O-I Glass, Inc. reported significant financial challenges for the three and nine months ended September 30, 2024, with a total comprehensive loss of $144 million for Q3 2024, compared to a comprehensive income of $29 million in Q3 2023. For the nine-month period, the company experienced a total comprehensive loss of $228 million, a stark contrast to the $574 million comprehensive income reported in the same period of the previous year. Comprehensive income attributable to the company also declined sharply, from $(35) million in Q3 2023 to $(149) million in Q3 2024, and from $555 million to $(235) million for the nine-month periods.
Total net sales for Q3 2024 were $1,679 million, down 4% from $1,743 million in Q3 2023. For the nine months, net sales decreased by 9% to $5,002 million from $5,464 million. The Americas segment reported net sales of $940 million for Q3 2024, a slight decrease from $948 million in Q3 2023, while the Europe segment saw a more significant decline from $766 million to $706 million. The decrease in sales was attributed to lower average selling prices and reduced glass container shipments, which fell approximately 5% year-over-year.
Operating profit also suffered, with segment operating profit for Q3 2024 at $144 million, down from $301 million in Q3 2023. The Americas segment's operating profit decreased by 24% to $88 million, while Europe experienced a dramatic 70% drop to $56 million. Increased operating costs, particularly due to lower production volumes and temporary production curtailments, contributed to these declines.
In response to ongoing market challenges, O-I Glass is implementing its "Fit to Win" initiative, aimed at optimizing production capacity and reducing costs. This program is expected to incur significant restructuring charges, with approximately $83 million recorded in Q3 2024 alone. The company has also announced the permanent closure of five furnaces in the Americas and is considering further capacity reductions in Europe.
Financially, O-I Glass reported total current assets of $2,822 million as of September 30, 2024, down from $2,884 million at the end of 2023. Long-term debt increased to $5,068 million, reflecting ongoing financing activities, including the issuance of new senior notes. Cash provided by operating activities for the nine months ended September 30, 2024, was $171 million, a decrease from $437 million in the prior year.
The company continues to navigate a challenging economic landscape, with expectations for flat sales demand in Q4 2024 and a projected decline in sales volume for the full year.
About O-I Glass, Inc. /DE/
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