“Competitive pressures and challenging market conditions, as well as a handful of unusual weather-related events and natural disasters, hindered our performance during the quarter. However, the improvements we expected to drive performance in the second half, such as improved profitability in EMEA and the launch of our e-commerce capabilities, began to materialize in the third quarter, and we look for them to contribute to a stronger fourth quarter. Teams across our business are actively working to leverage our e-commerce capabilities and new product offerings to return the Company to profitable growth,” said Chief Executive Officer William Foley.
Foley continued, “The execution of our EMEA strategy helped drive sales and profitability improvement in the segment during the third quarter. Looking to the fourth quarter, we are anticipating year-over-year revenue growth, with growing sales contributions coming from the combined impact of new products as well as our new e-commerce platform. We expect these positive trends to continue into 2018, along with sustained improvement in the performance of our manufacturing operations.”
Overall, Libbey had quarterly net sales of $187.3 million, down 4.8 percent versus prior year and a net loss of $(78.8) million, down $81.7 million versus prior year, driven by a $79.7 million non-cash goodwill impairment charge associated with the Latin American segment.
Libbey reported North American foodservice sales declined 6.3%.
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