O-I Glass (NYSE:OI) Issues FY24 Earnings Guidance

O-I Glass (NYSE:OI) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $1.50-2.00 for the period, compared to the consensus EPS estimate of $2.38. O-I Glass also updated its FY 2024 guidance to 1.500-2.000 EPS.

O-I Glass Stock Performance

OI traded down $0.71 during trading on Tuesday, reaching $14.95. The company’s stock had a trading volume of 1,987,286 shares, compared to its average volume of 1,660,290. O-I Glass has a 52-week low of $13.56 and a 52-week high of $23.57. The company’s fifty day moving average price is $15.99 and its 200-day moving average price is $15.60. The company has a market capitalization of $2.33 billion, a price-to-earnings ratio of -19.93, a price-to-earnings-growth ratio of 1.05 and a beta of 1.35. The company has a debt-to-equity ratio of 2.69, a quick ratio of 0.77 and a current ratio of 1.23.

O-I Glass (NYSE:OI) last announced its quarterly earnings data on Tuesday, April 30th. The industrial products company reported $0.45 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.09. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.69 billion. O-I Glass had a positive return on equity of 24.90% and a negative net margin of 1.45%. The firm’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.29 EPS. On average, equities analysts forecast that O-I Glass will post 2.33 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on OI shares. Barclays boosted their price target on O-I Glass from $16.00 to $18.00 and gave the stock an equal weight rating in a research note on Tuesday, February 13th. StockNews.com downgraded O-I Glass from a buy rating to a hold rating in a research report on Thursday, February 15th. Bank of America restated a neutral rating and set a $16.00 price objective (down from $21.00) on shares of O-I Glass in a research report on Friday, April 19th. Truist Financial restated a buy rating and set a $20.00 price objective on shares of O-I Glass in a research report on Monday, March 25th. Finally, Citigroup downgraded O-I Glass from a buy rating to a neutral rating and lifted their price objective for the stock from $17.00 to $18.00 in a research report on Wednesday, January 3rd. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, O-I Glass currently has an average rating of Hold and an average price target of $21.75.

O-I Glass Company Profile

O-I Glass, Inc, through its subsidiaries, engages in the manufacture and sale of glass containers to food and beverage manufacturers primarily in the Americas, Europe, and internationally. The company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine.