Libbey Announces Solid Q3 Net Income, Sales Increases

Libbey announced a sales increase for third quarter 2014. Sales for this quarter were $216 million, compared to $204.4 million for Q3 2013, an increase of 5.7%. In addition, Libbey saw Q3 net income jump to $13.8 million, compared with $4.7 million in the prior-year period. Libbey’s adjusted net income for the third quarter of $13.8 million was nearly double the $7.4 million adjusted net income recorded in the third quarter of 2013.

“Sales growth was strong throughout the company, as revenue increased in every segment and every channel of distribution. Revenues continued to be strong in the Americas where we achieved 5.6% revenue growth,” said Libbey CEO Stephanie Streeter.

Income from operations for the third quarter was $20.7 million, compared to $14 million for the third quarter of 2013. Adjusted income from operations for the third quarter of $20.7 million was an improvement of 18%, compared to $17.6 million in the third quarter of 2013.

“For the second consecutive quarter, we were able to defend and grow our market share in an extremely competitive market,” Streeter continued. “While our adjusted EBITDA margins were significantly impacted by reduced production activity related to an earlier-than-planned rebuild of a furnace, higher input costs and competitive market actions, we are pleased with our overall company sales growth of 5.7% during the quarter.”

Sales in the Americas segment for the third quarter were $149.4 million, compared to $141.4 million in the third quarter of 2013, an increase of 5.6%. This was comprised of 7.3% higher sales in its foodservice channel, an increase of 4.5% in retail and a 5.7% increase in the business-to-business channel.

Sales for the first nine months of 2014 were $621.1 million, compared to $597.8 million for the first nine months of 2013, an increase of 3.9%, Libbey reported. Income from operations for the first nine months of 2014 was $53.7 million, compared to $53.4 million during the first nine months of 2013. Adjusted EBITDA was $92.8 million for the first nine months of 2014, compared to $96.8 million for the first nine months of 2013.

“We look forward to continuing our strong sales performance in the remainder of the year, as we leverage the investments we have made in new products, sales and marketing capabilities. For the fourth quarter, we expect to deliver sales growth and adjusted EBITDA margins similar to the third quarter of 2014,” concluded Streeter.