The company's top-line results were mainly driven by higher selling prices. Sales volume was actually lower compared to the prior year's quarter.

O-I Glass reported quarterly earnings of $1.29 per share, up from 56 cents per share on a year-over-year basis.

"Higher earnings reflected strong net price realization, solid operating performance and benefits from our ongoing margin expansion initiatives," said Andres Lopez, CEO of O-I Glass.

"Despite elevated macroeconomic pressure, we are increasingly optimistic about our 2023 performance and have raised our full year guidance."

Outlook: O-I Glass sees second-quarter adjusted earnings in a range of 80 cents to 85 cents per share versus estimates of 76 cents per share. The company expects full-year adjusted earnings to be between $3.05 and $3.25 per share versus estimates of $2.64 per share.

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Photo: Dariusz Sankowski from Pixabay.