Owens-Illinois, Inc. OI is slated to release first-quarter 2016 results after the market closes on May 2. In the last reported quarter, Owens-Illinois had reported adjusted earnings of 40 cents per share, reflecting a 25% year-over-year surge on a constant currency basis. Let’s see how things are shaping up for this announcement.Earnings WhispersOur proven model does not conclusively show that Owens-Illinois will beat estimates this quarter. This is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. But that is not the case here, as you will see below.Zacks ESP: Owens-Illinois has an Earnings ESP of +0.00%. This is because both the Most Accurate estimate and the Zacks Consensus Estimate are currently pegged at 40 cents.Zacks Rank: Though Owens-Illinois’ Zacks Rank #2 increases the predictive power of ESP, its 0.00% ESP makes surprise prediction difficult.Note that we caution against stocks with a Zacks Rank #4 or 5 (Sell-rated stocks) going into the earnings announcement, especially when the company is seeing negative estimate revisions.Surprise History Last quarter, this manufacturer of glass containers delivered in-line results with the Zacks Consensus Estimate. The company has delivered positive earnings surprises in three of the trailing four quarters with an average positive surprise of 2.96%.Factors to ConsiderThe carryover effect of lower prices and the ramp-up of the planned manufacturing improvement in Europe will hurt first-quarter 2016 results. Performance in Latin America will be impacted by low volumes in Brazil. In the Asia-Pacific, the first quarter will see a higher production downtime due to extra furnace rebuilding activity, including one which was unplanned. Further, based on higher corporate costs, interest and taxes, Owens-Illinois expects adjusted earnings in the quarter in the range of 37 cents to 42 cents. Compared to first-quarter 2015 earnings of 44 cents, this reflects a decline of 5–16%.Stocks That Warrant a LookHere are some companies you may want to consider, as our model shows that they have the right combination of elements to post an earnings beat this quarter:Emerson Electric Co. EMR has an Earnings ESP of +3.17% and a Zacks Rank #2.SPX FLOW, Inc. FLOW has an Earnings ESP of +50.00% and a Zacks Rank #2.Regal Beloit Corp. RBC has an Earnings ESP of +0.92% and a Zacks Rank #2.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report OWENS-ILLINOIS (OI): Free Stock Analysis Report SPX FLOW INC (FLOW): Free Stock Analysis Report EMERSON ELEC CO (EMR): Free Stock Analysis Report REGAL BELOIT (RBC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research