Owens-Illinois (OI, Financial) reduced operating guidance for 2019 on account of adverse foreign exchange rates and near-term operational challenges. As of the end of the quarter, its stock trades at less than seven times its guidance for 2019 free cash flow and less than five times its average free cash flow over the past three years (adjusted for asbestos liabilities).
From Steven Romick (Trades, Portfolio)'s FPA Crescent Fund 3rd-quarter 2019 commentary.
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