Thursday February 21st, 2013 - 10:41AM
For the 2012 fourth quarter, Libbey Inc.'s sales were $219.1 million compared to $214.8 million for the 2011 period, an increase of 2%, or 1.9% excluding currency fluctuation, the company reported. Sales in Libbey's Glass Operations segment were $201.3 million versus $199.2 million in the fourth quarter of 2011, an increase of 1.1%, or 0.9% excluding currency fluctuation, the company stated.
Sales performance was led by a 5% increase in sales within Libbey's North American sales region, the company stated.
Income from operations grew 34.8% compared to the fourth quarter of 2011, increasing to $13.1 million.
Adjusted EBITDA increased 40.2% to $29.9 million, the highest fourth-quarter adjusted EBITDA since 2007, according to the company. In the fourth quarter of 2011, adjusted EBITDA was $21.3 million.
"We are pleased with this quarter's results, driven in large part by the increased focus on improving margins and defending and growing our business in our key markets, the core of our recently announced strategic plan. Our cost improvements, coupled with solid sales growth in the U.S. and Canada sales region, led to exceptionally strong adjusted EBITDA," said Stephanie Streeter, CEO of Libbey Inc.
"Our commitment to improving our cost structure, leveraging our advantaged businesses and strengthening our balance sheet was reflected in our results. We will continue efforts to improve our cost structure. We believe these efforts, in combination with our overall productivity improvements, will enable strengthened financial and operational performance in 2013," Streeter added.