Mon, May 2, 5:15 PM
Wed, Apr. 6, 12:41 PM
- Owens-Illinois (OI +5.6%) is upgraded to Buy from Neutral with a $19 price target, hiked from $15, at Citigroup, which says 2016 should serve as an earnings inflection point.
- Citi expects OI to generate EPS growth of 11% during 2016-18, backed by the company stabilizing pricing, reaping volume benefits from recently renegotiated contracts, improving its operations and paying down debt.
- The firm believes OI management has set "beatable targets” for earnings, and expects reiteration of FY 2016 guidance when the company reports May 2 to be a catalyst for the stock.
- Investor sentiment in OI has suffered as shares have plunged ~35% over the past year, with the company issuing three consecutive guidance cuts.
May 13, 2015, 9:15 AM
May 13, 2015, 7:48 AM
- Owens-Illinois (NYSE:OI) agrees to acquire Vitro’s food and beverage glass container business for $2.15B in a move that will allow OI to expand in the growing market for food packaging in Mexico.
- OI expects the deal to add $0.50 to EPS in the third year after closing and to generate $945M/year in revenue; the deal is expected to close within a year.
- OI will add Vitro’s five Mexican factories and one in Bolivia, and retain the leadership of the company’s food-and-beverage operations.
- OI +2.7% premarket.
Apr. 6, 2015, 3:56 PM
- Owens-Illinois (OI +2.1%) enjoys a nice gain after a Barron's weekend profile says shares could climb 25%, as the world’s largest maker of glass containers has cleaned up its balance sheet and is cutting costs.
- Weak demand in a few key markets, operating stumbles and a strong dollar have hurt OI's profits in the past year, sending shares tumbling nearly 35% since July, but Barron's notes that OI's manufacturing network of 76 plants in 21 countries would be hard to replicate.
- OI has been working to improve operations and boost its generation of free cash flow, which topped $300M in each of the past two years and is expected to hit $300M again this year; while the article says investors should not expect much in the way of revenue growth, a leaner cost structure and shareholder friendly uses for its cash could pay off in a higher stock price.
Mar. 19, 2015, 11:59 AM
- Owens-Illinois (OI -2.2%) says CFO Stephen P. Bramlage Jr. will leave the company at the end of this month to become the CFO at Aramark (ARMK -0.6%).
- Bramlage will succeed current ARMK CEO Fred Sutherland, who is retiring at the end of this year after nearly 35 years at the company including 17 years as finance chief; Bramlage was named OI CFO in 2012 after holding various financial and managerial posts with the company.
- Current controller John Haudrichwill will become OI's CFO on an interim basis while a search is conducted for a successor.
Sep. 17, 2014, 8:37 AM
- Owens-Illinois (NYSE:OI) -4.7% premarket after disclosing expectations for lower Q3 earnings, seeing EPS of at least 5% lower Y/Y, or ~$0.75 vs. $0.88 analyst consensus estimate.
- OI sees Europe sales volume modestly lower than the prior-year period, North American sales volume down by the low single digits, and Asia Pacific with a double-digit volume decline.
Jan. 30, 2013, 4:52 PMOwens-Illinois (OI): Q4 EPS of $0.4 beats by $0.03. Revenue of $1.75B. Shares +2.8% AH. (PR) | Jan. 30, 2013, 4:52 PM
Oct. 26, 2012, 1:39 PMOwens-Illinois (OI -2.5%) trades lower today, ignoring an early morning upgrade to Buy on valuation at BofA/Merrill Lynch. The firm says headwinds for the company have diminished and most of the negative news and earnings revisions appear behind it. Management also appears more attuned to capital returns and free cash flow generation, which warrants an expansion in valuation multiples. | Oct. 26, 2012, 1:39 PM
Oct. 25, 2012, 1:41 PMOwens-Illinois (OI +3.3%) moves up in spite of posting a mixed Q3 report yesterday. The company beat on a per share basis, but came up shy on revenue. Net earnings fell 23% Y/Y as the bottle maker suffered from sluggish beer consumption in the U.S. and Europe, while its bottom line was negatively impacted by rising raw-materials, energy and transportation costs. | Oct. 25, 2012, 1:41 PM
Oct. 24, 2012, 4:28 PMOwens-Illinois (OI): Q3 EPS of $0.69 beats by $0.02. Revenue of $1.81B (-5.2% Y/Y) misses by $60M. Shares +1.9% AH. (PR) | Oct. 24, 2012, 4:28 PM | 1 Comment
Oct. 5, 2012, 3:25 PM
Owens-Illinois (OI +4%) is raised to Buy with a $28 price target (up from $20) at Goldman Sachs, which says the change in capital allocation strategy ushered in by the new CFO will drive OI's' EV/EBITDA multiple back to historical average levels. OI also says it will use 90% of its cash over the next two years for debt reduction vs. a previous focus on M&A.| Oct. 5, 2012, 3:25 PM
Sep. 7, 2012, 9:40 AMOwens-Illinois (OI +2.1%) extends yesterday's gains as activist investor Alexander Roepers’ Atlantic Investment Management raises its stake in the glass container company and says it will continue active discussions with management on actions to increase shareholder value, according to an SEC filing. | Sep. 7, 2012, 9:40 AM
Sep. 6, 2012, 3:47 PMOwens-Illinois (OI +8.9%) tops the S&P 500 after CFO Stephen Bramlage backs its Q3 outlook despite tough market conditions, which takes on added significance since OI draws ~40% of its annual sales from Europe. The glass container company also recently reported a favorable ruling in an asbestos case and plans to buy back up to $75M of its shares. | Sep. 6, 2012, 3:47 PM
Apr. 10, 2012, 4:57 PM
Owens-Illinois (OI) +7.8% AH following upward Q1 guidance forecasting EPS from continuing operations more than 35% higher than the prior year's $0.50, "primarily driven by good manufacturing performance as the company's facilities operated at greater than planned production rates."| Apr. 10, 2012, 4:57 PM | 4 Comments
Oct. 13, 2011, 10:06 AMShares of Owens-Illinois (OI +5.9%) move higher after Jefferies issues positive comments to back up its Buy rating. The firm points to underlying fundamentals that are "tracking better than expected," and are encouraged by significant insider buying. "We believe shares are due for a nice bounce." | Oct. 13, 2011, 10:06 AM