Libbey Inc., one of the largest glass tableware manufacturers in the world and a leader in the world of hospitality tabletop, today unveiled its new “Own the Moment” corporate strategy during its 2015 Investor Day in New York City held earlier today. 
- Grow the business 4-6 percent annually to achieve a year-end 2018 revenue target in excess of $1 billion
- Leverage volumes, create further supply chain efficiencies, and continue to improve productivity to achieve a 17-18 percent Adjusted EBITDA margin by the end of 2018
- Initiation of a quarterly dividend of $0.11 per share
- A 0.5 million share increase in the Company’s stock repurchase plan, resulting in a total authorization of 1.5 million shares
- Fourth quarter fiscal 2014 results are estimated to include nearly $232 million in sales, an approximate 4.9 percent year-over-year increase; Adjusted EBITDA is expected to range between $29 and $31 million
- Full-year 2014 sales are estimated to be approximately $853.0 million, an increase of over 4 percent compared to sales of $818.8 million in 2013; Adjusted EBITDA is expected to be between $121.8 and $123.8 million
Stephanie Streeter, Libbey’s chief executive officer, commented, “Our competitive and financial position has never been stronger. Now is the time to be bold, and our “Own the Moment” strategy will allow us to navigate a fairly dynamic global marketplace and pivot to growth through 2018. Our leadership position in the Americas, anchored by our robust foodservice business and our low-cost capacity and leadership in Mexico, provides the cornerstone for our strategy. We will focus on leveraging our strengths to drive above market growth and to expand our margins. We will also make strategic and opportunistic investments to bolster and expand our leadership positions around the globe. Lastly, our “Own the Moment” strategy has been founded with a clear sense of purpose regarding future capital allocation. Our new dividend policy and increased authorization under our share repurchase program underline our commitment to returning value to shareholders and reflect our continued confidence in the long-term strength of our business.”
To learn more, go here:
http://investorrelations.libbey.com/phoenix.zhtml?c=64169&p=irol-newsArticle&ID=2010005
