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O-I Glass: 3Q Earnings Snapshot

·1 min read

PERRYSBURG, Ohio (AP) _ O-I Glass, Inc. (OI) on Tuesday reported third-quarter net income of $328 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Perrysburg, Ohio-based company said it had profit of $2.06. Earnings, adjusted for non-recurring gains, came to 41 cents per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.

The glass container manufacturer posted revenue of $1.62 billion in the period, which also topped Street forecasts. Four analysts surveyed by Zacks expected $1.54 billion.

For the current quarter ending in December, O-I Glass expects its per-share earnings to range from 30 cents to 35 cents.

O-I Glass shares have decreased 17% since the beginning of the year, while the Standard & Poor's 500 index has increased almost 5%. In the final minutes of trading on Tuesday, shares hit $9.95, a decline of 8.5% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on OI at https://www.zacks.com/ap/OI