O-I Glass, Inc. Updates Sales Volume Guidance for the Full Year of 2024
April 30, 2024 at 04:20 pm EDT
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O-I Glass, Inc. updated sales volume guidance for the full year of 2024. The company now expects sales volume (in tons) will be flat-to-up low single digits for full year 2024 which compares to the company?s original outlook of low-to-mid single digit growth. A lower growth rate reflects a slower than anticipated rate of consumer consumption recovery following the current market downturn as well as a longer duration of inventory destocking in key end-use categories including wine and spirits.
Likewise, the company will incur additional temporary production curtailment costs to balance supply with lower demand, which will be partially mitigated by at least $175 million of margin expansion initiative benefits compared to the original target of more than $150 million. The updated outlook also reflects unfavorable foreign currency translation, higher interest expense and a higher tax rate compared to original guidance.
O-I Glass, Inc. is a manufacturer of glass container products. The Companyâs segments include the Americas and Europe. The Company produces glass containers for alcoholic beverages, including beer, flavored malt beverages, spirits, and wine. The Company also produces glass packaging for a variety of food items, soft drinks, teas, juices, and pharmaceuticals. The Company manufactures glass containers in a range of sizes, shapes, and colors. Its customers consist of food and beverage manufacturers, including Anheuser-Busch InBev, Brown-Forman, Carlsberg, Coca-Cola, Constellation, Diageo, Heineken, Molson Coors, Nestle, PepsiCo and Pernod Ricard. It has glass container manufacturing plants in the Americas region located in Brazil, Canada, Colombia, Ecuador, Mexico, Czech Republic, France, Germany, Hungary and the United States. It has a distribution facility in the United States used to import glass containers from its business in Mexico. It has approximately 69 plants in 19 countries.
O-I GLASS, INC. 
