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Owens-Illinois: 2Q Earnings Snapshot

PERRYSBURG, Ohio (AP) _ Owens-Illinois Inc. (OI) on Monday reported second-quarter profit of $50 million.

The Perrysburg, Ohio-based company said it had net income of 31 cents per share. Earnings, adjusted for one-time gains and costs, were 77 cents per share.

The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The glass container manufacturer posted revenue of $1.77 billion in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $1.82 billion.

For the current quarter ending in October, Owens-Illinois expects its per-share earnings to be 75 cents.

The company expects full-year earnings in the range of $2.75 to $2.85 per share.

Owens-Illinois shares have fallen 24 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 5 percent. In the final minutes of trading on Monday, shares hit $16.84, a decline of 32 percent 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