Owens-Illinois, Inc., (NYSE: OI) today reported first quarter 2004 net earnings of $49.0 million, or $0.29 per share (diluted), an increase of $14.6 million, or $0.09 per share, over first quarter 2003 net earnings of $34.4 million, or $0.20 per share (diluted).
Higher unit shipments, increased selling prices, and improved manufacturing performance were the principal factors driving the increase.
Steven R. McCracken, who joined Owens-Illinois on April 1 as Chief Executive Officer, said, "I'm gratified by these excellent first quarter results and excited about the potential for continued earnings growth. Our near-term imperative is completing the acquisition and successfully integrating BSN in addition to continuing to focus on liquidity improvement and debt reduction, all aimed at increasing investor value and ensuring our position as a leader in the global packaging industry."