2024-02-07 12:27:05 ET
O-I Glass, Inc. (OI)
Q4 2023 Results Conference Call
February 7, 2024 08:00 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.
George Staphos - Bank of America
Anthony Pettinari - Citi
Gabe Hadji - Wells Fargo
Mike Roxland - Truist Securities
Arun Viswanathan - RBC Capital
Presentation
Operator
Hello, everyone, and welcome to the O-I Glass Full Year and Fourth Quarter 2023 Earnings Conference Call. My name is Emily and I'll be facilitating your call today. After the presentation, there will be the opportunity for any questions. [Operator Instructions]
I'll now turn the call over to Chris Manuel, Vice President of Investor Relations. Please go ahead.
Chris Manuel
Thank you, Emily, and welcome everyone to the O-I Glass year end and fourth quarter 2023 earnings conference call.
Our discussion today will be led by Andres Lopez, our CEO and John Haudrich, our CFO. Today we'll 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'll start on Slide 3.
Andres Lopez
Good morning, everyone, and thanks for your interest in O-I. We are pleased to announce a strong 2023 results. Full year adjusted earnings were $3.09 per share as results improved significantly from the prior year and exceeded our most recent guidance. O-I is now a more disciplined and agile organization that is capable of navigating elevated market volatility. We again demonstrated our improved operating effectiveness, as we posted the highest adjusted earnings in the past 15 years and finished 2023, with the best balance sheet in nearly a decade. Likewise, we achieved a strong net price, record margin expansion initiative benefits and the best manufacturing trends in more than two decades.
These efforts more than offset the impact of lower shipments as macro conditions softened over the course of the year. We anticipate 2024 adjusted earnings would lag our historically high performance last year, given the continuation of softer macros into the first half of the year. However, we believe the most challenging market conditions are behind us, as we are beginning to see early signs of improvement....
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O-I Glass, Inc. (OI) Q4 2023 Earnings Call Transcript