O-I Glass Inc Stock Price, News & Analysis

Paddock Enterprises, a subsidiary of O-I Glass, has successfully emerged from Chapter 11 bankruptcy protection, following court confirmation of its reorganization plan on June 22, 2022. The plan addresses Paddock's asbestos-related liabilities through a fully funded $610 million Asbestos Trust, which compensates claimants while shielding Paddock and O-I Glass from future claims. CEO Andres Lopez noted that the completion of the Chapter 11 process provides closure for both the company and its claimants, ensuring an equitable resolution of Paddock's legacy issues.

O-I Glass, Inc. (NYSE: OI) will host its second quarter 2022 earnings conference call on August 3, 2022, at 8 a.m. EDT. The earnings release is set to be announced after market close on August 2, 2022. The earnings presentation materials will be available on the company's investor website upon release. O-I Glass, a leading producer of glass bottles and jars, reported revenues of $6.4 billion in 2021 and employs approximately 24,000 people across 70 plants globally. The webcast will be archived on the site until August 2023.

O-I Glass, Inc. (NYSE: OI) announced a strong performance for Q2 2022, with adjusted earnings expected to exceed $0.65 per share, surpassing previous guidance of $0.55 - $0.60. Glass container shipments increased by about 1% through May, reflecting favorable operating conditions and higher net prices. While the company did not revise its full-year outlook, it will reassess upon reporting Q2 results on August 3, 2022. O-I Glass positions itself as a leader in sustainable glass packaging, with a significant global presence and a commitment to innovation.

O-I Glass, Inc. (NYSE: OI) announced its participation in Deutsche Bank's 13th Annual Global Materials Conference on June 8, 2022. CFO John Haudrich will present at 10:30 a.m. ET. A live webcast will be available, and a replay can be accessed within 24 hours after the presentation, remaining archived for 90 days. Additionally, presentation slides will be posted on the company's investor website before the event. O-I Glass is a leading global producer of glass bottles and jars, with $6.4 billion in net sales for 2021.

Paddock Enterprises, LLC, a subsidiary of O-I Glass, has confirmed its Plan of Reorganization through a U.S. Bankruptcy Court order, paving the way for its exit from Chapter 11 bankruptcy. Over 99% of asbestos claimants supported the Plan, which establishes a trust funded with $610 million to settle asbestos claims. This Plan aims to resolve Paddock's legacy liabilities, and the company expects to emerge from bankruptcy in mid-2022, providing finality for all parties involved.

A subsidiary of O-I Glass (NYSE: OI) has completed a sale and leaseback transaction for its Brampton, Ontario plant, fetching CAD $244 million (approximately USD $191 million). This deal is part of O-I's Portfolio Optimization program, which aims to raise $1.5 billion, having already secured $1.3 billion in proceeds. CEO Andres Lopez highlighted this achievement as a significant milestone. The company continues to focus on sustainability as a leading global producer of glass packaging, contributing to a market valued at $6.4 billion in 2021.

O-I Glass, Inc. announced the election of David V. Clark, II to its Board of Directors during the Annual Meeting of Share Owners on May 10, 2022. Clark, an experienced executive with nearly 31 years at General Mills and Cereal Partners Worldwide, replaces long-serving directors Anastasia D. Kelly and Peter S. Hellman, who are retiring. The board now includes 11 director nominees elected for one-year terms. CEO Andres Lopez expressed gratitude towards the retiring members and optimism for the company's positive transformation.

O-I Glass, Inc. (NYSE: OI) reported a robust start in Q1 2022 with a 6.4% increase in sales volume, achieving $1.7 billion in net sales compared to $1.5 billion in the prior year. Net earnings were $0.55 per share, a recovery from a loss of $0.62 per share in Q1 2021, with earnings before income taxes rising to $170 million. The company exceeded guidance and noted operational efficiency improvements. Positive developments included over 99% acceptance of Paddock's reorganization plan by asbestos claimants. The outlook for adjusted earnings per share is now between $1.85 and $2.10.

O-I Glass, Inc. (NYSE: OI) has announced its first quarter 2022 earnings conference call scheduled for April 26, 2022, at 8 a.m. EDT. The earnings release will be issued after market close on April 25. Detailed earnings materials will be available on the O-I website following the announcement. With revenues of $6.4 billion in 2021, O-I is a leading producer of glass bottles and jars globally. The United Nations has designated 2022 as the International Year of Glass, highlighting the significance of this sustainable packaging material.