O-I Glass Inc Down 4.72% To $14.73 After Earnings Beat

Wednesday, November 1, 2023 - O-I Glass Inc (OI) reported upside earnings and downside revenues.

O-I Glass Inc's earnings came in at an EPS of $0.8 per share, 14.00% higher than estimates for an EPS of $0.7 per share. The firm's earnings are up 27% since reporting $0.63 per share in the same period a year ago. Remember, earnings reported were on an adjusted basis, so they may not be comparable to prior reports and/or analyst estimates.

Analyst projections for O-I Glass Inc revenue came in at a consensus of $1.8 billion. Third-Quarter revenues missed estimates for $1.7 billion by $20 million (1%). The company achieved 3% growth year-over-year compared to the firm's revenue of $1.7 billion from the year-ago quarter. The higher earnings growth relative to revenue signals O-I Glass Inc has improved its profit margin.

The stock is down 4.72% to $14.73 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

Trading in the five days leading up to the report earned O-I Glass Inc a Bullish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 44. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

O-I Glass Inc is a manufacturer of glass containers. O-I has a presence in three markets namely Americas Europe and Asia Pacific. Beer is the primary end market for O-Is glass bottles. Its glass containers are also used for other products such as wine soda spirits condiments and food.