O-I GLASS Reports Second Quarter FY2023 Earnings Results for June 30 2023
August 8, 2023
🌥️Earnings Overview
On August 1 2023, O-I GLASS ($NYSE:OI) reported its earnings results for the second quarter of FY2023, which ended on June 30 2023. Revenue for the quarter totaled USD 1890.0 million, a 6.3% increase from the same period the previous year. Unfortunately, net income decreased 56.3%, dropping to USD 110.0 million from the same quarter one year prior.
Market Price
The stock opened the day at $22.6 and finished at $22.4, a decrease of 2.3% from the previous closing price of $23.0. While this marks a slight decline in share prices, O-I GLASS seemed to have performed well overall the second quarter of FY2023. O-I GLASS noted that this increase can be largely attributed to higher sales in all geographic regions excluding Europe.
Overall, the second quarter results served as a positive indicator for the success of O-I GLASS in FY2023. As the company continues to expand its operations and reach new markets, investors remain optimistic about its growth potential for the rest of the year. 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 analysis of the fundamentals of O-I GLASS and determined that it is a medium risk investment. We have done a thorough assessment of their financial and business aspects and identified one risk warning in their income sheet. To access this warning, become a registered user of GoodWhale. We believe this risk warning will give you a fuller picture of O-I GLASS’s financials so you can make an informed decision about whether it is an appropriate investment for you. 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
O-I GLASS reported strong revenue growth of 6.3% in its second quarter of FY2023, ending June 30 2023. However, net income dropped significantly by 56.3% year-over-year to USD 110.0 million. Investors should keep a close eye on the company’s cost structure and management strategies to ensure profitability in the future. Furthermore, potential investors should assess how well the company is leveraging its revenue growth to improve its competitive position in the industry and increase long-term shareholder value.
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