- O-I Glass press release (NYSE:OI): Q3 Non-GAAP EPS of $0.63 beats by $0.02.
- Revenue of $1.7B (+5.6% Y/Y) beats by $50M.
- Outlook: O-I expects fourth quarter 2022 adjusted earnings will range between $0.28 and $0.33 per share, an increase from prior guidance of between $0.20 and $0.30 per share. That compares with consensus of $0.30
- "Results are expected to lag prior year adjusted earnings of $0.36 per share primarily due to an estimated $0.12 per share headwind from unfavorable foreign currency translation, impacts of divestitures and incremental interest expense for debt incurred to settle the Paddock 524 (g) trust," the company noted.
- For full year, the management now expects adjusted earnings will range between $2.20 and $2.25 per share (vs. consensus of $2.19) which is at the high end of prior guidance of between $2.10 and $2.25 per share