Shares of O-I Glass saw an increase on Wednesday following the company's prediction that sales volumes would experience growth in 2024.
The stock rose by 14% to $16.36 during midday trading, but it has seen a decline of 26% over the past year.
Based in Perrysburg, Ohio, O-I Glass is a glass bottle and jar manufacturer. The company stated on Tuesday that it expects sales volumes to rise by low- to mid-single-digits in 2024. This positive forecast comes after a 12% decrease in sales volumes in 2023, which was attributed to trends in inventory destocking and weaker patterns of consumption.
In the fourth quarter, O-I Glass reported a 3% decline in sales, amounting to $1.64 billion. However, this figure surpassed analysts' expectations.
The fourth quarter also saw a 16% drop in sales volumes, offsetting the benefits gained from higher prices.
Due to a one-time impairment charge in its North American reporting unit, the company incurred a loss in the fourth quarter. Excluding this charge and similar one-time items, O-I Glass reported an adjusted profit of 12 cents per share. This exceeded analysts' forecast of three cents according to FactSet.
For 2024, O-I Glass anticipates an adjusted per-share profit ranging from $2.25 to $2.65. FactSet's survey of analysts reveals an expectation of $2.58 per share.
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