Libbey Starts 2015 With Postive Growth in Sales and Profits

by | Apr 30, 2015 | Journal

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Libbey Inc. one of the largest glass tableware manufacturers in the world, today reported results for the first quarter-ended March 31, 2015.

First Quarter Financial Highlights

  • Net sales for the first quarter were $187.4 million, compared to $181.6 million for the first quarter of 2014, an increase of 3.2 percent (8.4 percent excluding currency fluctuation).
  • Net income for the first quarter was $3.1 million, compared to a net loss of $3.4 million in the prior-year first quarter.  Adjusted net income (see Table 1) for the first quarter was $3.6 million, compared to the $2.5 million adjusted net income recorded in the first quarter of 2014.
  • Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) (see Table 2) for the quarter were $19.7 million, compared to$20.0 million in the prior-year quarter.
  • In the first quarter of 2015, Libbey repurchased 259,405 shares at an average price of $35.25 and paid its first quarterly dividend since 2008. The $0.11per share dividend represents the largest dividend paid in Company history.
  • The Company reiterates expectations to generate sales growth of approximately 5 to 6 percent on a constant currency basis, and Adjusted EBITDA margins of approximately 15 percent in fiscal year 2015, as the Company executes its growth strategy while investing in its commercial brands and capabilities.

“The trends observed in our business during the first quarter were in line with our expectations and give us confidence that we will continue to have success executing against our Own the Moment strategy in fiscal year 2015,” said Stephanie A. Streeter, chief executive officer of Libbey Inc. “We believe that the competitive environment is beginning to show signs of stability and are very pleased that the combined strength of Libbey’s brands and balance sheet has positioned us to continue to expand market share. While much progress has been made, we remain aggressively focused on our efforts to strengthen the Company by continuing to make smart investments in people, products, and processes for the future.”

To learn more, go here:
http://investorrelations.libbey.com/phoenix.zhtml?c=64169&p=irol-newsArticle&ID=2042218


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