After the market close on Monday, the glass container manufacturer reported adjusted earnings of 40 cents per share on revenue of $1.62 billion, which was in-line with analysts' forecasts. Earnings increased to 40 cents per share from 32 cents per share in the year-ago period.
Global sales volume rose by about 14% during the quarter, which was driven by growth in Asia Pacific and North America. Stronger wine, spirits and beer shipments boosted growth in North America.
"Looking ahead, we expect that trends in the majority of our end markets will remain stable in 2016 and O-I will increasingly benefit from our growing exposure to U.S. beer imports and the Mexican domestic market," CEO Andres Lopez said in a statement. "While we recognize continued external uncertainties, such as economic conditions in Brazil and price dynamics in Europe, we are pressing hard on key initiatives that will increase profitability in 2016."
Owens-Illinois stock is down 0.16% to $12.29 in after-hours trading on Monday.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D+. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, poor profit margins and weak operating cash flow.
You can view the full analysis from the report here: OIOI data by YCharts