Glass packaging producer O-I Glass has reported net sales of $1.6bn in the first quarter (Q1) of financial year 2024 (FY24), a decrease from $1.8bn in the same period in FY23.

The company attributes this downturn to a slight reduction in average selling prices and a 12.5% fall in sales volume, measured in tonnes, although this was somewhat mitigated by favourable foreign currency translation. 

The company’s earnings before income taxes stood at $117m for the quarter, a substantial decline from $270m in Q1 FY23.  

This reduction was influenced by a lower segment operating profit and an increase in interest expenses, which were partially balanced out by decreased retained corporate and other costs. 

Net earnings per diluted share attributable to O-I Glass in Q1 FY24 was $0.45, compared to $1.29 in the prior-year quarter.  

The company’s segment operating profit also saw a decline, with $235m recorded in the first quarter against $398m in Q1 FY23.  

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In the Americas, the segment operating profit was $102m, down from $176m in the previous year’s period while in Europe, it was $133m, a decrease from $222m in the prior year. 

O-I Glass CEO Andres Lopez said: “As expected, our first-quarter net earnings per share (diluted) were down from historically high performance in the prior-year quarter.  

“Lower results primarily reflected the current market downturn that has impacted shipment levels due to softer consumer consumption and inventory destocking across the value chain.” 

Looking ahead, O-I Glass has adjusted its full-year FY24 outlook, now expecting sales volume to be flat to up by a low single-digit percentage, compared to its original forecast of low-to-mid single-digit growth.