Why O-I Glass Stock Is On The Move After Hours

O-I Glass Inc OI shares are rising in extended trading Tuesday after the company reported strong first-quarter results and issued full-year earnings guidance above analyst estimates.

Q1 Earnings: O-I Glass reported first-quarter revenue of $1.8 billion, which was up from $1.7 billion year-over-year and came in ahead of consensus estimates of $1.77 billion, per Benzinga Pro.

The company's top-line results were mainly driven by higher selling prices. Sales volume was actually lower compared to the prior year's quarter.

O-I Glass reported quarterly earnings of $1.29 per share, up from 56 cents per share on a year-over-year basis.

"Higher earnings reflected strong net price realization, solid operating performance and benefits from our ongoing margin expansion initiatives," said Andres Lopez, CEO of O-I Glass.

"Despite elevated macroeconomic pressure, we are increasingly optimistic about our 2023 performance and have raised our full year guidance."

Outlook: O-I Glass sees second-quarter adjusted earnings in a range of 80 cents to 85 cents per share versus estimates of 76 cents per share. The company expects full-year adjusted earnings to be between $3.05 and $3.25 per share versus estimates of $2.64 per share.

See Also: After-Hours Alert: Why Getty Images Stock Is Trading Down

OI Price Action: O-I Glass shares were up 8.50% after hours at $22.85 at the time of publication, according to Benzinga Pro.

Photo: Dariusz Sankowski from Pixabay.