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 cut to full year guidance.
  • Third quarter net sales were USD 1,623 million, against USD 1,653 million a year earlier. The net loss attributable to the company was USD 13 million, and adjusted earnings came to 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 has dropped its 2027 targets and proposed a European plant closure with USD 100 million to USD 120 million of charges. Pre-market prices are thin and can change before the 9:30 a.m. ET open.

The Catalyst Behind the Decline

O-I Glass, Inc. (NYSE:OI) is a global producer of glass containers for beverages and food. Its USD 5.51 pre-market price, down 14.31%, appeared on Wednesday, October 28, 2026 in a pre-market snapshot. The trigger was the third quarter 2026 earnings release, issued after the close on Tuesday, October 27, 2026, with a conference call set for 8:00 a.m. ET on Wednesday, October 28, 2026. The release showed a steep fall in earnings, a cut to 2026 guidance and the withdrawal of 2027 targets. Adjusted EBITDA, meaning earnings before interest, tax, depreciation and amortisation after one-off items, came to 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 dropped to USD 139 million from USD 235 million. The Americas contributed USD 137 million versus USD 140 million, whereas Europe contributed USD 2 million versus 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. A USD 873 million goodwill impairment sits within the nine-month net loss of USD 1,058 million. At September 30, 2026 liquidity was USD 1,533 million, USD 379 million of it cash. Guidance for year-end leverage is now 4.5 to 5.0 times, versus at least 4 times earlier, linking weaker earnings directly to balance sheet pressure.

Risks and Signals to Track

Upside: the Americas segment held steady, higher adjusted earnings and free cash flow are expected in 2027 and the Fit to Win cost programme still aims for at least USD 650 million of cumulative benefits by the end of 2027. Downside: Europe earned almost nothing, 2026 free cash flow is guided to a use of about USD 300 million and 2027 targets were withdrawn. Risks named include leverage, restructuring cash costs of USD 40 million to USD 50 million and refinancing, after USD 500 million of 9.500% senior notes due 2033 priced in May 2026. Items ahead: the call on Wednesday, October 28, 2026, the Federal Reserve decision later that day and year-end results.

Where Things Stand

In short, O-I Glass, Inc. (NYSE:OI) dropped 14.31% pre-market on Wednesday, October 28, 2026 because third quarter earnings came in well below the prior year and 2026 guidance was cut. Headline figure: the new adjusted EBITDA range of USD 925 million to USD 950 million. Catalysts ahead include the earnings call on Wednesday, October 28, 2026, the Federal Reserve decision due later that day and year-end results with 2027 guidance. Pre-market prices are snapshots that can change, and this is not investment advice.