O-I Glass二季度盈利不及预期并下调全年展望，盘前大跌

O-I Glass (OI) shares fell about 15% in premarket trading Wednesday, a day after the glass container manufacturer reported earnings that missed Wall Street expectations and lowered its full-year outlook as competitive pressures and higher energy costs weighed on its European business.
O-I Glass (OI) reported second-quarter net sales of $1.67 billion, down about 2% from $1.71 billion a year earlier and narrowly below Wall Street's consensus estimate of $1.68 billion. Adjusted earnings fell to $0.09 a share from $0.53 a year earlier, missing analysts' estimate of $0.24.
Net income fell to a loss of $979 million, or $6.33 a share, from net income of $59 million, or $0.38 a share. The reported loss included an $873 million non-cash goodwill impairment charge and a $96 million increase in deferred tax valuation allowances related to the company's European operations.
For investors, the results highlight the uneven recovery in global consumer packaging markets. O-I Glass (OI) continues to benefit from its cost-cutting "Fit to Win" program and a strong Americas business, but weaker European demand, elevated energy costs and operational disruptions prompted management to reduce its 2026 guidance and push back the timing of longer-term profitability targets.
O-I Glass (OI) said global sales volume declined 4.5% during the quarter, although shipments improved as the quarter progressed and June volumes were flat from a year earlier. Food and non-alcoholic beverage glass packaging outperformed alcohol packaging, while certain Latin American markets also remained resilient.
The company expects low single-digit sales volume growth during the second half of the year, helped by easier comparisons and new business wins, but now forecasts full-year volume to be down slightly.
Americas segment operating profit increased 22% to $165 million as the company benefited from pricing, favorable currency and Fit to Win savings despite lower shipment volumes. In contrast, European segment operating profit plunged to $6 million from $90 million as competitive pricing, energy costs and operating disruptions sharply compressed margins.
O-I Glass (OI) reduced its full-year outlook for adjusted earnings before interest, taxes, depreciation and amortization to a range of $1.0 billion to $1.1 billion, down from its previous forecast of $1.125 billion to $1.225 billion. The company also cut its free cash flow outlook to a range of negative $50 million to negative $150 million and withdrew adjusted earnings per share guidance because of uncertainty surrounding its effective tax rate. Subsequent references to adjusted profitability use the abbreviation aebitda.
Management said its Fit to Win initiative has generated more than $400 million of cumulative savings to date and still targets at least $650 million of savings over three years. However, it lowered its expected 2026 benefit to about $200 million as it prioritizes addressing operational disruptions before accelerating additional cost transformation efforts.
O-I Glass (OI) is best known as one of the world's largest manufacturers of glass bottles and jars used by beverage, beer, wine, spirits and food brands. The company said its long-term strategy remains intact despite near-term headwinds and expects gradual improvement in Europe over time.