Libbey Reports Net Loss In Q1

First quarter revenue at Libbey was down slightly as the company reported a larger net loss for the three month period ended March 31.

The company reported first quarter net sales of $175 million, compared to $181.9 million in the prior-year period, a 3.8% decrease. Net sales in the U.S. and Canada segment increased 1.8%, primarily driven by favorable price and product mix sold, partially offset by unfavorable channel mix and lower volume. E-commerce sales were approximately 13% of total U.S. and Canada retail sales, an increase of approximately 39% compared to the first quarter of 2018.

Libbey also reported a net loss of $4.5 million, compared to a net loss of $3 million in the first quarter of 2018.

“During the first quarter the company drove improved gross margin dollars and percentage, as we achieved price increases in the majority of our markets and channels. This performance was offset by lower volumes in the U.S. food service channel driven by the federal government shutdown and unusually severe weather throughout the country, which slowed traffic and demand. Lower sales in our non-U.S. regions and planned investments primarily related to strategic investments drew earnings below prior year, but in-line with our expectations,” said Mike Bauer, Libbey CEO.

Bauer added, “Going forward, we will become an even stronger partner for our customers as we continue to build new and innovative products and programs to meet the needs of their businesses and end users. We will remain disciplined and committed to driving efficiencies throughout the organization, while we improve our focus on cash generation in 2019 and beyond.”