Benzinga | Aug 4, 2020 05:27PM EDT

O-I Glass: Q2 Earnings Insights

Shares of O-I Glass (NYSE:OI) decreased 3% in after-market trading after the company reported Q2 results.

Quarterly Results

Earnings per share decreased 98.55% year over year to $0.01, which missed the estimate of $0.07.

Revenue of $1,418,000,000 declined by 19.25% from the same period last year, which missed the estimate of $1,460,000,000.

Looking Ahead

Earnings guidance hasn't been issued by the company for now.

O-I Glass hasn't issued any revenue guidance for the time being.

Price Action

Company's 52-week high was at $15.64

Company's 52-week low was at $4.30

Price action over last quarter: Up 25.53%

Company Description

O-I Glass is the world's largest manufacturer of glass bottles--70% of its revenue comes from outside the United States. O-I has a market- leading position in key markets like Europe, North America, and Brazil, among others. Beer is the primary end market for O-I's glass bottles, which are also used for wine, soda, spirits, condiments, and food. In the coming years, O-I is looking to maintain or expand its dominant positions in Europe, Australia/New Zealand, North America, and South America.