** Shares of glass bottles and jars maker O-I Glass OI.N drop 21.4% to $8.05 premarket

** OI cuts FY adjusted EPS guidance to $1-$1.5 from its prior forecast of $1.65-$1.95

** "The revision primarily reflects higher global energy costs driven by the conflicts in the Middle East, as well as additional net price pressure in Europe," co says

** Reports Q1 adj. EPS of 5 cents, missing analysts' estimates of 17 cents, according to data compiled by LSEG

** Q1 revenue of $1.54 bln falls slightly from $1.57 bln a year ago

** Six of the 10 analysts covering the stock rate it "buy" or higher, three "hold" and one "sell"; median PT is $15

** As of last close, OI shares down more than 30% so far this year