If you still own shares of Owens-Illinois (OI - Get Report) it's time to sell. The company reports earnings after the close Monday.

This is a company whose shares, at $13, are down 25% for the year to date, wallow near 52-week lows and are off more than 50% since reaching a high of 26.40 last May.

If you like cheap shares, that would be the only reason to buy. But remember, the stock has lost 43% and 45% of its value in the last three years and five years, respectively. Buyer beware.

The only people making money during those spans were short sellers. In the last four fiscal quarters the company's revenue declined by an average of almost 9%. There are no clear catalysts for a reversal.

Headquartered in Perrysburg, Oh., Owens-Illinois makes glass containers for the food and beverage industries and owns some 75 plants in more than 20 countries, including the largest supplier of glass containers in Mexico after it bought Vitro in May

Although its earnings per share estimates have remained unchanged since the start of the quarter, the company is projected to post another earnings decline for both the quarter and fiscal year. 

For the quarter that ended December, analysts, on average, expect Owens to earn 40 cents a share, down 13%, on revenue of $1.62 billion, up 1%. For the full year, earnings are projected to be decline 24% year over year to $2 a share, while revenue of $6.14 billion would mark a year-over-year decline of 9.5%.

Given the tepid revenue and growth estimates, the stock still has room to fall. Owens' gross margins of 17% in the third quarter lag its industry peers (21%, according to Yahoo! Finance).

To turn around its fortunes, in October the company named Andres Lopez, the chief operating officer, as CEO effective Jan. 1. Lopez, a 30-year veteran at the company, has held numerous leadership positions, including VP of manufacturing for Owens North America. In addition, in November the company named Jan Bertsch, formerly at Chrysler and Ford (F - Get Report) , as its new CFO.

Can the new leadership inject life into the company? Perhaps. But given the changes and possible restructuring that getting back to growth may require -- not to mention the near-term toll it can take on profits -- things are likely to get worse before they get better.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.