Research Desk Line-up: Crown Holdings Post Earnings Coverage

LONDON, UK / ACCESSWIRE / October 31, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Owens-Illinois, Inc. (NYSE: OI), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=OI, following the Company's reporting of its third quarter fiscal 2017 operating results on October 23, 2017. The glass container manufacturer outperformed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Get more of our free earnings reports coverage from other constituents of the Packaging & Containers industry. Pro-TD has currently selected Crown Holdings, Inc. (NYSE: CCK) for due-diligence and potential coverage as the Company announced on October 18, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Crown Holdings when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on OI; also brushing on CCK. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=OI

http://protraderdaily.com/optin/?symbol=CCK

Earnings Reviewed

Owens-Illinois' net sales totaled $1.79 billion in Q3 2017, reflecting an increase of approximately 5% compared to net sales of $1.71 billion in Q3 2016. On a global basis, the improvement in the Company's net sales was due to a 1% increase in price and a favorable currency translation. Owens-Illinois' reported sales numbers beat analysts' estimates of $1.76 billion.

Owens-Illinois noted that it continues to make solid progress on executing its strategic initiatives. The Company's focus on total systems cost contributed approximately $8 million in cost savings in the reported quarter, leading to a year-to-date total of $26 million.

During Q3 2017, Owens-Illinois' segment operating profit was $260 million, up 10% compared to $237 million in Q3 2016. The Company's corporate and other costs were $25 million in the reported quarter, versus $18 million in the year-ago same period. Owens-Illinois' net interest expense was $63 million in Q3 2017, down $3 million on a y-o-y basis.

Owens-Illinois reported earnings of $126 million, or $0.77 per diluted share, in Q3 2017 compared to a net income of $108 million, or $0.66 per diluted share, in Q3 2016. The Company's reported quarter earnings exceeded the management's guidance of $0.70 to $0.75 per share, and also came in ahead of Wall Street's expectations of $0.73 per share.

Segment Results

During Q3 2017, Owens-Illinois' Latin America segment's sales volume increased 5% on a y-o-y basis, primarily due to higher beer and spirits shipments. The Latin America segment reported an operating profit of $84 million, up 14% on a y-o-y basis. The region benefited $5 million from the increase in sales volumes, primarily in Brazil and Mexico. A favorable currency translation added $3 million compared to the prior year's same quarter.

The Company's sales volume in the Asia/Pacific segment increased 5% on a y-o-y basis in the reported quarter, primarily due to higher beer shipments in Australia. In the Europe segment, sales volumes increased 1% on a y-o-y basis mainly due to a favorable product mix as shipments were flat. Asia/Pacific segment's operating profit was $20 million, almost flat on a y-o-y basis. Owens-Illinois noted that the Asia/Pacific segment benefited from increased sales volumes, while higher prices compensated for inflation in the reported quarter.

Owens-Illinois's Europe region segment's operating profit surged 27% to $81 million, primarily due to the receipt of an energy credit in the reported quarter. Setting aside the energy credit, the Europe segment performed well, driven by a favorable sales mix, the benefits of strategic initiatives, and the positive impact of currency translation.

During Q3 2017, Owens-Illinois' North America segment's operating profit was $75 million; reflecting a decline of $4 million compared to Q3 2016. Cost inflation was essentially offset by price in the reported quarter. Owens-Illinois noted that lower sales volume, primarily in beer, reduced the segment's operating profit by $9 million compared to the prior year.

Outlook

In Q4 2017, Owens-Illinois intends to annuitize more of its pension plans in North America, which is expected to result in non-cash charges in excess of $100 million. The Company expects reported earnings from continuing operations attributable for the full year 2017 to be in the range of $0.90 to $1.86 per share. For FY17, Owens-Illinois' adjusted earnings per share are expected to be in the range of $2.60 to $2.65, which narrows prior guidance, while modestly increasing the midpoint.

Owens-Illinois' continues to expect cash provided by continuing operating activities for 2017 to be approximately $750 million and adjusted free cash flow to be approximately $365 million.

Stock Performance

Owens-Illinois' share price finished yesterday's trading session at $23.71, slightly down 0.84%. A total volume of 1.29 million shares have exchanged hands, which was higher than the 3-month average volume of 1.28 million shares. The Company's stock price surged 9.11% in the past six months and 22.79% in the previous twelve months. Additionally, the stock soared 36.19% since the start of the year. Shares of the Company have a PE ratio of 15.87 and currently have a market cap of $3.86 billion.

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