Owens-Illinois (NYSE: OI) reported Q2 EPS of $0.75, $0.08 better than the analyst estimate of $0.67. Revenue for the quarter came in at $1.8 billion versus the consensus estimate of $1.77 billion.

"O-I has delivered a strong first half, reflecting strong business performance from higher shipments and the benefits of our total systems cost approach. We continue to focus on our transformation efforts and reach performance levels that position us for another year of improved financial results," said Andres Lopez, CEO. "Our teams are driving sales volume in line with our expectations, continued operating stability, and lower total systems cost. The results of this can be seen in our significant margin improvement. We have set the foundation for change and expect additional investments and capability-building in innovation, integration and organizational simplification to accelerate our turnaround.

"With half of the year behind us, expected strong business performance through the second half and favorable non-operational tailwinds, we are raising our guidance on our full-year earnings performance."

GUIDANCE:

Owens-Illinois sees FY2017 EPS of $2.55-$2.65, versus the consensus of $2.51.

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