O-I’s second quarter 2020 performance ended on a positive note after the company endured the brunt of the pandemic in April in May.
The world’s largest container glassmaker said that, as markets began to reopen, June sales volumes were down 3% compared to June last year.
The June trends represented a significant improvement from the 18% decline in daily shipment levels for April and May.
The preliminary update – given during O-I’s announcement of its sale of its Australian division to Visy Industries – said overall, second quarter total sales volumes were down approximately 15% from the prior year
Operating performance was good as the company’s turnaround initiatives continued to progress well including efforts to control costs to partially mitigate the impact of COVID-19.
It expects second quarter 2020 adjusted earnings1 will be about breakeven.