Libbey Inc. one of the world’s largest glass tableware manufacturers, today reported results for the third quarter of 2019 ended September 30, 2019.
Third-quarter 2019 Financial & Operating Highlights
- Net sales were $192.4 million, an increase of 0.9 percent, or an increase of 2.0 percent in constant currency versus the prior-year period.
- Selling, general and administrative expense was reduced by $2.4 million versus the prior year.
- Net loss improved to ($3.5) million, compared to net loss of ($5.0) million in the third quarter of 2018.
- Adjusted Income from Operations (see Table 4) increased 2.8 percent to $6.4 million.
- Adjusted EBITDA (see Table 1) increased 1.5 percent versus the prior year to $16.3 million.
- Net cash provided by operating activities improved $5.1 million, driving incremental Free Cash Flow (see Table 2 in full release) of $10.3 million compared to the third quarter of 2018.
“I am pleased to report that Libbey delivered year-over-year, top-line growth during the third quarter, including a 3.5 percent increase to net sales in our core USC segment,” said Mike Bauer, chief executive officer of Libbey. “Our operating teams performed well across the network, and we executed on our stated strategy to reduce inventory. While reducing inventory creates a near-term, temporary headwind to gross profit margins and Adjusted EBITDA, more importantly, it also enabled $10.3 million of incremental Free Cash Flow.”
Bauer continued, “Our teams continue to make great progress leveraging Libbey’s market-leading position and competitive advantages to drive positive results in the face of continued headwinds resulting from soft market conditions in several of our key regions and channels. We remain committed to disciplined investment and spending while continuing to fund our strategic priorities. During the third quarter we demonstrated this by reducing SG&A expense by $2.4 million versus the prior year. Also, the organizational realignment announced at the end of August remains on track, and we expect to deliver approximately $9 to $11 million annual, pre-tax run-rate costs beginning in 2020.”
For the full release, please visit: https://investor.libbey.com/news-and-events/news/news-details/2019/Libbey-Inc-Announces-Third-Quarter-2019-Results/
