Owens-Illinois (NYSE:OI) Updates FY19 Earnings Guidance

Owens-Illinois (NYSE:OI) issued an update on its FY19 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $2.40-2.55 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.88. Owens-Illinois also updated its Q3 guidance to $0.60-0.65 EPS.

OI stock traded down $0.35 during mid-day trading on Wednesday, reaching $16.97. The company’s stock had a trading volume of 1,163,612 shares, compared to its average volume of 1,167,323. The company has a market capitalization of $2.68 billion, a P/E ratio of 6.24, a price-to-earnings-growth ratio of 0.89 and a beta of 1.43. The business’s 50 day moving average price is $17.15. The company has a debt-to-equity ratio of 5.76, a quick ratio of 0.83 and a current ratio of 1.39. Owens-Illinois has a 12 month low of $15.67 and a 12 month high of $20.78.

Owens-Illinois (NYSE:OI) last issued its earnings results on Wednesday, May 1st. The industrial products company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.02). The business had revenue of $1.60 billion during the quarter, compared to the consensus estimate of $1.65 billion. Owens-Illinois had a return on equity of 43.45% and a net margin of 3.53%. The company’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.59 earnings per share. Research analysts anticipate that Owens-Illinois will post 2.88 earnings per share for the current fiscal year.

Several equities research analysts have recently commented on the company. Wells Fargo & Co upgraded Owens-Illinois from a market perform rating to an outperform rating and boosted their price objective for the company from $20.00 to $24.00 in a report on Wednesday, May 15th. UFS upgraded Owens-Illinois from a neutral rating to a buy rating in a report on Tuesday, April 30th. ValuEngine upgraded Owens-Illinois from a strong sell rating to a sell rating in a report on Tuesday, April 30th. Finally, Bank of America upgraded Owens-Illinois from a neutral rating to a buy rating and boosted their price objective for the company from $21.00 to $24.00 in a report on Tuesday, April 30th. Three equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. Owens-Illinois has an average rating of Hold and a consensus price target of $21.47.

Owens-Illinois Company Profile

Owens-Illinois, Inc, through its subsidiaries, manufactures and sells glass containers to food and beverage manufacturers primarily in Americas, Europe, and Asia Pacific. It produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine. The company is also involved in the production of glass packaging for various food items, soft drinks, teas, juices, and pharmaceuticals.

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