O-I Glass, Inc.'s earnings have been revealed for the first quarter. Though they have seen a decrease compared to the same time last year, the figures surprisingly surpass the estimates predicted by Wall Street.
The company's net income was reported to be $72 million, equating to $0.45 per share, a stark drop when compared to the $206 million or $1.29 per share from last year's first quarter.
Prior to the report, average analysts' expectations were for the company to yield $0.39 per share. Analysts' estimations often do not include exceptional items. These figures are obtained from the data assembled by Thomson Reuters.
In regards to the company's revenue for this quarter, it slipped by 13.1%, going from last year's $1.83 billion to this year's $1.59 billion.
A quick recap of O-I Glass, Inc.'s earnings (in accordance with GAAP) includes:
- First Quarter Earnings: $72 million vs. last year's $206 million.
- First Quarter EPS: $0.45 vs. last year's $1.29.
- First Quarter Revenue: $1.59 billion vs. last year's $1.83 billion.
Looking into the future, the company's revenue guidance for the coming quarter is predicted to be between $1.50 and $2.00 billion.
