Glass container maker Owens-Illinois Inc. (OI), Wednesday reported a narrower net loss for the fourth quarter, as strong operating performance offset higher non-operational costs. On adjusted basis, earnings exceeded Street expectations, helped by higher prices and favorable foreign currency translation effect, which offset lower shipment levels.
The company posted a net loss available to common shareholders of $159.3 million or $0.95 for the fourth quarter, compared to a loss of $229.7 million or $1.39 per share in the prior year quarter.
Excluding items, adjusted net earnings grew to $84.2 million or $0.49 per share from $76.2 million or $0.45 per share in the year-ago quarter. On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share for the fourth quarter. Analysts' estimates typically exclude special items.
Owens-Illinois, which makes glass containers for beer, ready-to-drink low alcohol refreshers, spirits, wine, food, tea, juice, and pharmaceuticals, said net sales increased to $1.9 billion from $1.7 billion in the same quarter last year, helped by higher prices and a favorable foreign currency translation effect. Eight analysts had a consensus revenue estimate of $1.80 billion for the fourth quarter.
Commenting on the fourth quarter, chairman and chief executive officer, Al Stroucken said, "Our business performed very well in the quarter, offsetting expected higher non-operational costs."
Segment operating profit improved to $195.6 million from $157.0 million in the previous year quarter, due to a 4% improvement in sales and a favorable foreign currency translation effect.
Glass container shipments, in tonnes, declined 5% over a year earlier, representing the smallest quarterly decline on a year-over-year basis since the onset of the global economic recession.
The company noted that continued temporary production curtailments to match supply with lower demand and to reduce inventories primarily resulted in $24 million of additional unabsorbed fixed costs compared to fourth quarter 2008.
For the full year 2009, Owens-Illinois reported net earnings available to common shareholders of $161.8 million or $0.95 per share, compared to $258.3 million or $1.52 per share in the previous year.
On adjusted basis, net earnings dropped to $499.5 million or $2.93 per share from $645.2 million or $3.80 per share in the prior year.
Annual net sales decreased to $7.1 billion from $7.9 billion in the year-ago.
Analysts expected the company to report earnings of $2.90 per share on revenue of $7.00 billion for the year 2009.
Owens-Illinois closed Wednesday's regular trading session at $28.50, down $1.15 or 3.88% on a volume of 5.96 million shares. In the after-hours, the shares gained $1.00 or 3.51%.
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