Ceramic Industry News

O-I Third Quarter Sales Increase, Earnings Decrease

November 4, 2011
/ Print / Reprints /
/ Text Size+

Owens-Illinois Inc. (O-I) recently reported financial results for the third quarter ending September 30, 2011. Third quarter net sales were $1.862 billion, up from $1.689 billion in the prior year’s third quarter, primarily due to higher sales volume and favorable foreign currency translation effects.

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.”

For more information, visit www.o-i.com.

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.



Image Galleries

April 2014 Issue Highlights

Our April 2014 issue is now available!


Sapphire: An Extreme Performer

Ian Doggett of Goodfellow and CI Editor Susan Sutton discuss the benefits and opportunities provided by industrial sapphire.

More Podcasts

Ceramic Industry Magazine

CI July 2014

2014 July

Our annual Data Book & Buyers' Guide is your best resource for suppliers of materials and equipment for the ceramic, glass, brick and related industries. Check it out!

Table Of Contents Subscribe


M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!


facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px