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Owens-Illinois

OI is a leading, global glass producer with 78 plants across 23 countries. The Company produces glass containers for various end markets, including beer, flavored malt beverages, spirits and wine. The Company also produces glass packaging for a variety of food items, soft drinks, teas, juices and pharmaceuticals. Lastly, OI has three reportable segments based on its geographic locations: Europe, Americas (Latin and North) and Asia Pacific. (01 Oct 2018)

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Paper Trails: Soft Pulp, Buy or Build, And More...

Paper Trails: 10 Dec 2018, 4:25 AM ET - We present pulp and paper monthly data, as we note softness developing in the pulp markets. Lecta was weaker on the week due to concerns for management pursuing leveraging M&A. 
Focused

Safety BBlanket: Euro BBs for a Risk-off Market

HY Note: 05 Dec 2018, 10:36 PM ET - Against a backdrop of an increasingly risk-off environment, we highlight a selection of BB picks for investors shifting towards a more defensive positioning.

Paper Trails: Stocking Pre-Stuffed

Paper Trails: 03 Dec 2018, 4:26 AM ET - Our weekly recap was stocked with news, including WRK Sr. Notes issuance, comments from IP and UFS at an industry conference last week and our Pulp and Paper monthly previews. Also, the US/China reached a deal to suspend new tariffs. 

Paper Trails: Earnings and Containerboard Data

Paper Trails: 19 Nov 2018, 4:24 AM ET - Mixed earnings from several names in our HY space and SIGCBL's one-notch upgrade to BB+ by S&P headlines our weekly market recap. We also provide a preview of our October containerboard monthly data recap.
Focused

Owens-Illinois: Expanding EM Exposure

Worth Watching: 12 Nov 2018, 8:30 PM ET - Owens-Illinois (OI, Ba3/BB, Outperform) announced that it will acquire a 49.7% stake in Empresas Comegua S.A. (Empresas) from Fabricación de Màquinas, S.A. de C.V, which is a subsidiary of of Vitro, S.A.B. de C.V. Vitro is one of the largest g ..

Paper Trails: Upgrades, Buybacks, Pulp Market View

Paper Trails: 12 Nov 2018, 4:04 AM ET - Good earnings from RYAM and LPX highlight the week plus an upgrade to IG for STERV. We highlight commentary from the London Pulp Conference from RISI competitor Hawkins Wright.

Louisiana Pacific 3Q18: Cash Money Rewards

Earnings Note: 06 Nov 2018, 10:12 PM ET - LPX posted solid 3Q18 results despite weakening OSB prices due to its more diversified portfolio. 

Sealed Air 3Q18: Bubbles Getting Popped

Earnings Note: 01 Nov 2018, 9:56 PM ET - Challenges in the Product Care business led to a rare earnings miss for SEE. We review full results and the path forward for balance of the year. 

Smurfit Kappa 3Q18: Sticking to the Script

Earnings Note: 31 Oct 2018, 10:23 PM ET - Smurfit Kappa posted good results and announced another small acquisition. We review results and update our thoughts on the credit. 
Focused

Owens-Illinois 3Q18: Benefits of Being Global

Earnings Note: 31 Oct 2018, 10:23 PM ET - OI remains a top pick despite facing some headwinds during the quarter. We review results and update our credit view.

Graphic Packaging 3Q18: Down But Not Out

Earnings Note: 24 Oct 2018, 4:57 AM ET - GPK equity was hammered yesterday on an earnings miss. We parse the numbers for the story and share our updated view on the credit relative to its sector peers. 

Crown Holdings: S&P Upgrade, Still M&A Risk Ahead

Worth Watching: 19 Oct 2018, 1:09 PM ET - Crown Holdings (CCK, Ba2/BB+) issuer rating was upgraded to BB+ from BB by S&P ratings. Additionally, CCK's senior secured rating was upgraded to BBB- from BB+. According to S&P, the upgrade reflects the company's integration of Signode and its ..

Crown Holdings 3Q18: Still On Track

Earnings Note: 18 Oct 2018, 7:50 PM ET - Crown Holding's results were just behind our estimates. The company reaffirmed its guidance for the full year, maintaining its goal to reduce leverage by year end. We update our thoughts on the credit. 

Sealed Air: Clear Miss, Lowered Guidance

Worth Watching: 17 Oct 2018, 11:43 PM ET - Sealed Air  (SEE, Ba3/BB+, Market perform) announced limited preliminary 3Q18 results that were below our estimates. 3Q18 sales are expected to be $1.2 billion, up 5% from the prior year and ahead of our $1.1 billion estimate. Excluding $39 mil ..

Paper Trails: North American 3Q18 Earnings Preview

Paper Trails: 16 Oct 2018, 5:17 AM ET - We present our North American earnings preview for 3Q18. We include earnings estimates as well as commentary on commodities, market returns for the quarter and our thoughts on what to listen for on the calls. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Paper Trails: Packaging Activism and IPO's....

Paper Trails: 17 Sep 2018, 4:20 AM ET - Our market recap this week features important news out of Europe. SIG launched its IPO and OI's investors recommended the company to sell its European business. We also present our July Paper and Pulp industry data recaps. 

Resolute Forest Products: ITC Ends Newsprint Duty

Worth Watching: 03 Sep 2018, 5:44 PM ET - Resolute Forest Products (RFP B2/B+, SELL) and the rest of the newspaper industry received positive news during the slow holiday week. The United States International Trade Commission (ITC) ruled on August 29th that imports of uncoated groundwo ..

Resolute FP: Moody's Upgrade Rationale vs Our View

Worth Watching: 15 Aug 2018, 10:39 PM ET - Resolute FP (RFP, Ba3/BB-, SELL) received a one-notch Credit Family Rating upgrade today from Moody's to Ba3 with a Stable outlook. The unsecured notes were also upgraded one-notch to B1. According to the ratings agency, the upgrade reflects its ..

Louisiana Pacific 2Q18: C'est Si Bon.....Encore

Earnings Note: 07 Aug 2018, 5:25 PM ET - Louisiana Pacific posted strong results for the quarter, largely reflecting some of the marketing initiatives we learned about at the investor day in May. We  update our thoughts on the credit. 

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