Sales for the fourth quarter were $231.4 million, compared to $221.0 million for the fourth quarter of 2013, an increase of 4.7 percent (7.1 percent excluding currency fluctuation).
Net income for the fourth quarter was $19.8 million, compared to $9.3 million in the prior-year fourth quarter. Adjusted net income (see Table 1) for the fourth quarter was $11.9 million, compared to the $12.8 million adjusted net income recorded in the fourth quarter of 2013.
Adjusted earnings before interest, taxes, depreciation and amortization for the quarter was $30.7 million, compared to $37.6 million in the prior-year quarter. Adjusted EBITDA of $30.7 million was at the high end of the Company’s previous guidance of $29.0 million to $31.0 million.
“Own the Moment” strategic foundation announced at 2015 Investor Day is driven by a balanced capital allocation strategy, including an $0.11 per share quarterly dividend, repurchases of up to 1.5 million shares and reinvestment in the business.
“For the third consecutive quarter, we were able to defend and grow our market share in an extremely competitive market, as sales grew in each of our segments, excluding currency impacts. Adjusted EBITDA results were positively impacted by our North American capacity realignment and productivity improvements, but these gains were offset by the items we outlined at our Investor Day in January: costs associated with an earlier-than-planned furnace repair, strategic growth initiatives, negative sales mix, higher than expected currency impact from the weaker peso and euro and unplanned non-income tax assessments. We are pleased with our overall Company sales growth of 4.7 percent, 7.1 percent excluding currency fluctuation, during the quarter. We look forward to continuing our strong sales performance during 2015, as we leverage the investments we have made in new products, sales and marketing capabilities,” said Stephanie A. Streeter, chief executive officer of Libbey Inc.
For the remainder of the release from Libbey Inc. go here:
http://investorrelations.libbey.com/phoenix.zhtml?c=64169&p=irol-newsarticle&ID=2021034
