O-I Glass (NYSE:OI) Releases Quarterly Earnings Results

O-I Glass (NYSE:OI) issued its quarterly earnings results on Tuesday. The industrial products company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09, Briefing.com reports. O-I Glass had a positive return on equity of 24.90% and a negative net margin of 1.45%. The firm had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.69 billion. During the same quarter last year, the company posted $1.29 EPS. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. O-I Glass updated its FY24 guidance to $1.50-2.00 EPS and its FY 2024 guidance to 1.500-2.000 EPS.

O-I Glass Price Performance

O-I Glass stock traded down $0.71 during mid-day trading on Tuesday, reaching $14.95. The stock had a trading volume of 1,987,286 shares, compared to its average volume of 1,660,290. O-I Glass has a one year low of $13.56 and a one year high of $23.57. The company has a 50-day moving average price of $15.99 and a two-hundred day moving average price of $15.60. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.77 and a current ratio of 1.23.

Analyst Ratings Changes

Several analysts have issued reports on the stock. TheStreet lowered shares of O-I Glass from a “b-” rating to a “c-” rating in a research report on Tuesday, February 6th. Truist Financial restated a “buy” rating and set a $20.00 price target on shares of O-I Glass in a research report on Monday, March 25th. Bank of America reissued a “neutral” rating and set a $16.00 price objective (down previously from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. Barclays lifted their target price on shares of O-I Glass from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Tuesday, February 13th. Finally, Citigroup lowered shares of O-I Glass from a “buy” rating to a “neutral” rating and raised their price target for the stock from $17.00 to $18.00 in a report on Wednesday, January 3rd. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $21.75.

O-I Glass Company Profile

O-I Glass, Inc, through its subsidiaries, engages in the manufacture and sale of glass containers to food and beverage manufacturers primarily in the Americas, Europe, and internationally. The company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.