O-I Glass (OI) Tops Q4 EPS by 4c, Offers Guidance

O-I Glass (NYSE: OI) reported Q4 EPS of $0.50, $0.04 better than the analyst estimate of $0.46. Revenue for the quarter came in at $1.6 billion versus the consensus estimate of $1.62 billion.

GUIDANCE:

O-I Glass sees FY2020 EPS of $2.10-$2.25, versus the consensus of $2.20.

O-I expects full year 2020 adjusted earnings will be in the range of $2.10 to $2.25 per share. This outlook assumes higher selling prices (net of cost inflation) as well as sales volumes that will be flat to up 2 percent supported by capacity expansion initiatives and a full year of Nueva Fanal. Likewise, the company expects improved operating costs reflecting several turnaround initiatives as well as footprint adjustments in North America that were taken in 2019 to address unfavorable trends in the beer category. While these factors should boost results in 2020, comparisons to 2019 will be impacted by temporary items that benefited 2019 but will not repeat in 2020, resetting management incentives and the loss of income from the recently divested soda ash joint venture.

Cash provided by continuing operating activities is expected to exceed $650 million in 2020. The outlook assumes capital expenditures of approximately $350 to $375 million and the suspension of all asbestos-related claims payments, pending final resolution. The Company anticipates 2020 free cash flow of approximately $300 million or higher.

This outlook assumes foreign currency rates as of the end of January 2020. The earnings and cash flow guidance ranges may not fully reflect uncertainty in macroeconomic conditions and currency rates, among other factors

For earnings history and earnings-related data on O-I Glass (OI) click here.

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