Reuters: Global Markets: Owens Illinois sees strong first quarter, shares rise

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Owens Illinois sees strong first quarter, shares rise Apr 10th 2012, 22:14 Tue Apr 10, 2012 6:14pm EDT (Reuters) - Glass container maker Owens Illinois (OI.N) said it expects a 35 percent rise in its first-quarter profit, sending its shares up more than 9 percent in aftermarket trade. The company had a profit of 50 cents from continuing operations in the first quarter of 2011, Owens Illinois said. The forecast is well ahead of the average estimate of Wall Street analysts, who were expecting a profit of 50 cents per share according to Thomson Reuters I/B/E/S. The company said first-quarter performance was lifted by greater-than-planned production. Cost cutting and lower-than-expected software expenses in North America also benefited results. The company will report its first quarter-results on April 26. Owens Illinois shares closed at $22.01 on Tuesday on the New York Stock Exchange. They were up $24.00 in trading after the bell.

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