RTTNews | Feb 9, 2021 11:26PM EST

23:25 Tuesday, February 9, 2021 (RTTNews.com) - O-I Glass Inc. (OI) reported that its fourth-quarter net loss was $29 million or $0.18 per share compared to net income of $31 million or $0.20 per share in the prior year.

Excluding certain items management considers not representative of ongoing operations, adjusted earnings were $0.40 per share in the fourth quarter of 2020, compared with $0.50 per share in the fourth quarter of 2019. Analysts polled by Thomson Reuters expected the company to report earnings of $0.34 per share for the fourth-quarter. Analysts' estimates typically exclude special items.

Net sales for the fourth quarter declined to $1.50 billion from $1.63 billion in the prior year quarter. The ANZ divestiture reduced net sales by $153 million. After adjusting for the sale of ANZ, average selling prices improved 2 percent and increased revenue $33 million while shipments in tons were flat with the prior year. Unfavorable foreign currency translation decreased net sales by $11 million. Analysts expected revenues of $1.48 billion for the fourth-quarter.

"We are optimistic as we enter 2021. While demand may be choppy during the pandemic, business trends should continue to improve as markets stabilize and gradually reopen. Additionally, our strategic actions are set to create future shareholder value, and we expect improved earnings and cash flows in 2021," said Andres Lopez, CEO.

For the first quarter of 2021, the company anticipates adjusted earnings in a range of $0.32 to $0.37 per share. Analysts project first-quarter earnings of $0.36 per share for the first-quarter.

Currently, O-I expects full year 2021 adjusted earnings will approximate $1.55 to $1.75 per share. The outlook assumes higher selling prices that mostly compensate for cost inflation as well as sales shipment growth in tons of 2 to 4 percent compared to 2020, representing a partial or full volume recovery to 2019 levels. Analysts expect annual earnings of $1.66 per share.

O-I announced that its board authorized a $150 million anti-dilutive share repurchase program for the company's common stock that the company intends to use to offset future incentive awards.

The company expects to repurchase about $35 million of the company's common stock in 2021.

Read the original article on RTTNews ( https://www.rttnews.com/3168360/o-i-glass-q4-results-beat-view-sees-improved-earnings-in-2021.aspx)

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