O-I Glass reports Second Quarter 2022 results

O-I Glass, Inc. has reported financial results for the second quarter ended June 30, 2022.

Andres Lopez, O-I Glass CEO, said, “O-I reported strong second quarter net earnings attributable to the company and adjusted earnings exceeded guidance demonstrating exceptional agility amid elevated market volatility. As expected, our glass shipments increased slightly compared to the prior year period and the benefit of higher selling prices continued to more than offset elevated cost inflation. Strong earnings also reflected solid operating and cost performance supported by O-I’s ongoing Margin Expansion initiatives.”

“Importantly, O-I delivered on key commitments along our transformation journey. The balance sheet is now in its best position since prior to the acquisition of O-I Mexico in 2015. The company recently announced the first U.S. MAGMA greenfield facility at Bowling Green, KY, which should commence production mid-2024. Additionally, Paddock has achieved a fair and final resolution of its legacy asbestos liabilities and the 524(g) trust was fully funded as of July 18, 2022.”

“Overall, O-I is operating very well and is delivering on its transformation commitments which will benefit all stakeholders and continue to create value for our shareholders.”