moneyheap
OI · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is O-I Glass, Inc. (OI) stock moving?
O-I cut its 2026 adjusted EBITDA outlook to $925-950M in its Oct 27 third-quarter report, below its prior outlook, citing elevated energy and freight inflation, softer demand and a slower European recovery. Q3 net sales were $1,623M (down 2%), with a net loss of $13M ($0.08 per share) and adjusted EPS of -$0.09 versus $0.48 a year earlier; adjusted EBITDA fell to $234M from $329M. Management said energy and freight costs in Europe ran about $15M above expectations. The stock fell 12.4% on Oct 28 on 8.7M shares, about twice the volume of the prior sessions. Since then it has drifted lower to $5.11 on Nov 10, about 20% below the Oct 27 close of $6.43, with the intraday low of $4.835 on Nov 3 marking the bottom of the recent range. Volume has faded to about 2.6M shares, which suggests less selling pressure but no sign of a reversal yet. A securities class action filed Oct 29-30 alleges the company misled investors about its outlook and the Fit to Win program, adding legal overhang. Analysts have cut targets but kept Buy ratings: Truist to $7 and Citigroup to $8, both well above the current price, while Baird cut its target from $13 to $8. Offsetting factors include about $50M of Fit to Win benefits in Q3, a target of about $180M for 2026, at least $650M of cumulative savings by 2027, and the company's expectation of higher adjusted earnings and free cash flow in 2027. The next catalysts are the Q4 report and any update on Europe.
News behind the analysis
- Securities Class Action Lawsuit Filed Against O-I Glass, Inc.A securities class action alleges O-I misled investors about its financial outlook and the performance of its 'Fit to Win' program.
- Analysts Adjust Price Targets for O-I GlassTruist Securities and Citigroup kept Buy ratings on O-I while lowering their price targets.
- Citigroup Maintains Buy on O-I Glass, Lowers Price Target to $8Citigroup kept its Buy rating on O-I Glass and cut its price target to $8.
- Truist Securities Maintains Buy on O-I Glass, Lowers Price Target to $7Truist Securities kept its Buy rating on O-I Glass and lowered its price target from $8 to $7.
- Baird Cuts Target Price on O-I Glass to $8 From $13Baird lowered its price target on O-I Glass from $13 to $8.
About O-I Glass, Inc.
O-I Glass, which used to be called Owens-Illinois and is based in Perrysburg, Ohio, is one of the world's largest makers of glass bottles and jars. It runs glass plants across the Americas and Europe, and in 2026 it has been in the middle of a cost-cutting program called "Fit2Win." Results in Europe have been weak because of energy and freight costs.
How it makes money
It sells glass containers to food and drink companies, especially brewers, wine and spirits makers, and non-alcoholic drinks brands. It is also trying to shift more of its business toward non-alcoholic drinks. Sales come from two regions: the Americas (roughly 55–60% of sales, which have held up better) and Europe (the rest). Total sales run at roughly $6.5 billion a year, with about $1.6 billion reported in Q3 2026.
What usually moves OI
- Sales volumes for beer, wine and spirits
- European energy and natural gas costs
- Progress and savings from the Fit2Win cost program
- Debt levels and free cash flow
- Furnace outages and maintenance costs