O-I Glass Reports First Quarter 2023 Results
“We are pleased to report very strong first quarter performance, which significantly exceeded our expectations heading into the period. Higher earnings reflected strong net price realization, solid operating performance and benefits from our ongoing margin expansion initiatives. As expected, sales volume was down from the same period in the prior year given a challenging prior year comparison among other factors. Despite elevated macroeconomic pressure, we are increasingly optimistic about our 2023 performance and have raised our full year guidance,” said Andres Lopez, O-I Glass CEO.
Net sales were $1.8 billion in the first quarter of 2023, up compared to $1.7 billion in the prior year period primarily due to higher selling prices. Sales volume (in tons) was down 8 percent which was partially offset by favorable change in mix. Approximately 3 to 4 percent of the volume decline was attributed to a challenging prior year comparison (up 6.4 percent) amid record low inventories and disruption from temporary external events impacted volumes around 2 percent. Overall, the company estimates underlying market demand was down approximately 2 to 3 percent primarily due to inventory destocking across the supply chain and softer consumer demand in a few markets given macroeconomic uncertainty.
Earnings before income taxes were $270 million in the first quarter of 2023, up $100 million compared to the prior year quarter. Likewise, segment operating profit was $398 million in the first quarter of 2023 compared to $231 million in the prior year period.
details at: https://investors.o-i.com/News-Events/news/news-details/2023/O-I-Glass-Reports-First-Quarter-2023-Results/default.aspx