Owens-Illinois more than tripled its second quarter profit because of better-than-expected operating margins in its core glass container business, higher glass sales & favourable exchange rates. Net earnings for the second quarter ending 30 June were US$ 149.7M ($42.6M). Better operating performance as well as adjustments in the contractual sales price which take inflation into account, helped improve earnings. Net earnings were also higher because of a lower worldwide effective tax rate. On June 11, OI announced it had agreed to sell its plastics packaging business. Those earnings have been reclassified as earnings from discontinued operations. Excluding the plastics packaging business & one time items, the firm reported net income from continuing operations of US$140.3M (84c/share). Analysts polled by Thomson Financial forecasted earnings per share of 50c.
