O-I Reports Second Quarter 2010 Results

Second-quarter highlights:  Earnings:Reported net earnings were $0.85 per share (diluted) in the second quarter of 2010, compared to $0.88 per share in the prior year.

Adjusted net earnings (non-GAAP) of $0.90 per share were down from $0.94 per share in the second quarter of 2009. Earnings reflected an $0.08 per share impact from unfavorable currency translation.
Price:Higher price and product mix added 1.3 percent to sales compared to prior year, exceeding cost inflation.
Volume:Global shipments were down 1.8 percent from the prior year. Excluding volume loss tied to North American contracts renegotiated at the end of 2009, second quarter shipments were up 1.7 percent from the same period last year. The effect of overall lower shipments on earnings was fully offset by favorable regional sales mix due to strong growth of higher margin business inSouth America.
Costs:Costinflation totaled $18 million. An increase in other manufacturing costs was more than offset by incremental footprint realignment savings and improvedcapacity utilization.    
Strategic Events:O-I announced a joint venture to significantly expand its presence inSoutheast Asia andChina. This transaction, repayment of O-I’s $450 million 8.25 percent notes and the repurchase of 1.6 million shares of Company stock were funded by issuing$690 million of 3.0 percent exchangeable notes.
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600450 O-I Reports Second Quarter 2010 Results glassonweb.com

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