O-I Glass (NYSE:OI) Releases FY 2024 Earnings Guidance

O-I Glass (NYSE:OI) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of 1.000-1.250 for the period, compared to the consensus estimate of 1.690. The company issued revenue guidance of -. O-I Glass also updated its FY24 guidance to $1.00-1.25 EPS.

O-I Glass Price Performance

Shares of OI stock traded up $0.16 during trading hours on Tuesday, hitting $11.61. 2,900,541 shares of the company’s stock were exchanged, compared to its average volume of 1,752,758. The company has a market capitalization of $1.81 billion, a PE ratio of -7.31, a PEG ratio of 1.10 and a beta of 1.25. The company has a current ratio of 1.02, a quick ratio of 0.56 and a debt-to-equity ratio of 2.26. O-I Glass has a 12-month low of $10.08 and a 12-month high of $23.40. The business’s 50 day simple moving average is $11.56 and its 200-day simple moving average is $14.05.

O-I Glass (NYSE:OI) last released its quarterly earnings data on Tuesday, July 30th. The industrial products company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.41 by $0.03. The firm had revenue of $1.73 billion for the quarter, compared to the consensus estimate of $1.77 billion. O-I Glass had a positive return on equity of 18.25% and a negative net margin of 3.45%. The company’s quarterly revenue was down 8.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 earnings per share. On average, equities research analysts anticipate that O-I Glass will post 1.71 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on OI shares. StockNews.com cut O-I Glass from a hold rating to a sell rating in a research note on Tuesday, July 9th. UBS Group dropped their target price on shares of O-I Glass from $26.00 to $18.00 and set a buy rating for the company in a research report on Wednesday, July 17th. Bank of America reiterated a neutral rating and set a $16.00 price target (down previously from $21.00) on shares of O-I Glass in a research report on Friday, April 19th. Barclays lowered their price objective on shares of O-I Glass from $18.00 to $15.00 and set an equal weight rating for the company in a report on Monday, May 6th. Finally, Wells Fargo & Company decreased their target price on O-I Glass from $19.00 to $18.00 and set an overweight rating for the company in a research report on Wednesday, July 17th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, O-I Glass presently has an average rating of Hold and a consensus target price of $17.89.

About O-I Glass

O-I Glass, Inc, through its subsidiaries, engages in the manufacture and sale of glass containers to food and beverage manufacturers primarily in the Americas, Europe, and internationally. The company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.