OwensIllinois Inc. (OI, Financial) filed Quarterly Report for the period ended 2009-06-30.
Owens-Illinois Inc. is one of the largest manufacturers of glass containers in North America South America Australia New Zealand and China and one of the largest in Europe. Millions of times a day O-I glass containers healthcare packaging and specialty closure systems deliver many of the world\'s best-known consumer products to people all around the world. With leading positions in Europe North America Asia Pacific and Latin America O-I provides consumer-preferred products that enable superior taste purity visual appeal and value benefits for our customers\' products. OwensIllinois Inc. has a market cap of $5.7 billion; its shares were traded at around $33.9 with a P/E ratio of 10.4 and P/S ratio of 0.7. OwensIllinois Inc. had an annual average earning growth of 4.5% over the past 5 years. GuruFocus rated OwensIllinois Inc. the business predictability rank of 2.5-star.
Interest expense for the second quarter of 2009 was $57.9 million compared with $69.2 million for the second quarter of 2008. The 2009 amount includes $5.2 million of additional interest charges for note repurchase premiums and the related write-off of unamortized finance fees, net of a gain from the termination of the interest rate swap agreement following the May tender for the 7.50% Senior Debentures due May 2010. Excluding these amounts, interest expense for the second quarter of 2009 decreased $16.5 million from the second quarter of 2008. The
Net earnings from continuing operations attributable to the Company for 2009 were $149.3 million, or $0.88 per share (diluted), compared with $227.5 million, or $1.33 per share (diluted), for 2008. Earnings in both periods included items that management considered not representative of ongoing operations. These items decreased net earnings in 2009 by $10.4 million, or $0.06 per share, and decreased net earnings in 2008 by $4.2 million, or $0.02 per share.
Interest expense for the first six months of 2009 was $106.0 million compared with $133.5 million for the first six months of 2008. The 2009 amount includes $5.2 million of additional interest charges for note repurchase premiums and the related write-off of unamortized finance fees, net of a gain from the termination of the interest rate swap agreement following the May tender for the 7.50% Senior Debentures due May 2010. Excluding these amounts, interest expense for the first six months of 2009 decreased $32.7 million from the first six months of 2008. The decrease is principally due to lower variable interest rates under the Companys bank credit agreement, lower average debt balances, as well as favorable foreign currency exchange rates.
Net earnings from continuing operations attributable to the Company for 2009 were $194.4 million, or $1.15 per share (diluted), compared with $401.5 million, or $2.35 per share (diluted), for 2008. Earnings in both periods included items that management considered not representative of ongoing operations. These items decreased net earnings in 2009 by $58.1 million, or $0.34 per share, and decreased net earnings in 2008 by $13.9 million, or $0.08 per share.
Interest expense for the second quarter of 2009 was $57.9 million compared with $69.2 million for the second quarter of 2008. The 2009 amount includes $5.2 million of additional interest charges for note repurchase premiums and the related write-off of unamortized finance fees, net of a gain from the termination of the interest rate swap agreement following the May tender for the 7.50% Senior Debentures due May 2010. Excluding these amounts, interest expense for the second quarter of 2009 decreased $16.5 million from the second quarter of 2008. The decrease is principally due to lower variable interest rates under the Companys bank credit agreement as well as favorable foreign currency exchange rates.
Read the The complete ReportOI is in the portfolios of David Dreman of Dreman Value Management.
Owens-Illinois Inc. is one of the largest manufacturers of glass containers in North America South America Australia New Zealand and China and one of the largest in Europe. Millions of times a day O-I glass containers healthcare packaging and specialty closure systems deliver many of the world\'s best-known consumer products to people all around the world. With leading positions in Europe North America Asia Pacific and Latin America O-I provides consumer-preferred products that enable superior taste purity visual appeal and value benefits for our customers\' products. OwensIllinois Inc. has a market cap of $5.7 billion; its shares were traded at around $33.9 with a P/E ratio of 10.4 and P/S ratio of 0.7. OwensIllinois Inc. had an annual average earning growth of 4.5% over the past 5 years. GuruFocus rated OwensIllinois Inc. the business predictability rank of 2.5-star.
Highlight of Business Operations:
Segment Operating Profit for reportable segments was $98.2 million lower than the prior year. The decrease was mainly attributable to lower sales volume and increased manufacturing and delivery costs resulting from higher unabsorbed fixed costs of approximately $95 million, as compared to the second quarter of 2008, primarily from production curtailments as well as inflationary cost increases. Partially offsetting these costs were higher selling prices, improved mix, and savings of approximately $38 million from permanent curtailment of plant capacity and realignment of selected operations.Interest expense for the second quarter of 2009 was $57.9 million compared with $69.2 million for the second quarter of 2008. The 2009 amount includes $5.2 million of additional interest charges for note repurchase premiums and the related write-off of unamortized finance fees, net of a gain from the termination of the interest rate swap agreement following the May tender for the 7.50% Senior Debentures due May 2010. Excluding these amounts, interest expense for the second quarter of 2009 decreased $16.5 million from the second quarter of 2008. The
Net earnings from continuing operations attributable to the Company for 2009 were $149.3 million, or $0.88 per share (diluted), compared with $227.5 million, or $1.33 per share (diluted), for 2008. Earnings in both periods included items that management considered not representative of ongoing operations. These items decreased net earnings in 2009 by $10.4 million, or $0.06 per share, and decreased net earnings in 2008 by $4.2 million, or $0.02 per share.
Interest expense for the first six months of 2009 was $106.0 million compared with $133.5 million for the first six months of 2008. The 2009 amount includes $5.2 million of additional interest charges for note repurchase premiums and the related write-off of unamortized finance fees, net of a gain from the termination of the interest rate swap agreement following the May tender for the 7.50% Senior Debentures due May 2010. Excluding these amounts, interest expense for the first six months of 2009 decreased $32.7 million from the first six months of 2008. The decrease is principally due to lower variable interest rates under the Companys bank credit agreement, lower average debt balances, as well as favorable foreign currency exchange rates.
Net earnings from continuing operations attributable to the Company for 2009 were $194.4 million, or $1.15 per share (diluted), compared with $401.5 million, or $2.35 per share (diluted), for 2008. Earnings in both periods included items that management considered not representative of ongoing operations. These items decreased net earnings in 2009 by $58.1 million, or $0.34 per share, and decreased net earnings in 2008 by $13.9 million, or $0.08 per share.
Interest expense for the second quarter of 2009 was $57.9 million compared with $69.2 million for the second quarter of 2008. The 2009 amount includes $5.2 million of additional interest charges for note repurchase premiums and the related write-off of unamortized finance fees, net of a gain from the termination of the interest rate swap agreement following the May tender for the 7.50% Senior Debentures due May 2010. Excluding these amounts, interest expense for the second quarter of 2009 decreased $16.5 million from the second quarter of 2008. The decrease is principally due to lower variable interest rates under the Companys bank credit agreement as well as favorable foreign currency exchange rates.
Read the The complete ReportOI is in the portfolios of David Dreman of Dreman Value Management.
