Welcome to our dedicated page for O-I Glass news (Ticker: OI), a resource for investors and traders seeking the latest updates and insights on O-I Glass stock.
O-I Glass, Inc. (NYSE: OI) is recognized as the world's largest glass container manufacturer and is a preferred partner for many leading food and beverage brands. Headquartered in Perrysburg, Ohio, O-I delivers safe, sustainable, and iconic glass packaging solutions across the globe. With revenues of $7.1 billion in 2023, O-I employs approximately 23,000 people across 68 plants in 19 countries.
O-I’s core business revolves around producing high-quality glass bottles and jars for various markets, including beer, wine, soda, spirits, condiments, and food. The company boasts significant market presence in Europe, North America, and Brazil, with 70% of its revenue generated from outside the United States.
Among O-I's notable projects, the company was recently selected by the U.S. Department of Energy to begin award negotiations for up to $125 million in funding under the Industrial Demonstrations Program. This initiative is part of a broader effort to demonstrate commercial-scale decarbonization solutions to move energy-intensive industries toward net-zero emissions.
O-I Glass continuously invests in sustainability and innovation, exemplified by the recent introduction of returnable, reusable glass wine bottles in partnership with Revino. This initiative aims to enhance the sustainability of wine packaging by locally producing over 2.4 million reusable bottles for a return system, starting in Oregon.
Financially, O-I is robust, recently completing a $300 million private offering of senior notes due 2032. The proceeds will be utilized to redeem existing senior notes, thereby optimizing the company's debt structure.
Additionally, O-I’s commitment to sustainability is evident in its significant investments in plant upgrades. A notable example is the $120 million transformation of its Zipaquira, Colombia plant, which includes the installation of advanced furnace technology aimed at increasing flexibility, productivity, and reducing CO2 emissions.
O-I Glass’s dedication to innovation is further highlighted by their Modular Advanced Glass Manufacturing Asset (MAGMA) program, which aims to revolutionize glass melting technology. The company is also actively engaged in improving its environmental footprint, targeting a 25% reduction in greenhouse gas emissions by 2030.
Overall, O-I Glass, Inc. remains a stalwart in the glass manufacturing industry, continually pushing the boundaries of sustainability and innovation while maintaining strong financial health and strategic market presence.
O-I Glass reported a challenging third quarter 2024, with net sales declining to $1.7 billion, down $64 million from the prior year. The company reported a loss of $0.52 per share, compared to earnings of $0.32 per share in Q3 2023. Segment operating profit decreased to $144 million from $301 million year-over-year. Despite a 2% increase in sales volume, results were impacted by a 4% decrease in average selling prices and production curtailments to reduce inventory levels. The company revised its 2024 guidance, now expecting adjusted earnings per share between $0.70-$0.80, down from $1.00-$1.25, and forecasts a free cash flow use of $130-$170 million.
O-I Glass, Inc. (NYSE: OI) has announced its upcoming third quarter 2024 earnings conference call and webcast, scheduled for Wednesday, October 30, 2024, at 8 a.m. EDT. The company will release its third quarter 2024 earnings report after the market closes on Tuesday, October 29. Investors and interested parties can access the webcast at https://events.q4inc.com/attendee/641373143 or through the company's website at www.o-i.com/investors.
Earnings presentation materials will be available on the O-I website when the earnings news release is issued. The webcast will be archived on the company's website until October 2025, providing extended access to the information for stakeholders.
O-I Glass (NYSE: OI) has announced its participation in the UBS Global Materials Conference on September 4, 2024. CEO Gordon Hardie and CFO John Haudrich will present at 3:30 p.m. ET. A live webcast of the presentation will be available, with a replay accessible for 90 days following the conference. The company will also post presentation slides on its investor relations website prior to the event.
This announcement highlights O-I Glass's commitment to investor relations and transparency. Participation in such conferences allows the company to showcase its strategies, financial performance, and future outlook to a broader audience of investors and analysts, potentially impacting stock performance and market perception.
O-I Glass (NYSE: OI) reported its Q2 2024 financial results, showing a decline in performance compared to the previous year. Net sales decreased to $1.7 billion from $1.9 billion in Q2 2023, with a 4.5% decline in sales volume. Earnings before income taxes fell to $104 million from $154 million, while adjusted earnings per share dropped to $0.44 from $0.88.
