O-I Glass Reports First Quarter 2021 Results
First Quarter 2021 Results *Reported Results: For the first quarter 2021, the company recorded a loss of $0.62 per share compared to earnings of $0.32 per share (diluted) in the prior year. The current year loss before income taxes was $65 million, compared to earnings before income taxes of $81 million in the first quarter of 2020. Both periods include items management considers not representative of ongoing operations. In the first quarter of 2021, this included a $154 million adjustment to the company’s Paddock support agreement liability primarily to reflect the subsidiary’s agreement in principle for a consensual plan of reorganization. *Segment Operating Profit1: First quarter 2021 segment operating profit was $175 million compared to $176 million in the prior year period. These results were in-line with the prior year period despite the July 2020 divestiture of the company’s Australia and New Zealand (“ANZ”) business, which contributed $12 million of segment operating profit in the first quarter of 2020. Sales volume was stable with prior year levels on a comparable basis, excluding the impact from recent divestitures. Continued strong operating performance and the benefit of margin enhancement initiatives offset the significant impact of severe weather.