Libbey Inc., one of the world’s largest glass tableware manufacturers, has reported results for the fourth quarter and the full-year period ended December 31, 2019.
Fourth-quarter 2019 Financial & Operating Highlights
Net sales were $208.9 million, a decrease of 1.3 percent, or a decrease of 1.1 percent in constant currency versus the prior-year period.
Net loss was ($17.3) million, compared to net loss of ($4.0) million in the fourth quarter of 2018. Net loss in the fourth quarter of 2019 was affected by a $18.3 million non-cash impairment of long-lived assets in their EMEA segment.
Adjusted Income from Operations increased 42.8 percent versus the prior year to $11.5 million.
Adjusted EBITDA increased 17.3 percent and Adjusted EBITDA margin expanded 140 bps versus the prior year to $19.0 million.
Net cash provided by operating activities improved $21.5 million, driving Free Cash Flow to $46.5 million in the fourth quarter of 2019.
“I’m pleased to report Libbey delivered solid fourth-quarter results, as our focus on operating performance and disciplined investment continues to drive improved gross margins and cash flow,” said Mike Bauer, chief executive officer of Libbey. “Our teams continue to demonstrate the ability to execute well in a challenging market that was further impacted by a shortened holiday season in Q4 2019. Despite these headwinds we delivered growth in our core USC segment, including meaningful gains in the foodservice channel.”
Bauer continued, “I’m proud of the organization’s ability to navigate the challenging environment to deliver results that significantly outpaced last year’s fourth quarter and full-year performance. Adjusted EBITDA for the quarter grew 17 percent versus the prior year and Free Cash Flow increased $27 million. As we look ahead to 2020, we plan to carry the momentum built in the second half of the year and capture the benefits of not only our strategic realignment and cost savings efforts, but also further leverage our competitive advantages and leading market position to deliver growth and improved performance.”
Full-year 2019 Financial & Operating Highlights
Net sales were $782.4 million, a decrease of 1.9 percent, or a decrease of 0.9 percent in constant currency versus the prior year.
Net loss was ($69.0) million, compared to net loss of ($8.0) million in 2018. Included in 2019 net loss are $65.2 million of non-cash asset impairment charges in our Latin America and EMEA segments.
Adjusted Income from Operations increased 19.7 percent versus the prior year to $35.2 million.
Adjusted EBITDA was $70.3 million, in line with prior year. Net cash provided by operating activities improved $26.6 million, driving incremental Free Cash Flow of $40.5 million compared to full-year 2018.
For more information, visit: https://investor.libbey.com/news-and-events/news/news-details/2020/Libbey-Inc-Announces-Fourth-Quarter-And-Full-Year-2019-Financial-Results-And-Provides-2020-Annual-Outlook/default.aspx
