Owens-Illinois, Inc. (NYSE: OI) reported Q1 EPS of $0.62, $0.01 better than the analyst estimate of $0.61. Revenue for the quarter came in at $1.64 billion versus the consensus estimate of $1.61 billion.

• Global volumes were up 2 percent for the third consecutive quarter. Broad-based gains in Europe and North America, and flat shipments in South America were partially offset by declines in Asia Pacific.
• Segment operating profit margin expanded more than 300 basis points in Europe, driven by volume and structural cost improvements from the asset optimization program. Operating profit declined in North America primarily due to logistics headwinds from adverse weather. Profitability in both South America and Asia Pacific suffered from double digit declines in key currencies and lower production volumes.

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