Owens-Illinois Inc.´s (OI) second-quarter profit slipped 5.5% as revenue declined in Europe, its largest segment, despite price increases.

The glass-container maker´s results fell short of Wall Street´s expectations.

Chairman and Chief Executive Al Stroucken said the economy improved in South America and China, boosting demand, but the recovery was "inconsistent across North America and Europe as beer demand remained sluggish."