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

O-I Glass (NYSE:OI - Get Free Report) announced its quarterly earnings results 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 negative net margin of 1.45% and a positive return on equity of 24.90%. The firm had revenue of $1.59 billion during the quarter, compared to analysts' expectations of $1.69 billion. During the same period in the prior year, the company earned $1.29 EPS. The firm's 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 Performance

Shares of NYSE OI traded down $0.71 during mid-day trading on Tuesday, reaching $14.95. 1,987,286 shares of the company traded hands, compared to its average volume of 1,660,290. O-I Glass has a fifty-two week low of $13.56 and a fifty-two week high of $23.57. The company has a debt-to-equity ratio of 2.69, a current ratio of 1.23 and a quick ratio of 0.77. The stock has a fifty day simple moving average of $15.99 and a 200-day simple moving average of $15.60.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on OI. TheStreet cut shares of O-I Glass from a "b-" rating to a "c-" rating in a research report on Tuesday, February 6th. UBS Group began coverage on shares of O-I Glass in a research note on Tuesday, January 16th. They issued a "buy" rating and a $26.00 price target on the stock. Barclays raised their price target on shares of O-I Glass from $16.00 to $18.00 and gave the company an "equal weight" rating in a research note on Tuesday, February 13th. Bank of America restated a "neutral" rating and issued a $16.00 price target (down previously from $21.00) on shares of O-I Glass in a research note on Friday, April 19th. Finally, StockNews.com lowered shares of O-I Glass from a "buy" rating to a "hold" rating in a research note on Thursday, February 15th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $21.75.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.