O-I Glass (OI) Q1 2025 earnings summary

Executive summary

• Adjusted EPS for Q1 2025 was $0.40, down from $0.45 in Q1 2024 but above plan, driven by strong sales, 4.4% shipment growth, and $61M in Fit to Win savings, despite $80–$82M in restructuring and impairment charges.

• Net sales for Q1 2025 were $1,567M, nearly flat year-over-year, as volume growth offset currency and price declines.

• Net loss attributable to the company was $16M ($0.10 per share), impacted by $79–$82M in non-recurring and restructuring charges.

• Fit to Win program delivered $61M in Q1 savings, targeting $250M in 2025 and $650M by 2027, but incurred significant restructuring costs.

• Full-year 2025 adjusted EPS guidance reaffirmed at $1.20–$1.50, a 50–85% increase from 2024, with free cash flow expected at $150–$200M.

Financial highlights

• Q1 adjusted EPS was $0.40, down from $0.45 prior year but above management expectations.

• Segment operating profit was $209M (13.6% margin), down from $235M (15.5%) in Q1 2024; Americas profit up, Europe down.

• Net loss for Q1 2025 was $16M, compared to net earnings of $72M in Q1 2024.

• Capital expenditures were $135M, down from $213M in Q1 2024.

• Cash used in operating activities improved to $(171)M from $(270)M in Q1 2024.

Outlook and guidance

• Full-year 2025 adjusted EPS guidance of $1.20–$1.50, up 50–85% from 2024, and free cash flow of $150–$200M.

• Sales volume guidance maintained as flat year-over-year, with mid-year reassessment planned.

• Q2 and Q3 expected to be stronger; Q4 remains the biggest swing factor due to seasonality and tax sensitivity.

• At least $250M in Fit to Win benefits targeted for 2025; $650M cumulative through 2027.

• Guidance may not fully reflect potential impacts from tariffs or macroeconomic uncertainties.