The company has revised its full-year 2024 guidance, now expecting flat to slightly lower sales volume and adjusted EPS of $1.00 - $1.25. Free cash flow outlook has been reduced to $50 - $100 million. O-I's new CEO, Gordon Hardie, announced a new competitiveness program called 'Fit To Win' aimed at boosting performance over the next three years.
O-I Glass (NYSE: OI) has announced its second quarter 2024 earnings conference call and webcast, scheduled for Wednesday, July 31, 2024, at 8 a.m. EDT. The company plans to release its earnings report after the market closes on Tuesday, July 30, 2024.
The earnings presentation materials will be available on O-I's website, www.o-i.com/investors, concurrent with the earnings news release. The webcast can be accessed through the provided link or the Events and Presentations page on the company's website, and it will remain archived until July 2025.
O-I Glass plans to invest $150 million over the next two years to transform its Alloa, UK manufacturing plant, aiming to reduce CO2 emissions significantly. The transformation includes rebuilding an existing furnace and constructing a new one with advanced technology and sustainability measures, such as gas-oxy combustion and increased renewable energy use. These efforts align with O-I's sustainability roadmap and capital spending plan. The new furnaces, expected to be operational in 2025, will support the company's goal of reducing CO2 emissions by 25% by 2030. Additionally, O-I is partnering with a supplier to establish an oxygen farm adjacent to the Alloa plant, which will benefit local hospitals and manufacturing companies. This initiative builds on the Alloa plant's long heritage, positioning it as a state-of-the-art facility.
O-I Glass has published its 2024 Sustainability Report Update, revealing substantial advancements towards its sustainability targets. The report underscores innovations that have conserved over 24,400 tons of glass and reduced CO2 emissions by approximately 13,120 tons through lightweighting. Over 100 energy reduction projects have led to a decrease of nearly 34,950 tons of CO2 emissions. Since 2017, O-I has nearly cut its scope 1 & 2 emissions by 20% through renewable energy sourcing, increased recycling, and new furnace technologies. The company established 35 glass packaging collection sites, including four Glass4GoodTM program sites that have saved 800 tons of raw materials and donated $26,100 to United Way. Additionally, 44 closed-loop partnership programs have conserved almost 145,000 tons of glass globally. Through significant investments, including a new facility in Kentucky and technology upgrades in France and Colombia, O-I continues to drive sustainable progress. The full report is available on the O-I website.
O-I Glass and GridBeyond are collaborating to establish an 8MW battery storage system at O-I's Alloa, UK facility.
The system, powered by AI, will enhance energy efficiency, resilience, and sustainability by balancing the grid, reducing peak load, and optimizing renewable electricity usage.
Expected to reduce up to 240 tons of CO2 emissions annually, the battery system will also improve power resiliency by managing voltage dips and preventing equipment outages.
This initiative supports O-I's goal to reduce GHG emissions by 25% by 2030 and aligns with their broader sustainability strategy.
O-I Glass will invest $65 million to electrify and decarbonize its Veauche plant in France, marking a major sustainability initiative. A state-of-the-art hybrid-flex furnace will replace up to 70% of fossil-fuel-based energy with electricity, reducing CO2 emissions by 43% at 50% electricity usage. The plant will also implement a heat recovery system, supplying up to 94% of its heating needs. These improvements align with O-I’s goal to cut greenhouse gas emissions by 25% by 2030. Expected to complete by December 2025, the upgraded plant will lower CO2 emissions by 35% compared to pre-2020 levels while producing 300 million bottles annually.
O-I Glass has developed MOGRA, a mobile glass processing machine that enables efficient recycling of glass packaging. MOGRA can be transported easily and deployed quickly, processing up to 6,000 MT of recycled glass annually. This innovation allows O-I to implement full-service, closed-loop recycling programs, reducing transportation costs and emissions. The system enhances the quality of recycled glass by removing metallic content, contributing to O-I's goal of increasing recycled content in glass packaging to 50%. The initiative supports sustainability by conserving natural resources and lowering energy consumption.
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