Why Owens-Illinois Shares Plunged 21.7% Today

Shares of Owens-Illinois (NYSE: OI) fell as much as 21.7% in trading Tuesday after the company reported third-quarter 2019 results. As of 1:20 p.m. EDT today, shares were still down 18.7% and didn't show much interest in moving higher.

Quarterly revenue fell slightly to $1.67 billion, and loss from operations before income tax ballooned to $536 million from positive earnings of $168 million a year ago. Total net loss was $575 million, or $3.69 per share, down from a profit of $120 million, or $0.75 per share, a year ago. This is despite higher selling prices and the acquisition of the Nueva Fanal glass factory.

On an adjusted basis, earnings were $0.54 per share, down from $0.75 a year ago, which was only a penny below expectations. For the full year, management expects $2.20 to $2.25 per share in adjusted earnings.

Source Fool.com