Updated from 11:07 AM EDT.

NEW YORK (TheStreet) -- Shares of Owens-Illinois (OI - Get Report) were spiking 11.47% to $18.95 on heavy trading volume late Wednesday afternoon after the company reported earnings that beat analysts' forecasts for the 2016 third quarter.

After yesterday's closing bell, the Perrysburg, OH-based maker of glass containers reported earnings of 68 cents per diluted share, surpassing analysts' estimates of 66 cents per share.

Revenue for the quarter was $1.71 billion, while analysts had projected $1.73 billion.

"The steady, year-on-year improvement we've achieved despite difficult market conditions reflects the strength of our team, our plan and our solid operational performance," CEO Andres Lopez said in a statement.

"For the full year, we're still expecting a double-digit increase in earnings and continued deleveraging driven by strong cash flow," Lopez added.

For 2016, Owens-Illinois expects earnings per share between $2.27 and $2.32. Analysts surveyed by FactSet are modeling earnings of $2.32 per share for the full year.

More than 6.87 million of the company's shares traded so far today compared to its average volume of 1.57 million shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity and impressive record of earnings per share growth.

But the team also finds weaknesses including generally higher debt management risk, a generally disappointing performance in the stock itself and poor profit margins.

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.

You can view the full analysis from the report here: OI