Owens-Illinois, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the Year of 2012; Starts Building A New Plant Outside of Shanghai in 2012
January 25, 2012 at 04:35 pm
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Owens-Illinois, Inc. announced consolidated earnings results for the fourth quarter and full year ended December 31, 2011. For the quarter, the company reported net sales of $1,818 million against $1,728 million a year ago. Loss from continuing operations before income tax was $769 million against $81 million a year ago. Loss from continuing operations was $769 million or $4.71 per basic and diluted share against $74 million or $0.51 per basic and diluted share a year ago. Net loss attributable to the company was $771 million or $4.69 per basic and diluted share against net loss attributable to the company of $412 million, or $2.5 per diluted share a year ago. Cash provided by continuing operating activities was $223 million against $187 million a year ago. Additions to property, plant and equipment continuing was $81 million against $111 million a year ago. Net debt was $3.63 billion, compared to $3.638 billion at the prior year end. Capital spending was more than $200 million lower than prior year had less spending for expansion and restructuring than in 2010.
For the year, the company reported net sales of $7,358 million against $6,633 million a year ago. Loss from continuing operations before income tax was $406 million against income before income tax of $424 million a year ago. Loss from continuing operations was $491 million or $3.12 per basic and diluted share against earnings from continuing operations of $295 million or $1.57 per basic and diluted share a year ago. Net loss attributable to the company was $510 million or $3.11 per basic and diluted share against net loss attributable to the company of $47 million, or $0.28 per diluted share a year ago. Cash provided by continuing operating activities was $503 million against $592 million a year ago. Additions to property, plant and equipment continuing was $285 million against $500 million a year ago.
The company also provided capital spending guidance for the year of 2012. Capital spending outlook is $350 million. It also expects a better performance in 2012 with better profitability. As fourth-quarter operating profit drop 18% from 2010, the company said the ongoing fiscal crisis in Europe is forcing it to take a more cautious outlook on 2012.
The company plans to move some of its operations to new sites and it will be start building a new plant outside of Shanghai in 2012.
O-I Glass, Inc. is a manufacturer of glass container products. The Companyâs segments include the Americas and Europe. The Company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine. The Company also produces glass packaging for a variety of food items, soft drinks, teas, juices, and pharmaceuticals. The Company manufactures glass containers in a range of sizes, shapes, and colors. Its customers consist of food and beverage manufacturers, including Anheuser-Busch InBev, Brown-Forman, Carlsberg, Coca-Cola, Constellation, Diageo, Heineken, Molson Coors, Nestle, PepsiCo and Pernod Ricard. It has glass container manufacturing plants in the Americas region located in Brazil, Canada, Colombia, Ecuador, Mexico, Czech Republic, France, Germany, Hungary and the United States. It has a distribution facility in the United States used to import glass containers from its business in Mexico. It has approximately 69 plants in 19 countries.
Owens-Illinois, Inc. Announces Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011; Provides Earnings Guidance for the Year of 2012; Starts Building A New Plant Outside of Shanghai in 2012