OI - O-I Glass Inc. (OI) Q1 2024 Earnings Call Transcript
2024-05-01 12:21:07 ET
O-I Glass, Inc. (OI)
Q1 2024 Earnings Conference Call
May 1, 2024 8:00 AM ET
Company Participants
Chris Manuel - Vice President of Investor Relations
Andres Lopez - President and Chief Executive Officer
John Haudrich - Senior Vice President and Chief Financial Officer
Conference Call Participants
Ghansham Panjabi - Baird
Mike Roxland - Truist Securities
Arun Viswanathan - RBC Capital
George Staphos - Bank of America
Bryan Burgmeier - Citi
Gabe Hadji - Wells Fargo
Presentation
Operator
Hello, everyone, and welcome to the O-I Glass First Quarter 2024 Earnings Conference Call. My name is Emily and I'll be facilitating your call today. After the presentation, there will be the opportunity for you to ask any questions. [Operator Instructions]
I will now turn the call over to our host, Chris Manuel, Vice President of Investor Relations to begin. Please go ahead.
Chris Manuel
Thank you, Emily, and welcome everyone to the O-I Glass first quarter 2024 conference call. Our discussion today will be led by Andres Lopez, our CEO and John Haudrich, our CFO. Today we will discuss key business developments and review our financial results. Following prepared remarks, we will host a Q&A session.
Presentation materials for this earnings call are available on the company's website. Please review the Safe Harbor comments and disclosure of our use of non-GAAP financial measures included in those materials.
Now I'd like to turn the call over to Andres, who will start on Slide 3.
Andres Lopez
Good morning, everyone, and thanks for your interest in O-I.
Last night, we reported first quarter earnings of $0.45 per share. As expected, results were down from historically robust performance in the prior year period. Lower earnings primarily reflected softer demand due to a market downturn and temporary production containments to balance supply with lower shipments.
While net price was down slightly, our margin expansion initiatives are off to a particularly good start this year. Although, slower than originally anticipated, consumer consumption patterns are gradually improving, and we are encouraged by the progress in our shipment trends since the fourth quarter of last year. ...
O-I Glass, Inc. (OI) Q1 2024 Earnings Call Transcript