Fourth quarter sales at Libbey were down as the company pinned the decline on unfavorable price and product mix in its food service markets.
For the three months ended December 31, total sales were $211.6 million, down 5.5% from the comparable quarter the prior fiscal year. Net loss in the quarter was ($4.0) million versus a net loss of ($7.2) million the same quarter the previous year. Diluted net loss per share was ($0.18).
“The top-line momentum we delivered through the first three quarters of 2018 was interrupted in the fourth quarter, particularly in the month of December, as a slowdown in economic activity was felt across most of the geographies and markets we serve,” said William Foley, the company’s CEO. “This was exacerbated by cautious buying patterns from some of our distributors as well as a specific competitive action directed at one of our larger customers late in the quarter.”
For the full fiscal year, net sales increase 2.1% to 797.9 million. Net loss was ($8.0) million versus a net loss of ($93.4) million in the prior fiscal year.
Foley said that despite what he called “short-term challenges,” the company is moving forward with its Creating Momentum Strategy.This includes the continued focus on new product introductions and on-going expansion of its e-commerce platform.
Company officials also noted that the Libbey is beginning a strategic review of its business in China. Details on this review process were not immediately available.