Owens-Illinois, Inc. Unveils New Glass Packaging for Fabrica de Licores de Antioquia
Jan 30 14
Owens-Illinois, Inc. has unveiled a new glass packaging for Fabrica de Licores de Antioquia, or FLA. The limited-edition super premium rum has been released under FLA's Ron Maestro collection. This special spirit is packaged in a glass bottle from O-I's Covet Classics line. Working together, the bottle and the decoration capture the magic of Gabo' works and celebrate the flavors of FLA's spirit. The label features Gabo's face surrounded by the titles of his various literary works and a number of colorful butterflies. The bottle is produced at O-I's manufacturing facility in Soacha, Colombia. The spirit is currently available in limited quantities in Colombia.
Owens-Illinois, Inc. Appoints Carol Williams to the Board of Directors, Effective February 20, 2014
Jan 29 14
Owens-Illinois, Inc. announced that Carol Williams has been appointed to the O-I Board of Directors, effective February 20, 2014. Ms. Williams is a special advisor to the CEO at Dow Chemical Company. Prior to her current role, which began on January 1, 2014, she served as Dow’s executive vice president of manufacturing and engineering, supply chain and environmental, health & safety operations.
Owens-Illinois, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the Full Year of 2014 and First Quarter of 2014
Jan 28 14
Owens-Illinois, Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net sales of $1,761 million compared to net sales of $1,748 million for the same period a year ago. Loss from continuing operations before income taxes was $137 million compared to $148 million last year. Loss from continuing operations was $147 million compared to $143 million last year. Net loss attributable to the company was $147 million or $0.90 per basic and diluted share compared to $160 million or $0.97 per basic and diluted share last year. Net loss amounts attributable to the company from loss from continuing operations were $144 million or $0.88 per basic and diluted share compared to $162 million or $0.99 per basic and diluted share last year. Total cash provided by operating activities was $440 million compared to $348 million last year. Additions to property, plant and equipment was $122 million compared to $112 million last year. Free cash flow was $329 million compared to $237 million last year. Adjusted net earnings was $85 million or $0.51 per share compared to $67 million or $0.40 per share last year. Earnings improvement was driven by higher sales and production volume, as well as structural cost savings.
For the year, the company reported net sales of $6,967 million compared to net sales of $7,000 million for the same period a year ago. Earnings from continuing operations before income taxes were $335 million compared to $328 million last year. Earnings from continuing operations were $215 million compared to $220 million last year. Net earnings attributable to the company was $184 million or $1.11 per basic and diluted share compared to $184 million or $1.11 per diluted share last year. Net earnings amounts attributable to the company from loss from continuing operations were $202 million or $1.22 per basic and diluted share compared to $186 million or $1.12 per diluted share last year. Total cash provided by operating activities was $682 million compared to $575 million last year. Additions to property, plant and equipment was $361 million compared to $290 million last year. EBITDA was $971 million compared to $988 million last year. Adjusted EBITDA was $1,235 million compared to $1,250 million last year. Net debt was $3,184 million compared to $3,342 million last year. The company generated $339 million of free cash flow (non-GAAP) for the full year 2013. Free cash flow increased 17% due to higher segment operating profit, improvement in working capital and lower pension contributions. Adjusted net earnings was $450 million or $2.72 per share compared to $438 million or $2.64 per share last year.
The company expects full year 2014 free cash flow to be approximately $350 million and adjusted earnings to be in the range of $2.80 to $3.20 per share. The company plans no change to its capital allocation priorities: approximately 90% of free cash flow will be apportioned to debt repayment with the remainder to be used for share repurchases. The company announced the needs for the European asset optimization restructuring spending should be marginally lower as the program shifts incrementally towards capital spending in 2014. Still, restructuring and CapEx taken together should be on par with its 2013 spending levels of nearly $440 million. Therefore, it expects, capital spending is expected to be approximately $370 million.
For the first quarter of 2014, the company expects adjusted earnings are to be flat with prior year.