable foreign currency translation effects.

Net earnings attributable to the company in the second quarter of 2010 were $141.1 million, or $0.85 per share (diluted), compared to $149.3 million, or $0.88 per share (diluted), in the prior year. Excluding items management considers not representative of ongoing operations, adjusted net earnings were $149.0 million, or $0.90 per share (diluted), compared with second quarter 2009 adjusted net earnings of $159.7 million, or $0.94 per share (diluted).

“The economic recovery accelerated in South America and China, driving stronger glass container demand in those regions,” said Al Stroucken, chairman and CEO. “At the same time, the pace of improvement was inconsistent across North America and Europe, as beer demand remained sluggish. We maintained higher selling prices, offsetting modest cost inflation. In addition, we expanded our presence in fast-growing markets through our acquisition of a plant in China and through our new Southeast Asia joint venture operating in Malaysia and Vietnam."

Visit www.o-i.com/investorrelations.com for more information.

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