Owens-Illinois reported net sales for 1998 of $5.31bn ($4.66bn), a 14% increase over 1997. Full year diluted earnings/share, before extraordinary items & provisions for asbestos, restructuring & other costs were $2.15 ($1.95) up 10%. The review of asbestos costs shows that while the number of asbestos lawsuits & claims pending & filed against the company has declined in recent years, the number of cases filed & the costs to resolve the lawsuits & claims filed during 1998 exceeded historical trends. As a result, the company revised its estimate of the costs that will be incurred to resolve pending & future cases, resulting in the after-tax charge of $154.4m. The company also recorded fourth quarter provisions totalling $80.3m after tax & minority shareowners' interests for restructuring & write-offs related to adverse conditions in emerging markets.
