O-I Glass, Inc. (NYSE:OI) Q1 2023 Earnings Conference Call April 26, 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
George Staphos - Bank of America
Anthony Pettinari - Citi
Ghansham Panjabi - Baird
Gabe Hajde - Wells Fargo
Arun Viswanathan - RBC Capital Markets
Mike Roxland - Truist Securities
Mike Leithead - Barclays
Operator
Hello, and welcome to the O-I Glass First Quarter 2023 Earnings Conference Call. My name is Alex, I'll be coordinating your call today. [Operator Instructions]
I'll now hand over to your host, Chris Manuel, Vice President of Investor Relations. Please go ahead.
Chris Manuel
Thank you, Alex and welcome, everyone, to the O-I Glass first quarter 2023 earnings 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.
I'd now 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 very pleased to announce exceptionally strong first quarter earnings, which significantly exceeded prior year results as well as guidance. Last night, O-I reported adjusted earnings of $1.29 per share, which was more than our prior year performance and represents record first quarter results.
Adjusted earnings benefited from very strong net price realization across the enterprise as well as from our margin expansion initiatives. Likewise, operating performance exceeded our expectations despite disruption from a number of external events. As expected, sales volume was down given challenging prior year comparisons among other factors.
In addition to very strong results, we continue to advance our strategy and efforts to improve margins are all ahead of plan. Importantly, our capacity expansion plans, the technology developments for MAGMA and ULTRA and our deleveraging actions all remain on track.
Given very strong first quarter results, we have increased our full year 2023 business outlook and now expect adjusted earnings will range between $3.05 and $3.25 per share. We are also providing second quarter guidance and expect adjusted earnings will range between $0.80 and $0.85, which is a solid increase from last year. John will expand on our financial performance and outlook a bit later.