Owens-Illinois Profit Meets Estimates as Mexico Boosts Salesby
Owen-Illinois Inc. reported profit that met analyst estimates as the $2.15 billion purchase of a Mexican glass-bottle maker in September boosted sales.
- Adjusted fourth-quarter earnings per share were 40 cents, in line with analysts’ estimates and up from 32 cents a year earlier.
- Revenue was $1.6 billion, up $23 million from a year ago. Analysts had estimated $1.61 billion.
The Big Picture
Andres Lopez, who became chief executive office on Jan. 1 after working his way up from the company’s Colombia operations, will benefit from the acquisition of the glass bottle unit of Vitro SAB, which was completed on Sept. 1 and is expected to boost this year’s earnings. That will help offset a drag from the strong dollar and weakness in Brazil.
- Owens-Illinois said adjusted earnings in 2016 would be $2.10 to $2.25 a share, lower than the average of $2.26 predicted by analysts.
- Global volume for 2015 was up 3 percent from year earlier.
- Company says construction of a new furnace in Mexico was finished by the end of last year.