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O-I Glass (OI) Plans to Invest $65M in Its French Plant
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O-I Glass, Inc. (OI - Free Report) announced its plans to invest around $65 million in the electrification and decarbonization of its plant in Veauche, France. The move aligns with O-I Glass's sustainability efforts and its previously announced investment in plant renovations.
The company intends to completely renovate and upgrade one of its two furnaces with innovative hybrid-flex technology. The furnace will include heat recovery and an air preheating system, resulting in increased efficiency, and lower energy consumption and emissions.
This move is expected to replace up to 70% of traditional fossil-fuel-based energy with electricity. At an average 50% electricity level, on-site CO2 emissions are predicted to fall 43% compared with a standard furnace. This will considerably contribute to the company's global goal of a 25% reduction in greenhouse gas emissions by 2030.
The company intends to simultaneously implement a heat recovery system that will reduce carbon emissions in the plant.
Both investments are expected to be complete by December 2025. The investments will strengthen OI's ability to supply premium customers with high-quality and more sustainable glass. These will improve the company's environmental footprint and better position it to meet customer demand.
Upon completion, the Veauche plant is intended to reduce CO2 emissions by up to 35% from the pre-2020 levels, making it the most contemporary and sustainable O-I Glass site. Built in 1882, the Veauche facility features two furnaces and seven lines. It manufactures around 300 million bottles per year.
O-I Glass reported first-quarter 2024 earnings per share of 45 cents, which beat the Zacks Consensus Estimate of 36 cents. On a year-over-year basis, earnings plunged 65%, reflecting lower volumes due to weak consumer demand and inventory destocking across the value chain.
Revenues were $1.59 billion for the quarter under review, down 13% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $1.71 billion. The downside was driven by lower segmental operating profit and higher interest expenses.
Price Performance
Shares of the company have lost 46.1% over the past year compared with the industry’s fall of 39.9%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
O-I Glass currently has a Zacks Rank #5 (Strong Sell).
The Zacks Consensus Estimate for Intellicheck’s 2024 earnings is pegged at 2 cents per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 28.9%. IDN shares have gained 84.2% in a year.
Applied Industrial has an average trailing four-quarter earnings surprise of 8.2%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.62 per share, which indicates year-over-year growth of 9.9%. Estimates have moved north by 2% in the past 60 days. The company’s shares have gained 8.8% in a year.
The Zacks Consensus Estimate for Cintas’s 2024 earnings is pegged at $14.95 per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 4.3%. CTAS shares have gained 13.7% in a year.
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O-I Glass (OI) Plans to Invest $65M in Its French Plant
O-I Glass, Inc. (OI - Free Report) announced its plans to invest around $65 million in the electrification and decarbonization of its plant in Veauche, France. The move aligns with O-I Glass's sustainability efforts and its previously announced investment in plant renovations.
The company intends to completely renovate and upgrade one of its two furnaces with innovative hybrid-flex technology. The furnace will include heat recovery and an air preheating system, resulting in increased efficiency, and lower energy consumption and emissions.
This move is expected to replace up to 70% of traditional fossil-fuel-based energy with electricity. At an average 50% electricity level, on-site CO2 emissions are predicted to fall 43% compared with a standard furnace. This will considerably contribute to the company's global goal of a 25% reduction in greenhouse gas emissions by 2030.
The company intends to simultaneously implement a heat recovery system that will reduce carbon emissions in the plant.
Both investments are expected to be complete by December 2025. The investments will strengthen OI's ability to supply premium customers with high-quality and more sustainable glass. These will improve the company's environmental footprint and better position it to meet customer demand.
Upon completion, the Veauche plant is intended to reduce CO2 emissions by up to 35% from the pre-2020 levels, making it the most contemporary and sustainable O-I Glass site. Built in 1882, the Veauche facility features two furnaces and seven lines. It manufactures around 300 million bottles per year.
O-I Glass reported first-quarter 2024 earnings per share of 45 cents, which beat the Zacks Consensus Estimate of 36 cents. On a year-over-year basis, earnings plunged 65%, reflecting lower volumes due to weak consumer demand and inventory destocking across the value chain.
Revenues were $1.59 billion for the quarter under review, down 13% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $1.71 billion. The downside was driven by lower segmental operating profit and higher interest expenses.
Price Performance
Shares of the company have lost 46.1% over the past year compared with the industry’s fall of 39.9%.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
O-I Glass currently has a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the Industrial Products sector are Intellicheck, Inc. (IDN - Free Report) , Applied Industrial Technologies (AIT - Free Report) and Cintas Corporation (CTAS - Free Report) . IDN currently sports a Zacks Rank #1 (Strong Buy), and AIT and CTAS carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Intellicheck’s 2024 earnings is pegged at 2 cents per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 28.9%. IDN shares have gained 84.2% in a year.
Applied Industrial has an average trailing four-quarter earnings surprise of 8.2%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.62 per share, which indicates year-over-year growth of 9.9%. Estimates have moved north by 2% in the past 60 days. The company’s shares have gained 8.8% in a year.
The Zacks Consensus Estimate for Cintas’s 2024 earnings is pegged at $14.95 per share. The consensus estimate for 2024 earnings has been unchanged in the past 60 days. The company has a trailing four-quarter average earnings surprise of 4.3%. CTAS shares have gained 13.7% in a year.