Libbey Inc., one of the world’s largest glass tableware manufacturers, recently reported results for the second quarter ended June 30, 2019.
Second-quarter 2019 Financial & Operating Highlights
Net sales were $206.2 million, a decrease of 3.5 percent, or a decrease of 2.5 percent in constant currency versus the prior-year period.
Gross profit margin was 22.7 percent, an increase of 90-basis points versus the prior year.
Net loss was ($43.8) million, compared to net income of $4.0 million in the second quarter of 2018. Net loss in the second quarter of 2019 was affected by non-cash impairment charges for goodwill and an intangible asset totaling $46.9 million in the quarter.
Adjusted Income from Operations (see Table 4) increased 22.8 percent to $15.9 million.
Adjusted EBITDA (see Table 1) was $25.3 million, compared to $26.8 million in the prior year’s second quarter. Adjusted EBITDA improved 4.4 percent after further adjusting for a negative $2.7 million currency impact.
Net cash provided by operating activities improved $10.7 million, driving a Free Cash Flow (see Table 2) improvement of $12.9 million compared to the second quarter of 2018.
“I am pleased to report that Libbey delivered a solid second-quarter performance with operating results that outpaced expectations,” said Mike Bauer, chief executive officer of Libbey. “Although modest sales growth in our USC segment was more than offset by declines and soft market conditions in EMEA and LATAM, our e-commerce business continues to make solid contributions to our quarterly results, aiding growth in our USC retail business and advancing our efforts to bring Libbey’s industry-leading products to a broader collection of customers.”
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