O-I Glass has reported the financial results for the second quarter ended June 30, 2024.
“It is a privilege to be O-I’s new CEO,” said Gordon Hardie, O-I Glass CEO. “I have spent my career serving the food and beverage industries across the world. I have always appreciated the role of glass packaging in food safety and brand building. O-I does more than make glass. We help our customers create millions of moments of enjoyment for countless consumers every day. Having served on O-I’s Board of Directors since 2015 and named CEO in May, I see a clear path to make O-I a more valuable company by being safer, more competitive and closer to our customers.
“Going forward, O-I will take an economic profit mindset to future value creation starting with a new competitiveness program, Fit To Win, aimed at increasing the value of our company. Fit To Win is expected to significantly boost performance over the next three years through a series of focused efforts that are largely within our span of control. We are determined to increase the value of O-I for all our stakeholders.”
“Turning to recent performance, our second quarter net earnings attributable to the company were down from the historically strong performance in the prior year. However, we did see good sequential improvement in year-over-year shipments as destocking across the value chain moderated. While the pace of recovery has been slower than expected, we anticipate year-over-year sales volume growth beginning in the second half of 2024 and stronger future earnings as we implement our Fit To Win program,” concluded Hardie.
The full report is available here.