Net sales were $213.5 million, compared to $197.5 million in the prior-year period, an 8.1 percent increase (or an increase of 7.0 percent, excluding a $2.3 million currency impact). Net income was $4.0 million, compared to a net loss of $0.8 million in the second quarter of 2017. Adjusted EBITDA (see Table 1) was $26.8 million, compared to $20.2 million in the second quarter of 2017, a 32.7 percent increase compared to the prior-year period.
New products, defined as products introduced within the previous 36 months, contributed $13.3 million in sales, or 6.2 percent of total net sales, during the second quarter. E-commerce platform sales were approximately 12.6 percent of total U.S. and Canada retail sales.
“For the second quarter of 2018, we were pleased to deliver results that exceeded our internal expectations and reflected the strong momentum we are building this year,” said Chief Executive Officer William Foley. “Net sales improved in all of our geographic regions with the exception of Asia Pacific, and we continued to experience strong contributions from new product introductions as well as our e-commerce platform. The strength of our competitive position, our new product offerings and our ability to service customers are enabling us to continue to improve our performance. We remain confident that the strategies we are implementing are the right decisions to drive profitable growth and long-term improvements in our financial performance.”
The entire press release is here: https://investor.libbey.com/news-and-events/news/news-details/2018/Libbey-Inc-Announces-Second-Quarter-Results/default.aspx
For more information on Libbey’s financial results or the wide range of products they offer in the hospitality industry go here: https://libbey.com/
