O-I Glass (OI) to Report Q1 Earnings: What's in the Offing?
O-I Glass, Inc. OI is scheduled to report first-quarter 2023 results on Apr 25, after the closing bell.
Q4 Results
In the last reported quarter, O-I Glass’ earnings and revenues beat the Zacks Consensus Estimates. The top and bottom lines increased on a year-over-year basis.
OI has a trailing four-quarter earnings surprise of 16.5%, on average.
O-I Glass, Inc. Price and EPS Surprise
O-I Glass, Inc. price-eps-surprise | O-I Glass, Inc. Quote
Q1 Estimates
The Zacks Consensus Estimate for O-I Glass’ first-quarter earnings per share is pegged at 82 cents, suggesting an increase of 46.4% from the prior-year quarter’s reported level.
The Zacks Consensus Estimate for total sales is pinned at $1.78 billion, indicating a 5.3% decline from the year-ago quarter’s reported number.
Factors at Play
O-I Glass is likely to have gained from the growing demand for glass on consumer preference for healthy, premium and sustainable products for food and beverage. The first-quarter 2023 results are also expected to reflect gains from the focus on performance improvement, margin expansion initiatives and innovation.
In the first quarter, the effects of lower volume are likely to have been offset by strong net price realization and the favorable impacts of inventory revaluation.
The Zacks Consensus Estimate for the Americas segment’s net sales is pegged at $978 million, indicating an increase of 4% from the prior-year quarter. The Zacks Consensus Estimate for the segment’s operating profit is pinned at $159 million, which suggests an increase of 23.3% from that reported in first-quarter 2022.
The Zacks Consensus Estimate for the Europe segment’s revenues is pegged at $714 million for the March-end quarter, suggesting growth of 0.9% from the year-ago reported figure. The Zacks Consensus Estimate for the segment’s operating profit is pinned at $141 million, indicating a 38.2% increase from the $102 million reported in the prior-year quarter.
What Our Model Indicates
Our model predicts an earnings beat for O-I Glass this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat.
Earnings ESP: OI has an Earnings ESP of +0.92%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Price Performance
Shares of the company have gained 74% over the past year compared with the industry’s growth of 15.7%.
Image Source: Zacks Investment Research
Other Stocks to Consider
Here are some other Industrial Products stocks worth considering, as our model shows that these too have the right combination of elements to beat on earnings in their upcoming releases.
Ingersoll Rand Inc. IR is scheduled to report first-quarter 2023 results on May 3. It has an Earnings ESP of +2.32% and currently sports a Zacks Rank #1. The Zacks Consensus Estimate for first-quarter 2023 earnings is pegged at 52 cents per share. This suggests year-over-year growth of 6.1%.
The Zacks Consensus Estimate for IR’s quarterly revenues is pegged at $1.5 billion, indicating year-over-year growth of 10.7%. IR has a trailing four-quarter earnings surprise of 8.5%, on average.
A. O. Smith Corporation AOS is set to release its first-quarter 2023 results on Apr 27. AOS currently has an Earnings ESP of +5.78% and a Zacks Rank #2. The Zacks Consensus Estimate for first-quarter 2023 earnings is pegged at 77 cents per share, suggesting no year-over-year change.
The Zacks Consensus Estimate for AOS’ quarterly revenues is pegged at $913 million, indicating a year-over-year decline of 6.5%. The company has a trailing four-quarter earnings surprise of 3.2%, on average.
Illinois Tool Works ITW is scheduled to report first-quarter 2023 results on May 2. The company currently has an Earnings ESP of +1.49% and a Zacks Rank #3. The Zacks Consensus Estimate for first-quarter 2023 earnings is pegged at $2.19 per share. This suggests year-over-year growth of 3.8%.
The Zacks Consensus Estimate for quarterly revenues is pegged at $4 billion, indicating growth of 0.6% from the prior-year quarter’s reported level. ITW has a trailing four-quarter earnings surprise of 0.9%, on average.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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Illinois Tool Works Inc. (ITW) : Free Stock Analysis Report
O-I Glass, Inc. (OI) : Free Stock Analysis Report
A. O. Smith Corporation (AOS) : Free Stock Analysis Report
Ingersoll Rand Inc. (IR) : Free Stock Analysis Report
