Owens-Illinois says European sales hurt results
PERRYSBURG, Ohio -- Owens-Illinois reported a 28 percent drop in quarterly net income on Wednesday, as the economic slowdown in Europe weighed on the company's results.
The maker of glass containers reported net income of $90 million, or 55 cents per share, in the three months ending September 30. That's down from $116 million, or 72 cents per share, in the same period last year.
Sales fell 7 percent to $1.74 billion, compared with $1.86 billion in the same quarter of 2011. Sales to Europe sank 15 percent to $652 million compared with the year before.
Excluding one-time charges, adjusted earnings were 69 cents per share.
Analysts expected the company to report quarterly earnings of 67 cents per share and sales of $1.74 billion.
The company said shipments in North and South America picked up. But those gains "were more than offset by lower demand in Europe."
Looking ahead to the fourth quarter, CEO Al Stroucken said in a statement that year-over-year profit should improve in South America, but adjusted earnings overall should be lower.
Owens-Illinois shares fell 35 cents to close at $19.41. The stock rose 8.2 percent in after-hours trading, to $21.