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Libbey Q2 Results Reflect All-Time Adjusted Income Record

Libbey Inc. has reported that the company saw $12.4 million in net income for Q2 2013, compared with last year’s second quarter loss of $10.1 million. Adjusted income from operations for the second quarter were up 8.6%, to $31.5 million from $29 million in last year’s second quarter, a record for any quarter in the company’s history, it said.

Sales for the quarter, which ended June 30, rose slightly to $209.9 million, compared with $209.2 million for the second quarter of 2012, an increase of 0.3%. 

“While lower sales in the high volume retail and business-to-business channels of distribution in the U.S. and Canada contributed to overall flat sales for the quarter, we are very encouraged by sales increases in our other end markets, including EMEA, Asia Pacific and Mexico and Latin America,” said Stephanie Streeter, CEO.

“The key component of our story, however, is our continued success in cost reductions, which resulted in record adjusted income from operations and adjusted EBITDA. This performance is even more notable, given that we had a significant amount of underutilized capacity throughout the Americas during the quarter related to the planned realignment of our production,” she added.

Sales in the Americas segment for Q2 were $141.8 million, compared to $148.6 million in the second quarter of 2012, a decrease of 4.6%. Sales performance was led by a 3.5% increase in sales within Libbey’s Mexican and Latin American end market  and a 1.8% increase in its U.S. and Canada foodservice glassware channel. However, even with the improvement in foodservice sales, overall sales within its US and Canada end market were down by 7.8%.

Libbey Inc’s sales for the first six months of 2013 were $393.4 million, compared with $397.1 million for the first half of 2012, a decrease of 0.9%. Net income for the first six months of 2013 grew to $14.4 million, compared with a net loss of $9.5 million during the first half of 2012.