Owens-Illinois Bid Lower on Mixed Earnings Results

Shares of Owens-Illinois OI are bid lower in the after-hours following the release of the company's Q2 earnings results. Currently, shares are bid $24.31, at $25.86; they ended the regular session lower by 3.62%, at $25.86. Owens-Illinois reported Q2 EPS of $0.59 on revenues of $1.96 billion; the Street was looking for $0.60 per share on revenues of $1.88 billion. Revenues increased 17.3% year over year. O-I generated $97 million of free cash flow in the second quarter of 2011. Commenting on the Company's outlook, Stroucken said, "We remain committed to our key strategic priorities of operational excellence, strategic and profitable growth, marketing glass, and innovation and technology. While all of these strategies are essential to our future success, we are refocusing our attention on operational excellence for the immediate future in light of recent challenges.” “We fully expect the actions we are taking in North America and Asia Pacific will strengthen our operating performance in those markets. As we focus on our core operations, we anticipate little additional acquisition activity during the second half of 2011." Owens-Illinois, Inc. is a manufacturer of glass containers with 81 glass manufacturing plants in 21 countries. It produces glass containers for beer, ready-to-drink low alcohol refreshers, spirits, wine, food, tea, juice and pharmaceuticals.