Libbey Inc. is gaining in the glassware market as the company reported net sales and income growth for the second quarter ended June 30, 2018.
Net sales were $213.5 million, compared to $197.5 million in the prior-year period, an 8.1% increase, or an increase of 7%, excluding a $2.3 million currency impact.
Net income was $4 million, compared to a net loss of $0.8 million in the second quarter of 2017. Adjusted EBITDA was $26.8 million, compared to $20.2 million in the second quarter of 2017, a 32.7% increase compared to the prior-year period.
New products, defined as products introduced within the previous 36 months, contributed $13.3 million in sales, or 6.2% of total net sales, during the second quarter, the company said. E-commerce platform sales were approximately 12.6% of total U.S. and Canada retail sales. Overall, net sales in the U.S. and Canada segment increased 2.3%.
“For the second quarter of 2018, we were pleased to deliver results that exceeded our internal expectations and reflected the strong momentum we are building this year,” said William Foley, CEO, Libbey. “Net sales improved in all of our geographic regions with the exception of Asia Pacific, and we continued to experience strong contributions from new product introductions as well as our e-commerce platform. The strength of our competitive position, our new product offerings and our ability to service customers are enabling us to continue to improve our performance. We remain confident that the strategies we are implementing are the right decisions to drive profitable growth and long-term improvements in our financial performance.”