O-I Glass, Inc. (OI) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

If you would like to register a question during today's event, please press star 1 on your telephone keypad. Now I'd like to hand over to Chris Manuel, Vice President of Investor Relations. Please go ahead. Thank you, Elliot, and welcome everyone to the OI Glass first quarter 2025 earnings conference call. Our discussion today will be led by Gordon Hardy, our CEO, and John Hodrick, our CFO. Following prepared remarks, we will host a Q&A session. Presentation materials for today's 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 Gordon, who will start on slide three. Good morning, everyone, and thank you for your interest in OIGlass. Today, we will walk you through our first quarter 2025 performance, key market trends, and outlook for the rest of the year. First, I would like to take this opportunity to thank all my colleagues at OI across the world for their efforts in this first quarter and for their agility and focus on driving the changes needed to turn OI around. Last night, we reported first quarter adjusted earnings of 40 cents per share, while down from last year, results significantly exceeded our plan due to stronger than anticipated sales volume and fit to win benefits. Market conditions have continued to gradually recover and our shipments increased by more than 4% compared to last year. Additionally, our fit to win program generated savings of $61 million, which was a significant contributor to our better than expected results. Strong demand and initiative benefits helped offset expected headwinds, including lower net price and scheduled temporary production curtailments. Looking at our business un...