O-I Glass, Inc. reported a net loss of $16 million, or $0.10 per share, for the first quarter of 2025, a significant decline from net earnings of $72 million, or $0.45 per share, in the same period last year. The company's total revenue for the quarter was $1.567 billion, down 2% from $1.593 billion in the first quarter of 2024. This decrease was attributed to unfavorable foreign currency translation and lower average selling prices, which were partially offset by a 4.4% increase in glass container shipments. The Americas segment saw a slight revenue increase to $873 million, while the Europe segment experienced a decline to $667 million.
The company's segment operating profit also fell, totaling $209 million compared to $235 million in the prior year, primarily due to lower net prices and unfavorable currency translation. The Americas segment reported an operating profit of $141 million, up from $102 million, while Europe’s profit dropped to $68 million from $133 million. The decline in Europe was attributed to competitive pressures and increased operating costs due to temporary production curtailments aimed at reducing inventory levels.
O-I Glass has been actively pursuing its "Fit to Win" initiative, which aims to streamline operations and reduce costs. In the first quarter, the company recorded restructuring, asset impairment, and other charges of approximately $82 million related to this initiative. Cumulative charges associated with the program have reached about $283 million, with expectations for additional charges in future quarters as the company continues to assess its production capacity and operational efficiency.
The company’s cash flow from operating activities improved, with a cash utilization of $171 million in the first quarter of 2025, down from $270 million in the same period last year. This improvement was primarily due to a reduction in working capital usage, which was $314 million in the first quarter of 2025 compared to $492 million in 2024. O-I Glass also reported a decrease in capital expenditures, spending $135 million in the first quarter of 2025 compared to $213 million in the prior year, reflecting the completion of several expansion projects.
Looking ahead, O-I Glass maintains a cautious outlook for 2025, anticipating stable sales volumes amid uncertainties surrounding tariffs and market conditions. The company expects to generate at least $250 million in benefits from its Fit to Win initiative this year and projects cash provided by operating activities to approximate $600 million. However, the ongoing geopolitical tensions and changes in global trade policies may pose challenges that could impact the company's financial performance.
About O-I Glass, Inc. /DE/
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