owens-illinois inc (OI) Key Developments
Owens-Illinois, Inc. Names Andres Lopez as President of O-I Americas, Effective Immediately
Jul 18 14
Owens-Illinois, Inc. announced that Andres Lopez has been named as president of O-I Americas, effective immediately. Lopez will lead the North America and South America regions of the company, and will be based in Perrysburg, Ohio. North America and South America share common goals around commercial and operational excellence, profitability and cash generation. Lopez joined O-I in 1986 and has held various leadership positions, including country general manager; vice president of manufacturing, North America; and
global vice president, manufacturing and engineering. Most recently he served as president, O-I South America since April, 2009 where he led a significant improvement in the performance of the region in the areas of safety, cost competitiveness and commercial results. Under Lopez's leadership, the region achieved significant organic growth, complemented by the integration of several acquisitions in Brazil and Argentina.
Owens-Illinois, Inc. Announces Resignation of Arnaud N. J. M. de Weert as President of O-I North America, Effective July 15, 2014
Jun 23 14
Owens-Illinois, Inc. (O-I) reported that Arnaud N. J. M. de Weert resigned as President of O-I North America on June 20, 2014, but will remain in office until July 15, 2014. O-I is engaged in a search for his successor.
O-I invests CZK 280 Million in its Glass Container Plant in West Bohemia
Jun 3 14
O-I invested CZK 280 million in a new glass melter and other equipment in its plant in Nove Sedlo. The new melter with a lifespan of 12 years will increase the capacity of the plant ten times O-I intends to continue investing in this region. The investment is a reaction to demands of clients from the beer and wine industry.
Owens-Illinois, Inc. Presents at Goldman Sachs Basic Materials Conference, May-21-2014 09:45 AM
May 5 14
Owens-Illinois, Inc. Presents at Goldman Sachs Basic Materials Conference, May-21-2014 09:45 AM. Venue: 200 West ST., New York, New York, United States. Speakers: Albert P. L. Stroucken, Executive Chairman, Chief Executive Officer, President and Member of Risk Oversight Committee.
Owens-Illinois, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Earnings Guidance for the Second Quarter and Full Year 2014
Apr 29 14
Owens-Illinois, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company’s net sales were $1,639 million against $1,641 million a year ago. Earnings from continuing operations before income tax were $134 million against $117 million a year ago. Earnings from continuing operations were $107 million against $84 million a year ago. Net earnings attributable to the company were $101 million against $69 million a year ago. Net earnings from continuing operations attributable to the company were $102 million against $79 million a year ago. Diluted earnings per share from continuing operations were $0.62 against $0.48 a year ago. Diluted earnings per share were $0.61 against $0.42 a year ago. Total cash utilized in operating activities was $203 million against $136 million a year ago. Additions to property, plant and equipment was $108 million against $94 million a year ago. Adjusted net earnings were $102 million or $0.62 per share against $99 million or $0.60 a year ago. In Europe, the company see a positive volume impact coupled with the clear benefits from restructuring efforts. Record-setting snow and cold in North America dampened profitability in the quarter, despite modest volume growth.
The company provided earnings guidance for the second quarter of 2014. Conditions in Europe continue to slowly stabilize. In North America, the lingering impact of logistics challenges will likely weigh on profitability in the second quarter. In South America, the company anticipates modest recovery over the lackluster demand in the prior year period. The company expects sales in China to continue to decline due to plant closures there, and do not yet see recovery in the mature markets of Asia Pacific. In Europe, the company expects sales volume to be up modestly over prior year, driven largely by beer. Wine volumes are expected to be essentially flat with prior year. European operating profit will also benefit from asset optimization cost savings and an expected modestly stronger euro. In North America, the company expects volumes to be flat for the quarter. Adjusting for the number of shipping days, this is in line with the first quarter performance. Profitability in the region will be lower than prior year, as the company unwind with the supply chain-related issues caused by adverse weather during the first quarter. Turning to South America, while the company not yet expecting a return to growth in the Andean countries, the company do expects improvement there in the second half of the year. Brazil volumes are expected to be up mid-single digits in the second quarter, driven by growth in beer. Taken together, the company expects modest volume increases to drive higher profitability. Finally, to Asia Pacific, where the company anticipates lower year-on-year operating profit in the second quarter. Volume is expected to be down double digits. China will be an increasing drag on the top line, as the full impact of the recent retrenchment activity manifests itself in the second quarter and yet to see demand pickup in the mature markets. The company expects the impact of lower sales volume to be mostly offset by savings from recently completed restructuring in Australia. However, the region will still face significant headwinds. At current exchange rates, the Australian dollar is off approximately 5% compared with the second quarter of 2013, impacting translation of financial performance. Considering all of the puts and takes, the company expects adjusted earnings per share for the quarter to be flat with prior year.
The company's expected adjusted EPS range of $2.80 to $3.20 per share in 2014 remains unchanged, as does its free cash flow projection of approximately $350 million for the year.