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What happened 

Shares of glass container company Owens-Illinois Inc. (NYSE:OI) jumped as much as 14.4% in early trading Wednesday after the company reported third-quarter earnings. At 12:30 p.m. EDT, the stock was still up 13.2%. 

So what

Net sales were up 9% to $1.7 billion, due in part to the acquisition of Vitro's food and beverage business. Organically, sales were only up 2%. Earnings from continuing operations jumped from $0.57 a year ago to $0.68 per share, which surpassed Wall Street's $0.66-per-share estimate. 

The North American market was the highlight for Owens-Illinois with segment operating profit up 30% from a year ago to $79 million. Latin America's segment operating profit was also up 45% to $74 million, helping offset flat results in Europe and Asia Pacific. 

Now what

Operations continue to slowly improve, helped by acquisitions. And management is expecting full-year earnings to come in at $2.27 to $2.32 per share, which is in line with Wall Street's expectations. And after the earnings beat last quarter, there's hope full-year results will top expectations as well. 

With shares trading at just 8.4 times the top end of full-year results, there's very good value in a business that should be very consistent in the long term. And if shares pull back from today's big gain, I think it would be a nice entry point for investors with the long haul in mind. 

Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.