Owens-Illinois Up 4.7% on Strong Q4 Earnings

The shares of Owens-Illinois OI are trading higher on the session following its Q4 earnings announcement yesterday. The company reported EPS of $0.48 vs $0.47 estimate and revenues of $1.82 billion vs $1.8 billion estimate. Chief Executive Officer of Owens-Illinois, Al Stroucken said: "We increased our free cash flow generation over prior year levels and focused on debt reduction in the second half of the year. Stronger shipments across all of our regions in 2011 were driven by prior year acquisitions and organic growth. However, high cost inflation and operational issues impacted our earnings for the full year. We took immediate action and refocused on our operations, and we are increasing prices to recover inflation." In addition, Owens-Illinois announced today its CFO Ed White will retire. Owens-Illinois is currently trading at $24.31, a gain of $1.09 or 4.69%.