O-I Glass Q2 2024 10-Q Filed
Ticker: OI · Form: 10-Q · Filed: Jul 31, 2024 · CIK: 812074
| Field | Detail |
|---|---|
| Company | O-I Glass, Inc. /De/ (OI) |
| Form Type | 10-Q |
| Filed Date | Jul 31, 2024 |
| Risk Level | medium |
| Pages | 16 |
| Reading Time | 19 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, financials, hedging
TL;DR
O-I Glass filed their Q2 10-Q, showing hedging instruments in play for 2024 and 2023.
AI Summary
O-I Glass, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operations for the second quarter of 2024. Key financial instruments like commodity forward contracts and collars were designated as hedging instruments for both the year-to-date period of 2024 and the full year 2023.
Why It Matters
This filing provides investors with an update on O-I Glass's financial health and operational strategies for the second quarter of 2024, including details on their hedging activities.
Risk Assessment
Risk Level: medium — The filing contains detailed financial information and operational disclosures that could impact investor decisions, warranting a medium risk level.
Key Numbers
- 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
- 20240731 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- O-I Glass, Inc. (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period
- 20240731 (date) — Filing date
- 0000812074 (company) — Central Index Key for O-I Glass, Inc.
FAQ
What is the primary business of O-I Glass, Inc.?
O-I Glass, Inc. is primarily involved in the manufacturing of glass containers, as indicated by its Standard Industrial Classification code [3221].
What is the fiscal year end for O-I Glass, Inc.?
The fiscal year end for O-I Glass, Inc. is December 31st.
What specific financial instruments were designated as hedging instruments?
Commodity forward contracts and collars were designated as hedging instruments.
For which periods were the commodity forward contracts and collars designated as hedging instruments?
They were designated as hedging instruments for the period from January 1, 2024, to June 30, 2024, and for the full year 2023 (January 1, 2023, to December 31, 2023).
What is the company's principal executive office address?
The company's business and mail address is One Michael Owens Way, Perrysburg, OH 43551-2999.
Filing Stats: 4,797 words · 19 min read · ~16 pages · Grade level 16.4 · Accepted 2024-07-31 16:30:49
Filing Documents
- oi-20240630x10q.htm (10-Q) — 2499KB
- oi-20240630xex31d1.htm (EX-31.1) — 17KB
- oi-20240630xex31d2.htm (EX-31.2) — 16KB
- oi-20240630xex32d1.htm (EX-32.1) — 7KB
- oi-20240630xex32d2.htm (EX-32.2) — 7KB
- oi-20240630x10q001.jpg (GRAPHIC) — 3KB
- 0001558370-24-010487.txt ( ) — 11670KB
- oi-20240630.xsd (EX-101.SCH) — 40KB
- oi-20240630_cal.xml (EX-101.CAL) — 47KB
- oi-20240630_def.xml (EX-101.DEF) — 174KB
- oi-20240630_lab.xml (EX-101.LAB) — 380KB
- oi-20240630_pre.xml (EX-101.PRE) — 273KB
- oi-20240630x10q_htm.xml (XML) — 3313KB
— FINANCIAL INFORMATION
Part I — FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. The Condensed Consolidated Financial Statements of O-I Glass, Inc. (the "Company") presented herein are unaudited but, in the opinion of management, reflect all adjustments necessary to present fairly such information for the periods and at the dates indicated. All adjustments are of a normal recurring nature. Because the following unaudited Condensed Consolidated Financial Statements have been prepared in accordance with Article 10 of Regulation S-X, they do not contain all information and footnotes normally contained in annual consolidated financial statements; accordingly, they should be read in conjunction with the Consolidated Financial Statements and notes thereto appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. 1 O-I GLASS, INC. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (Dollars in millions, except per share amounts) (Unaudited) Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023 Net sales $ 1,729 $ 1,890 $ 3,322 $ 3,721 Cost of goods sold ( 1,426 ) ( 1,474 ) ( 2,701 ) ( 2,821 ) Gross profit 303 416 621 900 Selling and administrative expense ( 110 ) ( 143 ) ( 233 ) ( 290 ) Research, development and engineering expense ( 20 ) ( 22 ) ( 42 ) ( 41 ) Interest expense, net ( 87 ) ( 118 ) ( 165 ) ( 186 ) Equity earnings 30 30 55 60 Other expense, net ( 12 ) ( 9 ) ( 15 ) ( 19 ) Earnings before income taxes 104 154 221 424 Provision for income taxes ( 42 ) ( 41 ) ( 83 ) ( 101 ) Net earnings 62 113 138 323 Net earnings attributable to non-controlling interests ( 5 ) ( 3 ) ( 9 ) ( 7 ) Net earnings attributable to the Company $ 57 $ 110 $ 129 $ 316 Basic earnings per share: Net earnings attributable to the Company $ 0.37 $ 0.71 $ 0.83 $ 2.04 Weighted average shares outstanding (thousands) 155,280 154,989 154,777 154,843 Diluted ear