O-I Glass Posts $6.33 Q2 Loss Per Share, Deepening Red Ink
OI is trading near its 52-week low of $7.75 (4.3% above the low).
Summary
O-I Glass reported a Q2 loss of $6.33 per share, a massive miss that dwarfs the already weak Q1 results. The company had previously signaled softer Q2 volumes, but this loss is far worse than expected. With the stock already near its 52-week low, this print raises serious questions about the full-year guidance reaffirmed in June. The $500 million debt offering completed in May provided liquidity, but the cash burn appears to be accelerating. Management's credibility is now on the line heading into the Q2 earnings call.
At the time of this announcement, OI was trading at $8.08 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $7.75 to $16.91. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.