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Owens-Illinois, Inc.

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Following its third-quarter earnings release, Owens-Illinois lowered the adjusted earnings per share guidance range for 2018 to $2.72-$2.78 owing to unfavorable foreign currency, freight inflation and lower volumes. Further, continued decline of beer consumption in domestic market remains a concern. However, in fiscal 2019, volumes are likely to improve on the back of a strong grape harvest in 2018 in Europe, higher demand in Mexico and Brazil, and continued growth in non-beer categories in the United States. Planned asset improvements program in Asia Pacific and successful joint venture with Constellation Brands will aid results. The increased preference for glass packaging bodes well for the company. Its shares have outperformed the industry over the past year. The company has a positive record of earnings surprise history in the last few quarters. Its estimates have been stable lately. 

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