Key Highlights
- O-I Glass, Inc. (NYSE:OI) traded at USD 5.51, down 14.31%, in pre-market trading on Wednesday, October 28, 2026, after its third quarter results of Tuesday, October 27, 2026 and a reduction in full-year guidance.
- Third quarter net sales were USD 1,623 million against USD 1,653 million a year earlier, with a net loss attributable to the company of USD 13 million and adjusted Earnings of negative USD 0.09 per share.
- Guidance for 2026 adjusted EBITDA was lowered to USD 925 million to USD 950 million from USD 1,000 million to USD 1,100 million, and free Cash Flow is now expected at about negative USD 300 million.
- The company no longer maintains its 2027 targets and proposes a European plant closure with USD 100 million to USD 120 million of charges. Pre-market prices are thin and can change before the open at 9:30 a.m. ET.
The Catalyst Behind the Decline
O-I Glass, Inc. (NYSE:OI), a global producer of glass containers for beverages and food, traded at USD 5.51, down 14.31%, in pre-market trading on Wednesday, October 28, 2026, according to a pre-market snapshot. The catalyst is the company's third quarter 2026 earnings release, issued after the close on Tuesday, October 27, 2026, with a conference call scheduled for 8:00 a.m. ET on Wednesday, October 28, 2026. The release showed a sharp fall in earnings, cut 2026 guidance and withdrew the 2027 targets. Adjusted EBITDA, which is earnings before interest, tax, Depreciation and Amortisation adjusted for one-off items, was USD 234 million against USD 329 million in the third quarter of 2025.
Why the Results and Guidance Cut Weigh on the Shares
Segment operating profit fell to USD 139 million from USD 235 million, with the Americas at USD 137 million against USD 140 million and Europe at USD 2 million against USD 95 million. GAAP diluted loss per share was USD 0.08 against earnings of USD 0.19, and adjusted loss per share was USD 0.09 against earnings of USD 0.48. The nine-month net loss of USD 1,058 million includes a USD 873 million Goodwill impairment. Liquidity was USD 1,533 million at September 30, 2026, including USD 379 million of cash. Leverage is now guided to 4.5 to 5.0 times at year-end against at least 4 times previously, which links weaker earnings directly to Balance Sheet pressure.
Risks and What to Watch
The bull reading is that the Americas segment held steady, that the company expects higher adjusted earnings and free cash flow in 2027 and that the Fit to Win cost programme still targets at least USD 650 million of cumulative benefits by the end of 2027. The bear reading is that Europe earned almost nothing, 2026 free cash flow is guided to a use of about USD 300 million and 2027 targets were withdrawn. Named risks include leverage, restructuring cash costs of USD 40 million to USD 50 million, and refinancing after the USD 500 million of 9.500% senior notes due 2033 priced in May 2026. Investors should watch the call of Wednesday, October 28, 2026, the Federal Reserve decision due later that day and the year-end results.
Where Things Stand
The answer is that O-I Glass, Inc. (NYSE:OI) fell 14.31% pre-market on Wednesday, October 28, 2026 because third quarter earnings missed the prior year by a wide Margin and guidance for 2026 was lowered. The key number is the new adjusted EBITDA range of USD 925 million to USD 950 million. The next catalysts are the Earnings Call of Wednesday, October 28, 2026, the Federal Reserve decision due later that day and the year-end results with 2027 guidance. Pre-market prices are snapshots and can change, and this is not Investment advice.






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