O-I Glass, Inc. (NYSE:OI) Q3 2023 Results Conference Call November 1, 2023 8:00 AM ET
Company Participants
Chris Manuel - Vice President of Investor Relations
Andres Lopez - President and Chief Executive Officer
John Haudrich - Senior Vice President and Chief Financial Officer
Conference Call Participants
Ghansham Panjabi - Baird
George Staphos - Bank of America
Mike Roxland - Truist Securities
Arun Viswanathan - RBC Capital Markets
Gabe Hadji - Wells Fargo Securities
Roger Schmitz - Bank of America
Operator
Hello everyone, and welcome to the O-I Glass Third Quarter 2023 Earnings Conference Call. My name is Nadia and I will be called late in the call today. [Operator Instructions]
I will now hand over to your host Chris Manuel, Vice President of Investor Relations to begin. Chris, please go ahead.
Chris Manuel
Thank you, Nadia, and welcome everyone to the OI-Glass third quarter 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 earnings 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 would 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 OI. We are pleased to announce a stronger third quarter results as the company continues to execute well in a challenging macroenvironment.
OI reported adjusted earnings of $0.80 per share, which exceeded our expectations and represented a 27% increase from the prior year. The company benefited from a strong net price realization and solid operating performance amidst softer than expected demand. As a result, the top line was up as we improve our segment operating profit, our margins, and our adjusted earnings.
In addition to solid results, we continue to advance our strategy. Our margin expansion efforts are well ahead of target and our first magma Greenfield plant in Bowling Green Kentucky remains on track for a mid 2024 ramp up.
Likewise, we achieved our full-year balance sheet objective ahead of plan. We expect a strong 2023 results with adjusted earnings up 30% from the prior year, which will represent the best performance in the past 15-years. We will share our view on recent market trends.