Both bottle maker Owens-Illinois Inc. (O-I) and insulation and building products maker Owens Corning have reported strong profits and revenues for the first quarter of 2010.
According to O-I, higher …
Both bottle maker Owens-Illinois Inc. (O-I) and insulation and building products maker Owens Corning have reported strong profits and revenues for the first quarter of 2010. According to O-I, higher average selling prices and a better product mix helped it make a first-quarter profit of USD 85.3 million, or 50 cents a share, an 89% increase compared to the profit of USD 45.1 million, or 27 cents a share, for the same period in 2009. O-I, headquartered in Perrysburg, and the biggest company in the Toledo area, reported quarterly sales of USD 1.6 billion, an increase of 6% from USD 1.5 billion in 2009. The company said the sales increase was mainly due to favourable foreign currency exchanges. However, the first quarter was a large turning point for the company since it marked the end of nine consecutive quarters of unfavourable sales volume trends caused by the global recession. O-I said it had made a strategic move in the quarter by acquiring Argentine glassmaker Cristalerias Rosario, which will enable it to penetrate the fast-growing and profitable market in Argentina, also enhancing O-I“s overall South American operations. Owens Corning also reported an important increase in sales for the first three months of 2010 in its composites segment, and posted a profit of USD 48 million, or 38 cents a share, a turnaround from a loss of USD 28 million, or 23 cents a share, for the same period in 2009. The Toledo-based company said sales in the quarter totalled USD 1.27 billion, an increase of 18% compared to USD 1.07 billion for the year-ago quarter. According to Owens Corning, while the composites segment sales surged 34%, sales of roofing products climbed 16% and its profit margins in that segment improved.