Libbey Inc., one of the world’s largest glass tableware manufacturers, today reported results for the first quarter ended March 31, 2019.
First-quarter 2019 Financial & Operating Highlights
Net sales were $175.0 million, compared to $181.9 million in the prior-year period, a 3.8 percent decrease (or a decrease of 2.1 percent, excluding a $3.2 million currency impact).
Gross profit was $34.0 million, or 19.4 percent of net sales compared to $33.7 million or 18.5 percent of net sales in the first quarter of the prior year.
Net loss was $4.5 million, compared to a net loss of $3.0 million in the first quarter of 2018. Adjusted EBITDA was $9.7 million, compared to $11.9 million in the first quarter of 2018.
E-commerce sales were approximately 13 percent of total U.S. & Canada retail sales, an increase of approximately 39 percent compared to the first quarter of 2018.
Mike Bauer continued, “In my first full month at Libbey, I’ve been busy meeting with employees and customers. While I still have plenty of ground to cover, I’ve been impressed with the drive and engagement of our talented team and with the customers who rely on our services and solutions. Libbey has a rich and storied history in the tabletop business supported by strong product innovation and an unwavering commitment to customer service, which is as important as ever in today’s world. The investments we’ve made in customer service, e-commerce, new products and ERP are paying dividends and position us well to further leverage and expand our leading market position. Going forward, we will become an even stronger partner for our customers as we continue to build new and innovative products and programs to meet the needs of their businesses and end users. We will remain disciplined and committed to driving efficiencies throughout the organization, while we improve our focus on cash generation in 2019 and beyond.”
For more information, go here: https://libbey.com/
