Ceramic Industry News

Libbey Reports Strong Second Quarter Results

Libbey Inc. announced second quarter 2010 sales of $203.0 million, compared to $195.8 million in the second quarter of 2009, an improvement of 3.7%. Net income was $9.6 million, or $0.47 per diluted share, for the second quarter ended June 30, compared to net income of $2.7 million, or $0.18 per diluted share, in the prior-year quarter. Excluding special items of $1.9 million in expense, Libbey achieved net income of $11.5 million and diluted earnings per share of $0.56 for the second quarter of 2010. The special items in the second quarter of 2010 included a write-down of certain after-processing equipment within the company’s International segment.

For the 2010 second quarter, sales were $203.0 million, compared to $195.8 million in the prior year’s quarter. Sales in the North American Glass segment were $146.4 million, an increase of 6.3%, compared to $137.7 million in the second quarter of 2009. Primary contributors to the increased sales included a 29.2% increase in sales of Crisa products and a 13.5% increase in sales to U.S. and Canadian retail customers, compared to the prior-year quarter. Sales to U.S. and Canadian foodservice glassware customers decreased approximately 3.4%, as restaurant traffic continues to fluctuate from week to week. North American Other sales were $23.2 million, compared to $24.3 million in the prior-year quarter, as sales of Syracuse China products were off 22.1%, primarily due to the closure of the Syracuse China facility during the second quarter of 2009 and the decision to reduce the Syracuse China product offering. Sales of Traex products were lower by 3.1% compared to the 2009 second quarter. These decreases were partially offset by sales to World Tableware customers, which increased 5.2% during the quarter. International segment sales increased 6.8% (sales growth, excluding the impact of currency, was 13.4% during the quarter) to $36.9 million, compared to $34.5 million in the year-ago quarter. The increase in International sales was led by a 13.8% increase in sales to Royal Leerdam customers, an increase of 13.6% in sales at Libbey China and a 3.3% sales growth at Crisal in Portugal.

The company reported income from operations of $23.2 million during the quarter, compared to income from operations of $11.5 million in the prior year’s quarter. Income from operations, excluding special items, was $25.1 million in the second quarter of 2010, compared to $12 million during the second quarter of 2009. Factors contributing to the income from operations improvement (both including and excluding special items) included higher sales and higher capacity utilization, partially offset by higher selling, general, and administrative expenses.

For additional details, visit www.libbey.com.

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