First quarter net sales at Libbey were up year-over-year as the company also reported a smaller net loss for the three months ended March 31 when compared with the first quarter of 2017.
Total quarterly sales were $181.9 million, up 5.2% when compared to the comparable quarter the previous year. Net loss was $3 million, compared to a net loss of $6.6 million in the prior year’s first quarter.
Adjusted EBITDA in the first quarter was $11.9 million, compared to $6.2 million in the same quarter of 2017.
“We are encouraged by the strong performances from our Latin America and EMEA segments, and the contributions from new product introductions and our e-commerce platform,” said William Foley, Libbey’s CEO. “We expect to see a continuation of these positive trends in the business throughout the remainder of the year.”
Net sales in the U.S. and Canada decreased 1.3%, driven by unfavorable product mix in the business-to-business and food service channels.
The company reaffirmed its full-year outlook of a net sales increase in low-single digits and EBITDA margins expected within the 10% to 11% range.