Owens-Illinois (O-I) has announced that first quarter 2012 results, based on preliminary indications, should exceed prior year first quarter 2011 earnings from continuing operations of $0.50 per share (diluted) by more than 35%.
According to the company, the higher first quarter 2012 results were primarily driven by good manufacturing performance, as its facilities operated at greater than planned production rates. The company increased its levels of finished goods inventory during the first quarter to support the upcoming seasonal sales volume trends, especially in North America and Europe, and to avoid the supply chain inefficiencies experienced last year during the second quarter.
Chairman and Chief Executive Officer Al Stroucken said: “We are seeing generally good initial results from our price increases and operational efficiencies. We are encouraged by the first quarter performance, yet conflicting customer demand patterns, especially in Europe where uncertainty regarding financial markets persists, continue to impact our visibility for the remainder of the year.”