Net income for first quarter 2016 was $0.7 million, compared to net income of $3.1 million in the prior-year first quarter. Adjusted net income for first quarter 2016 was $3.6 million, flat compared to the same period of 2015.
“During the first quarter of 2016, our core foodservice channel delivered its 12th consecutive quarter of volume growth, despite continued softness in restaurant traffic,” said William A. Foley, chairman and chief executive officer of Libbey Inc. “This further demonstrates our market strength and continued commitment to this important part of our business. Improving performance in our other channels continues to be a priority and is critical to the long-term success and potential growth profile of our business. Over the past several months, we have made initial strides across all of our key strategic priority areas, including improving our capability to develop innovative new products, strengthening relationships with our customers across the globe and simplifying our business to enable it to operate more efficiently and effectively. We are actively pursuing strategic improvements to address these needs and anticipate that this work will progress for the balance of the year.”
Libbey reiterates full-year expectations to generate sales growth of approximately 1 percent, as reported, and Adjusted EBITDA margins of approximately 14 percent.
For more information on Libbey Q1 results go here:
