What happened

Shares of glass manufacturer Owens-Illinois (NYSE:OI) fell as much as 22.5% in trading early Thursday after the company reported second-quarter results. Shares were still down 20.6% at 11:55 a.m. EDT, so there isn't too much of a bounce off today's lows.

So what

Sales in the quarter fell less than 1% to $1.76 billion, and net income rose from $50 million a year ago to $65 million, or $0.42 per share. On an adjusted basis, which analysts usually compare to, earnings were $0.69 per share, down from $0.77 a year ago.

Table full of green glass bottles that have just been manufactured.

Image source: Getty Images.

Analysts were expecting revenue to be $1.76 billion and earnings to be $0.77 per share, so that's where the disappointment comes from. Third-quarter guidance of earnings of $0.60 to $0.65 per share was also well below expectations of $0.87 from Wall Street, which didn't help the stock today.

Now what

Investors shouldn't get too wrapped up in one quarterly earnings miss, but when expectations over a longer period of time come down, there's reason for concern. Keep in mind, however, that adjusted earnings are expected to be $2.40 to $2.55 per share, which is strong given the current stock price near $13.50. Long term, I think there's value in the stock, even if investors aren't impressed with the company's operations today.