O-I has reported financial results for the full year and fourth quarter
Owens-Illinois, Inc. has reported financial results for the full year and fourth quarter ended 31 December 2017.
“In 2017, we delivered strong earnings and cash flow generation, in line with the commitments we made at Investor Day in early 2016. We have been building capabilities in the commercial, manufacturing and supply chain space that are demonstrably adding to the top line - through higher shipments year-on-year - and the bottom line - through the tangible benefits of our Total Systems Cost approach,” said Andres Lopez, CEO.
“We are working together in a new way, as one enterprise, enhancing the customer experience, executing on our initiatives and deleveraging the balance sheet that together support our conviction to deliver rising earnings and cash flow in 2018. Even as we continue to invest in new capabilities and explore non-organic growth opportunities in the industry, we have begun to pivot towards a more balanced approach to capital allocation that we anticipate will include share buybacks in 2018.”
For the full year 2017, the company recorded earnings from continuing operations of USD 1.11 per share (diluted), compared with USD 1.32 per share in 2016. Excluding certain items management considers not representative of ongoing operations, adjusted earnings were USD 2.65 per share. This was up 15% compared with the prior year of USD 2.31 per share and at the high end of management guidance of USD 2.60 to USD 2.65 per share. The company generated strong cash fl...
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