Owens-Illinois (OI), also known as O-I Glass, saw its stock surge 8.77% in pre-market trading on Wednesday following the release of its better-than-expected second-quarter earnings report and an upward revision of its full-year guidance.

The company reported adjusted earnings of $0.53 per share for the quarter ended June 30, significantly beating the mean analyst expectation of $0.41 per share. This performance also marked an improvement from the $0.44 per share reported in the same quarter last year. Despite a slight 1.3% year-over-year decrease in revenue to $1.71 billion, the figure still managed to edge past analysts' projections of $1.70 billion.

In a move that further bolstered investor confidence, O-I Glass raised its full-year 2025 adjusted EPS guidance to a range of $1.30 to $1.55, up from the previous forecast of $1.20 to $1.50. This optimistic outlook, coupled with the strong quarterly results, appears to be driving the significant pre-market rally. The positive sentiment is also reflected in analyst recommendations, with the current average rating on the shares being "buy" and a median 12-month price target of $18.00, representing a 19.6% upside from its last closing price.