Owens-Illinois First Quarter Results

Owens-Illinois Inc reported increased sales and earnings for the first quarter of 1998. The company reported earnings of US$80.4m or US$0.56 per share (diluted). The net earnings include a one-time benefit of US$ 0.10 per share (diluted) related to a tax rate reduction in Italy. In the first quarter of 1997, the company reported net earnings of US$54.6m, or US$ 0.44 per share (diluted). Excluding the effect of certain unusual items, 1997 first quarte earnings were US$0.38bn per share (diluted). Net sales rose to US$1.1bn, up from US$1.06bn in the first quarter of 1997.