April 28, 2010 / 8:24 PM / in 8 years

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 (Reuters) - 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 products.

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 translation effects, the Perrysburg, Ohio company said.

    Analysts expected revenue of $1.65 billion. (Additional reporting by Ernest Scheyder in New York; editing by Carol Bishopric)

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