O-I Glass Reports Full Year and Fourth Quarter 2024 Results

O-I Glass, Inc. (NYSE: OI) recently disclosed its financial performance for the full year and fourth quarter of 2024. The company reported challenges in 2024, including a decrease in net sales and earnings before income taxes. Market pressures such as lower average selling prices, reduced sales volumes, and increased operating costs due to inventory level cuts were cited as factors affecting performance. O-I Glass took proactive measures to address these challenges, emphasizing cost reductions and working capital management to improve competitiveness.

Looking ahead, O-I Glass is aggressively implementing its Fit To Win initiative aimed at enhancing operational efficiency, reducing enterprise costs, and driving sustainable value creation. The company anticipates better results in 2025, driven by substantial cost savings from Fit To Win and increased production levels, despite ongoing caution about the commercial outlook.

For the full year 2024, O-I Glass reported a net loss attributable to the company of $0.69 per share, compared to a net loss of $0.67 per share in 2023. Adjusted earnings were $0.81 per share in 2024, exceeding management’s guidance range of $0.70 to $0.80 per share. The company’s cash flow from operating activities was $489 million in 2024, down from $818 million in 2023. Free cash flow was a use of $128 million in 2024.

In the fourth quarter of 2024, O-I Glass reported a net loss attributable to the company of $1.00 per share, an improvement from a net loss of $3.05 per share in the same period of 2023. Adjusted earnings showed a loss of $0.05 per share in the fourth quarter of 2024, compared to adjusted earnings of $0.12 per share in the prior year quarter.

Looking forward to 2025, O-I Glass anticipates adjusted earnings per share to be in the range of $1.20 to $1.50, representing a significant increase from 2024 levels. The company also expects free cash flow to improve, targeting between $150 and $200 million in 2025, a notable uptick from the negative cash flow in 2024.

O-I Glass will hold a conference call on February 5, 2025, to discuss these financial results further. The company’s Fit To Win initiative is expected to drive future performance improvements and sustained value creation for shareholders.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read O-I Glass’s 8K filing here.

O-I Glass Company Profile

O-I Glass, Inc, through its subsidiaries, engages in the manufacture and sale of glass containers to food and beverage manufacturers primarily in the Americas, Europe, and internationally. The company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.