Owens-Illinois (NYSE: OI) shares plummeted 17.09% intraday on Tuesday, as the glass packaging producer reported disappointing first-quarter results and slashed its full-year earnings guidance.

The sharp decline followed the company's release of Q1 2026 financials, which showed adjusted earnings per share of $0.05, well below analyst estimates. Additionally, Owens-Illinois revised its 2026 adjusted EPS outlook to a range of $1.00 to $1.50, down significantly from its prior forecast of $1.65 to $1.90.

Management attributed the reduced guidance primarily to higher global energy costs driven by conflicts in the Middle East, particularly the war in Iran, as well as additional net price pressure in Europe. The company noted that these headwinds overshadowed stable performance in the Americas and cost reduction efforts.