O-I Glass, Inc. (NYSE:OI) Q3 2024 Earnings Conference Call October 30, 2024 8:00 AM ET
Company Participants
Chris Manuel - IR
Gordon Hardie - CEO
John Haudrich - CFO
Conference Call Participants
Ghansham Panjabi - Baird
Arun Viswanathan - RBC Capital Markets
Richard Carlson - Wells Fargo
Josh Spector - UBS
Anthony Pettinari - Citi
Nicco Piccini - Truist Securities
Operator
Hello and welcome to today's O-I Glass Third Quarter 2024 Earnings Conference Call. My name is Bailey and I will be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions-and-answers at the end. [Operator Instructions]
I would now like to pass the conference over to your host, Chris Manuel of Investor Relations. Please go ahead.
Chris Manuel
Thank you, Baily, and welcome everyone to the O-I Glass third quarter 2024 conference call. Our discussion today will be led by CEO, Gordon Hardie and our CFO, John Haudrich. Following their prepared remarks, we will host a Q&A session.
Presentation materials for today's 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 Gordon, who will begin on Page 4.
Gordon Hardie
Good morning, everyone and thank you, Chris. Today, we will review our recent performance and the actions we have taken and will continue to take to grow the value of O-I. Last night, we reported an adjusted net loss of $0.04 per share for the third quarter of 2024, a decline from last year's strong performance. Our lower earnings primarily reflected curtailment of 18% of our production during the third quarter, as we took decisive action to reduce inflated inventory levels after several quarters of sluggish demand.
Net price was also down, partially offset by higher shipment levels. We are rapidly implementing our Fit To Win program to improve performance. In addition to rightsizing inventories and making significant reductions in SG&A costs, we are working to drive productivity and close unprofitable redundant capacities to improve our economic profit. While these actions impact near-term earnings and cash flow, we believe they set the foundation for a solid recovery in 2025 and should enhance our long-term competitive position, which is key to future profitable growth.
As we take these self-help actions to improve the company's value, we see that market conditions are slowly recovering. Our sales volumes were up modestly in the third quarter as shipments increased in nearly all geographies. Further, our MAGMA program achieved a key milestone as our first greenfield plant began operations in Bowling Green, Kentucky this past quarter.