US glass producer of glass containers and plastic packaging Owens-Illinois Inc., citing higher energy costs and unfavorable foreign-exchange rates, posted a 17% drop in first-quarter net income, and w…
US glass producer of glass containers and plastic packaging Owens-Illinois Inc., citing higher energy costs and unfavorable foreign-exchange rates, posted a 17% drop in first-quarter net income, and warned that second-quarter and 2001 earnings would be below year-earlier results. On 24 April the company reported net income of US$ 48.9 million, or 30 cents a share, compared with US$ 58.7 million, or 36 cents a share, a year earlier. The latest results include a gain of US$ 12 million, or eight cents a share, related to the sale of the company“s label business and the sale of a minerals business in Australia, Owens-Illinois said. Revenue increased 3.2% to US$ 1.36 billion from US$ 1.41 billion a year earlier. The company said Tuesday 24 April that “foreign currency weakness” reduced its sales by about US$ 62.5 million.