PERRYSBURG, Ohio (AP) _ Owens-Illinois Inc. (OI) on Monday reported a third-quarter loss of $575 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Perrysburg, Ohio-based company said it had a loss of $3.69. Earnings, adjusted for one-time gains and costs, came to 54 cents per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The glass container manufacturer posted revenue of $1.67 billion in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $1.73 billion.
For the current quarter ending in December, Owens-Illinois expects its per-share earnings to range from 45 cents to 50 cents.
The company expects full-year earnings in the range of $2.20 to $2.25 per share.
Owens-Illinois shares have fallen 37% since the beginning of the year, while the Standard & Poor's 500 index has risen 21%. In the final minutes of trading on Monday, shares hit $10.84, a decline of 35% in the last 12 months.