O-I Glass, Inc. (OI - Free Report) announced the beginning of construction on a cutting-edge greenfield glass facility in Bowling Green, KY, its first facility designed specifically to use its MAGMA technology.
This is the first part of a multi-phase investment of up to $240 million. The project will allow the company to continue developing its ground-breaking MAGMA technology.
The MAGMA technology is intended for flexible, modular glass production. The technology has the potential to reduce the environmental impact of glass production. The MAGMA facilities will use smaller melters, more environmentally friendly techniques and supplies.
The Bowling Green plant will display cutting-edge features from a new modular batch system, the MAGMA melter, and new forming machines to breakthroughs in sustainability. The facility will also serve as a key hub for customer collaboration.
Located in Bowling Green near the Bourbon Trail, the facility will demonstrate the benefits of proximity to key customers for O-I, reducing logistics, and enhancing the company's customer service, flexibility and sustainability.
O-I Glass expects the first phase of the facility's construction to complete in mid-2024. It can create up to 140 jobs in the state and region. The plant has the capacity to add two more production lines.
O-I Glass has been benefitting from its focus on performance improvement, margin expansion initiatives and innovations.
In the fourth quarter of 2022, the company delivered adjusted earnings per share of 38 cents, up 6% year over year. The bottom line was higher than the company’s guidance of 28-33 cents per share. Revenues were $1.69 billion for the quarter under review, up 6.6% from the year-ago quarter.
For 2023, O-I Glass expects adjusted earnings of more than $2.50 per share. This compares favorably with adjusted earnings per share of $2.30 reported in 2022. Sales volume growth (in tons) is projected to be flat to up 1%. OI expects the free cash flow in 2023 to be more than $150 million, while the adjusted free cash flow is expected to exceed $450 million.
Price Performance
Shares of the company have gained 73.4% over the past year compared with the industry’s growth of 15.7%.
Zacks Rank & Other Stocks to Consider
O-I Glass currently sports a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the Industrial Products sector are Encore Wire Corporation (WIRE - Free Report) , W.W. Grainger (GWW - Free Report) , and Illinois Tool Works Inc. (ITW - Free Report) . WIRE flaunts a Zacks Rank #1 (Strong Buy) at present, and GWW and ITW have a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Encore Wire has an average trailing four-quarter earnings surprise of 146.8%. The Zacks Consensus Estimate for WIRE’s 2023 earnings is pegged at $19.76 per share. The consensus estimate for 2023 earnings has moved north by 1.7% in the past 60 days. The company’s shares gained 52.5% in the last year.
W.W. Grainger has an average trailing four-quarter earnings surprise of 9.8%. The Zacks Consensus Estimate for GWW’s 2023 earnings is pegged at $33.29 per share. This indicates a 12.2% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved 1.9% north in the past 60 days. GWW’s shares gained 32.7% in the last year.
The Zacks Consensus Estimate for Illinois Tool Works’ fiscal 2023 earnings per share is pegged at $9.53, suggesting an increase of 3.9% from that reported in the last year. The consensus estimate for fiscal 2023 earnings rose 1.3% in the last 60 days. ITW has a trailing four-quarter average earnings surprise of 0.9%. The company’s shares gained 18.4% in the last year.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
O-I Glass, Inc. (OI - Free Report) announced the beginning of construction on a cutting-edge greenfield glass facility in Bowling Green, KY, its first facility designed specifically to use its MAGMA technology.
This is the first part of a multi-phase investment of up to $240 million. The project will allow the company to continue developing its ground-breaking MAGMA technology.
The MAGMA technology is intended for flexible, modular glass production. The technology has the potential to reduce the environmental impact of glass production. The MAGMA facilities will use smaller melters, more environmentally friendly techniques and supplies.
The Bowling Green plant will display cutting-edge features from a new modular batch system, the MAGMA melter, and new forming machines to breakthroughs in sustainability. The facility will also serve as a key hub for customer collaboration.
Located in Bowling Green near the Bourbon Trail, the facility will demonstrate the benefits of proximity to key customers for O-I, reducing logistics, and enhancing the company's customer service, flexibility and sustainability.
O-I Glass expects the first phase of the facility's construction to complete in mid-2024. It can create up to 140 jobs in the state and region. The plant has the capacity to add two more production lines.
O-I Glass has been benefitting from its focus on performance improvement, margin expansion initiatives and innovations.
In the fourth quarter of 2022, the company delivered adjusted earnings per share of 38 cents, up 6% year over year. The bottom line was higher than the company’s guidance of 28-33 cents per share. Revenues were $1.69 billion for the quarter under review, up 6.6% from the year-ago quarter.
For 2023, O-I Glass expects adjusted earnings of more than $2.50 per share. This compares favorably with adjusted earnings per share of $2.30 reported in 2022. Sales volume growth (in tons) is projected to be flat to up 1%. OI expects the free cash flow in 2023 to be more than $150 million, while the adjusted free cash flow is expected to exceed $450 million.
Price Performance
Shares of the company have gained 73.4% over the past year compared with the industry’s growth of 15.7%.
Zacks Rank & Other Stocks to Consider
O-I Glass currently sports a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the Industrial Products sector are Encore Wire Corporation (WIRE - Free Report) , W.W. Grainger (GWW - Free Report) , and Illinois Tool Works Inc. (ITW - Free Report) . WIRE flaunts a Zacks Rank #1 (Strong Buy) at present, and GWW and ITW have a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Encore Wire has an average trailing four-quarter earnings surprise of 146.8%. The Zacks Consensus Estimate for WIRE’s 2023 earnings is pegged at $19.76 per share. The consensus estimate for 2023 earnings has moved north by 1.7% in the past 60 days. The company’s shares gained 52.5% in the last year.
W.W. Grainger has an average trailing four-quarter earnings surprise of 9.8%. The Zacks Consensus Estimate for GWW’s 2023 earnings is pegged at $33.29 per share. This indicates a 12.2% increase from the prior-year reported figure. The consensus estimate for 2023 earnings has moved 1.9% north in the past 60 days. GWW’s shares gained 32.7% in the last year.
The Zacks Consensus Estimate for Illinois Tool Works’ fiscal 2023 earnings per share is pegged at $9.53, suggesting an increase of 3.9% from that reported in the last year. The consensus estimate for fiscal 2023 earnings rose 1.3% in the last 60 days. ITW has a trailing four-quarter average earnings surprise of 0.9%. The company’s shares gained 18.4% in the last year.
Free Report Reveals How You Could Profit from the Growing Electric Vehicle Industry
Globally, electric car sales continue their remarkable growth even after breaking records in 2021. High gas prices have fueled his demand, but so has evolving EV comfort, features and technology. So, the fervor for EVs will be around long after gas prices normalize. Not only are manufacturers seeing record-high profits, but producers of EV-related technology are raking in the dough as well. Do you know how to cash in? If not, we have the perfect report for you – and it’s FREE! Today, don't miss your chance to download Zacks' top 5 stocks for the electric vehicle revolution at no cost and with no obligation.
>>Send me my free report on the top 5 EV stocks<<
Get the latest research report on ITW - FREE
Get the latest research report on OI - FREE
Get the latest research report on GWW - FREE
Get the latest research report on WIRE - FREE