O-I Glass, Inc. (NYSE:OI) Q2 2023 Earnings Conference Call August 2, 2023 8:00 AM ET
Company Participants
Chris Manuel - Vice President of Investor Relations
Andres Lopez - Chief Executive Officer
John Haudrich - Chief Financial Officer
Conference Call Participants
Ghansham Panjabi - Baird
George Staphos - Bank of America
Anthony Pettinari - Citi
Mike Roxland - Truist Securities
Arun Viswanathan - RBC Capital
David Page - Wells Fargo Security
George Staphos - Bank of America
Operator
Good morning, and welcome to the O-I Glass Second Quarter 2023 Earnings Conference Call. My name is Carla, and I'll be the operator for today’s call. [Operator Instructions]
I'll now hand the call over to your host, Chris Manuel, Vice President of Investor Relations to begin. Please go ahead when you’re ready.
Chris Manuel
Thank you, Carla and welcome, everyone, to the O-I Glass second quarter 2023 earnings conference call. Our discussion today will be led by Andres Lopez, our CEO; and John Haudrich, our CFO.
Today, we will discuss key business developments and review our financial results. Following prepared remarks, we will host a Q&A session. Presentation materials for this call are available on the company's website. Please review the Safe Harbor comments and disclosure of our use of non-GAAP financial measures included in those materials.
Now I'd like to turn the call over to Andres, who will start on Slide 3.
Andres Lopez
Good morning, everyone and thanks for your interest in O-I. We are pleased to announce a strong second quarter results despite more challenging macro conditions. Last night I reported adjusted earnings of $0.88 per share, which exceeded our guidance range and represented a 20% increase from prior year results. Adjusted earnings benefited from favorable net price as well as solid operating performance and our ongoing margin expansion initiatives.
As expected, sales volume was down primarily, due to a slower consumer consumption and customer inventory stocking. Likewise, we did increase some additional costs for temporary downtime to balance supply with demand as well as planned asset project activity. In addition to the strong results, we continue to advance our strategy, despite more challenging macros.
Our margin improvement efforts are well ahead of plan and all other initiatives remain on track, including our expansion plans, development of breakthrough technology and deleveraging efforts, reflecting very good year-to-date performance, we have provided our full year guidance and now expect adjusted earnings will range between $3.10 and 3.25 per share. We have also provided third quarter adjusted earnings guidance of $0.68 to $0.73 per share, which represents a solid increase from third quarter last year. John will expand on our financial performance and outlook a bit later.