O-I Glass (OI) Falls 12.5% After Swinging to Losses

We recently published 10 Stocks Hit by Painful Plunge. O-I Glass, Inc. (NYSE:OI) is one of the best-performing stocks on Wednesday.

O-I Glass saw its share prices fall by 12.5 percent on Wednesday to end at $12.67 apiece after swinging to a net loss in the second quarter of the year.

In its updated report, O-I Glass, Inc. (NYSE:OI) said it recorded a $5 million attributable net loss during the period, a reversal of the $57 million net income in the same period last year.

Attributable net loss also ended at $20 million in the first six months of the year, reversing a $129-million net profit year-on-year.

Net sales for both the second quarter and first half amounted to $1.7 billion and $3.2 billion, respectively, flat from the same periods last year.

According to O-I Glass, Inc. (NYSE:OI), net sales benefited from favorable currency translation, but were offset by slightly lower selling prices and an approximately 3 percent decline in shipment volume.

Despite the dismal performance, O-I Glass, Inc. (NYSE:OI) expects its full-year adjusted earnings per share to grow between $1.3 and $1.55, versus the $1.2 to $1.5 guidance previously.

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