Full-Year 2016 Highlights
- Net sales $793.4 million, down 3.5 percent versus prior year, or down 1.1 percent in constant currency
- Net income $10.1 million, down $56.3 million versus prior year; 2015 included a non-repeating $43.8 million tax benefit; 2016 net income margin of 1.3 percent
- Adjusted EBITDA $109.8 million, down $6.4 million versus prior year; 2016 Adjusted EBITDA margin of 13.8 percent
- Company estimates Toledo work stoppage negatively impacted net sales by $7 million to $9 million and pre-tax income by $7 million to $8 million
- During the year, the Company returned $12.1 million to shareholders through a combination of share repurchases and dividends
“Fourth quarter results continued to be impacted by the recent trends we’ve observed in our foodservice and retail channels, consistent with the activity that we saw in the preceding quarter,” said William A. Foley, chairman and chief executive officer of Libbey Inc. “Foodservice unit volumes increased slightly, despite the impact of a Toledo work stoppage and an ongoing decline in restaurant traffic trends. By executing against our business strategy, we have continued to outperform our industry, and we are encouraged by indications that Libbey is continuing to win market share amidst a challenging, competitive environment.”
Foley added, “2016 was an important year from an operational standpoint, as we began to make proactive changes to ensure the business is adapting to shifts in consumer behaviors and addressing legacy issues of our business. Our new product development capabilities are improving, we’ve rationalized and streamlined our product portfolio and we’re taking new approaches to the ways in which we evaluate our manufacturing footprint to maximize profitability. We are seeing positive impacts from many of these initiatives that we prioritized during the year, and we remain confident that we are taking the appropriate steps to improve the long-term performance of the Company.”
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