O-I Glass (NYSE:OI) Announces Earnings Results, Beats Estimates By $0.09 EPS

O-I Glass (NYSE:OI) announced its quarterly earnings data on Tuesday. The industrial products company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.09, Briefing.com reports. O-I Glass had a positive return on equity of 17.85% and a negative net margin of 3.45%. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.69 billion. During the same quarter in the prior year, the company posted $1.29 earnings per share. O-I Glass’s quarterly revenue was down 13.0% on a year-over-year basis. O-I Glass updated its FY24 guidance to $1.50-2.00 EPS and its FY 2024 guidance to 1.500-2.000 EPS.

O-I Glass Stock Up 1.7 %

OI opened at $12.80 on Thursday. The business’s fifty day moving average is $15.87 and its two-hundred day moving average is $15.58. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.77 and a current ratio of 1.23. The company has a market cap of $1.99 billion, a price-to-earnings ratio of -7.91, a PEG ratio of 1.04 and a beta of 1.36. O-I Glass has a one year low of $12.40 and a one year high of $23.57.

Analyst Upgrades and Downgrades

OI has been the topic of a number of recent analyst reports. TheStreet lowered O-I Glass from a “b-” rating to a “c-” rating in a report on Tuesday, February 6th. Citigroup lowered O-I Glass from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $17.00 to $18.00 in a report on Wednesday, January 3rd. UBS Group initiated coverage on O-I Glass in a report on Tuesday, January 16th. They set a “buy” rating and a $26.00 price objective on the stock. Bank of America reaffirmed a “neutral” rating and set a $16.00 price objective (down previously from $21.00) on shares of O-I Glass in a report on Friday, April 19th. Finally, Robert W. Baird decreased their target price on O-I Glass from $28.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, O-I Glass has an average rating of “Moderate Buy” and a consensus target price of $21.78.

About O-I Glass

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.