By Elias Schisgall

Shares of O-I Glass tumbled after the company said its first-quarter performance fell short of its expectations and cut its outlook to reflect rising energy costs from the war in Iran.

Shares were down 19% to $8.32 in after-hours trading. The stock closed down 3.3% at $10.24, down 31% this year.

The glass bottle and jar maker on Tuesday said it now expects full-year adjusted earnings between $1.00 and $1.50, down from a range of $1.65 to $1.90. Analysts polled by FactSet were expecting $1.67 a share.

"The revision primarily reflects higher global energy costs driven by the conflicts in the Middle East, as well as additional net price pressure in Europe, which should be partially offset by additional cost reduction actions," the company said.

Adjusted earnings before interest, taxes, depreciation, and amortization are now expected between $1.125 billion and $1.225 billion, down from a range of $1.25 billion to $1.3 billion. Free cash flow is now forecast between $50 million and $150 million, down from around $200 million.

The company reported a loss of $73 million, or 48 cents a share, compared with a loss of $16 million, or 10 cents a share, a year earlier.

Stripping out certain one-time items, the company logged adjusted earnings of 5 cents a share. Analysts polled by FactSet were expecting 11 cents a share.

Sales fell to $1.54 billion, from $1.57 billion a year prior. Analysts were expecting $1.47 billion in sales.

Sales in Europe fell to $655 million from $667 million, while sales in the Americas segment ticked down to $871 million from $873 million.

"Performance in the Americas was stable, and management acted quickly to address near-term headwinds in Europe," Chief Executive Gordon Hardie said. "Volume trends improved as the quarter progressed, and several meaningful customer wins should position the business for stronger growth in the second half."

Write to Elias Schisgall at elias.schisgall@wsj.com

(END) Dow Jones Newswires

April 28, 2026 19:04 ET (23:04 GMT)

Copyright (c) 2026 Dow Jones & Company, Inc.