O-I Glass, Inc. (NYSE:OI) Q2 2022 Earnings Conference Call August 3, 2022 8:00 AM ET
Company Participants
Chris Manuel - Vice President, Investor Relations
Andres Lopez - Chief Executive Officer
John Haudrich - Chief Financial Officer
Conference Call Participants
Ghansham Panjabi - Baird
George Staphos - Bank of America
Mike Roxland - Truist Securities
Anthony Pettinari - Citi
Kyle White - Deutsche Bank
Mark Wilde - Bank of Montreal
Adam Josephson - KeyBanc Capital Markets
Gabe Hajde - Wells Fargo
Jay Mayers - Goldman Sachs
Operator
Hello and welcome to today's O-I Glass Second Quarter 2022 Earnings Conference Call. My name is Elliot and I will be coordinating your call today. [Operator Instructions]
I would now like to hand over to Chris Manuel Vice President of Investor Relations. The floor is yours. Please go ahead.
Chris Manuel
Thank you, Elliot and welcome everyone to O-I Glass second quarter 2022 earnings call. Today our discussion will be led by Andres Lopez, our CEO; and John Haudrich, our CFO.
Today we will discuss key business developments and review of financial results. Following prepared remarks, we'll 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 three.
Andres Lopez
Good morning everyone. I appreciate your interest in O-I Glass. Last night O-I announced a strong second quarter adjusted earnings of $0.73 per share which exceeded prior year results as well as guidance.
Performance improved across all business levers. As expected, glass shipments increased slightly compared to the prior year and the benefit of higher selling prices continued to more than offset cost inflation. Likewise solid operations, cost performance, and our margin expansion initiatives contributed to this strong quarter and helped offset elevated costs as we ramp up our expansion projects. As illustrated on the left all key measures improved with adjusted EPS up about 35% from the prior year and debt down significantly.
In addition to strong performance, we continue to advance our strategy. Our balance sheet is now in the best position since prior to a substantial investment to build out the Americas network between 2015 and 2019. This includes the acquisition of O-I Mexico and Nueva Fanal as well as JV expansion in IBC and Comegua.