O-I Glass, Inc. (NYSE:OI) Q1 2022 Earnings Conference Call April 26, 2022 8:00 AM ET

Company Participants

Christopher Manuel - Vice President, Investor Relations

Andres Lopez - Chief Executive Officer

John Haudrich - Senior Vice President and Chief Financial Officer

Conference Call Participants

Ghansham Panjabi - Robert W. Baird & Co.

Michael Roxland - Truist Securities

George Staphos - Bank of America Merrill Lynch

Mark Wilde - BMO Capital Markets

Gabe Hajde - Wells Fargo Securities

Kyle White - Deutsche Bank

Adam Josephson - KeyBanc Capital Markets

Jay Mayers - Goldman Sachs

Bryan Burgmeier - Citigroup Global Markets Inc.

Operator

Good day and thank you for standing by. Welcome to the O-I Glass First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Mr. Chris Manuel, Vice President of Investor Relations. Please go ahead.

Christopher Manuel

Thank you, Jillian, and welcome everyone to the O-I Glass first quarter 2022 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 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 the disclosure 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. I appreciate your interest in O-I Glass. We reported a strong first quarter results last evening. Adjusted earnings of $0.56 per share significantly exceeded guidance primarily due to better than expected shipments and productions levels. As illustrated on the left, earnings improved across all key measures with adjusted EPS up 60% from the prior year. Shipments increased nearly 6.5% reflecting a strong demand for healthy, sustainable glass containers and growth was most pronounced in Europe. The team did a great job increasing the speed and efficiency to boost production to meet demand amid historically low inventory levels.

In the Americas, the business also rebounded from the impact of winter storm URI last year. As expected, higher selling prices across all markets more than offset elevated cost inflation and favorable performance reflected the benefits of our ongoing margin expansion initiatives. Our hearts go out to all those impacted by the tragic conflict in Ukraine.