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O-I Glass Inc. (OI) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The report details O-I Glass's financial performance, including net sales of $6.531 billion, a decrease from $7.105 billion in the previous year. The decline in sales was attributed to lower sales volumes, reduced average selling prices, and unfavorable foreign currency translation.
The company reported a net loss of $106 million, or $0.69 per share, compared to a net loss of $103 million, or $0.67 per share, in 2023. The loss was impacted by restructuring charges and other items not representative of ongoing operations.
O-I Glass operates in two reportable segments: Americas and Europe. The Americas segment reported net sales of $3.584 billion, while the Europe segment reported $2.820 billion.
The company's Fit to Win initiative, aimed at reducing redundant production capacity and optimizing the network, resulted in restructuring charges of $206 million for the year.
O-I Glass's total assets as of December 31, 2024, were $8.654 billion, with goodwill totaling $1.321 billion, down from $1.473 billion in the previous year due to translation effects.
The company incurred capital expenditures of $617 million in 2024, with plans for future expenditures to range between $400 million and $450 million in 2025.
O-I Glass's net interest expense for the year was $335 million, slightly lower than the previous year's $342 million, primarily due to lower note repurchase premiums.
The company continues to face challenges related to energy costs, competition, and changes in consumer preferences, which could impact future financial performance.
O-I Glass is subject to various environmental and legal proceedings, with a notable case involving a former paper mill site in Ohio, for which the company has proposed a settlement of $11 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the O-I Glass Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.