O-I GLASS Reports Second Quarter Earnings Results for FY2023
August 7, 2023
🌥️Earnings Overview
On August 1, 2023, O-I GLASS ($NYSE:OI) revealed its earnings report for the quarter ending June 30, 2023, showing total revenue of USD 1890.0 million, a 6.3% increase from the same period in FY2022. Unfortunately, net income plummeted 56.3%, dropping to USD 110.0 million.
Market Price
On Tuesday, O-I GLASS reported second quarter earnings results for FY2023. The company’s stock opened at $22.6 and closed at $22.4, down by 2.3% from its previous closing price of $23.0. This marks a slight decrease for the quarter, following a slightly positive performance in the first quarter of FY2023. Revenues came in slightly below expectations, while operating expenses were slightly lower than anticipated. The company stated that these results were impacted by the volatile global market conditions and increased market competition.
O-I GLASS’s management team stated that they remain committed to meeting their financial goals and continuing to expand their product portfolio in order to remain competitive. They also announced plans to invest in new technologies and processes in order to streamline operations and drive efficiencies. Looking ahead, O-I GLASS plans to continue exploring new markets and opportunities in their industry in order to increase revenues and profits. They are confident that their strategic initiatives will pay off in the long run and help them maintain their foothold in the market. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for O-i Glass. More…
| Total Revenues | Net Income | Net Margin |
| 7.11k | 560 | 4.7% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for O-i Glass. More…
| Operations | Investing | Financing |
| 132 | -429 | 381 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for O-i Glass. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 9.91k | 7.77k | 11.39 |
Key Ratios Snapshot
Some of the financial key ratios for O-i Glass are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 4.2% | 20.3% | 14.7% |
| FCF Margin | ROE | ROA |
| -6.7% | 36.9% | 6.6% |
Analysis
GoodWhale has conducted an in-depth analysis of O-I GLASS’s financials. We assigned a Risk Rating to O-I GLASS based on our assessment of various financial and business aspects. Our Risk Rating for O-I GLASS is medium, meaning that it poses a moderate risk to investors. We have also identified one risk warning in O-I GLASS’s income statement. If you would like to know more, please sign up for our services and we will provide you with full details. We believe this information will be very useful in helping you make an informed decision. More…
Peers
The glass packaging industry is highly competitive, with O-I Glass Inc competing against Vidrala SA, Ball Corp, and Verallia Deutschland AG. O-I Glass Inc has a strong market position, but its competitors are all large, well-established companies with significant resources. Ball Corp and Verallia Deutschland AG are particularly strong in Europe, while Vidrala SA has a strong presence in South America.
– Vidrala SA ($LTS:0NV7)
Vidrala SA is a Spanish company that produces and sells glass containers. It has a market cap of 2.1B as of 2022 and a Return on Equity of 8.95%. The company has a strong presence in Europe, America, and Asia.
– Ball Corp ($LTS:0HL5)
Ball Corp is a company that manufactures metal packaging for beverages, food and household products. The company has a market cap of 15.46B as of 2022 and a ROE of 18.78%. Ball Corp is a leading provider of metal packaging for beverages, food and household products. The company’s products are sold in more than 100 countries around the world. Ball Corp has a strong presence in the Americas, Europe and Asia.
– Verallia Deutschland AG ($LTS:0M9X)
Verallia Deutschland AG is a leading glass packaging manufacturer with a market cap of 630M as of 2022. The company has a strong focus on sustainability and is constantly innovating to reduce its environmental impact. One of its recent initiatives is the production of lightweight glass bottles, which use less energy and resources to produce. Verallia Deutschland AG has a strong commitment to quality and customer satisfaction, and its products are used by some of the world’s leading brands. The company has a Return on Equity of 32.35%.
Summary
Investors in O-I GLASS should be aware that the company posted an overall revenue increase of 6.3% in the second quarter of FY2023 (ending June 30, 2023), reaching USD 1890.0 million. Despite this increase in revenue, net income decreased by 56.3%, coming in at USD 110.0 million. This may be a cause of concern for investors, as a drop in profits may indicate a weaker performance by the company despite increased sales. It is important to keep an eye on the company’s financial performance for the remainder of the fiscal year to determine if these numbers are an anomaly.
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