O-I recently announced that Q1 earnings 2011 from continuing operations attributable to the company were US$ 0.44/share (diluted), compared to US$ 0.48/share (diluted) in the previous year. Adjusted net earnings (non-GAAP) were US$0.47/share, compared to US$ 0.48/share in Q1/2010. Flooding in Australia negatively impacted Q1 2011 earnings by US$ 0.04/share. Net revenue increased from the prior year as recent acquisitions an improving market conditions drove a 7% increase in tonnes shipped. Volumes improved across all regions. Higher shipment and production levels increased segment operating profit to US$ 199M in Q1/2011, compared to US$ 193M in the previous year, despite additional costs including elevated cost inflation. Q1 net sales were US$ 1.719BN in 2011, up from US$ 1.546BN in the prior year quarter, primarily due to higher sales volume and favourable foreign currency translation effects. Chairman & CEO Al Stroucken said: "Our shipments were up from prior year levels across all regions and end-use categories. Higher volumes reflected last year's acquisitions in South America and China as well as improving economic conditions. Stronger volumes boosted our production levels and capacity utilisation rates. However, the benefit of greater shipments was offset by higher costs including elevated cost inflation and interest expense on additional borrowings to fund recent and future acquisitions. We are also investing in our sales and marketing capabilities to drive future profitable growth."
