UPDATE 1-Owens-Illinois profit up sharply, tops Street

* Q1 EPS 50 cts/shr vs Street 47 cts/shr

* Net sales $1.58 bln

HOUSTON, April 28 (BestGrowthStock) – Glass container manufacturer
Owens-Illinois Inc (OI.N: ) said on Wednesday its first-quarter
profit rose more than expected, helped by higher prices for its

For the period, the company posted net income of $85.3
million, or 50 cents per share, compared with $45.1 or 27 cents
per share a year earlier.

Analysts expected earnings of 47 cents, according to
Thomson Reuters I/B/E/S.

First-quarter net sales rose to $1.58 billion in 2010, from
$1.52 billion in the year ago period, primarily due to
favorable foreign currency (Read more about trading foreign currency. translation effects, the Perrysburg,
Ohio company said.

Analysts expected revenue of $1.65 billion.

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(Additional reporting by Ernest Scheyder in New York; editing
by Carol Bishopric)

UPDATE 1-Owens-Illinois profit up sharply, tops Street