O-I Reports Net Loss
The company said it lost $771 million in the quarter ending December 31, compared with a loss of $412 million a year earlier.
Excluding one-time items, Owens-Illinois said it made $0.48 per share, compared with $0.45 per share a year ago. Revenue grew 5%, to $1.82 billion.
The adjusted results beat Wall Street's estimates. Analysts polled by FactSet expected adjusted earnings of $0.46 per share on revenue of $1.79 billion.
For the full year, O-I reported a net loss of $510 million, compared with a loss of $47 million in 2010. Without one-time charges, the company made $2.37 per share, one cent higer than analysts had expected. Revenue rose 11% to $7.36 billion from $6.63 billion.
The company credits the revenue increase to acquisitions, organic growth, higher prices and favorable currency valuations.
Chairman and CEO Al Stroucken said in a statement that O-I expects a better operating performance and higher prices to cover cost increases this year. He expects shipments consistent with 2011 and said O-I has negotiated higher prices with many customers.
"However, we are cautious on our volume outlook until we complete additional price negotiations in February and gain further insight into uncertainties related to European macroeconomic conditions," he said.
O-I said chief financial officer Edward White plans to retire at the end of the second quarter. White turns 65 in June. He will be replaced by Stephen Bramlage Jr., who now is president of the company's Asia-Pacific operations.
From the January 26, 2012, Prepared Foods' Daily News.