Sales for Libbey’s Glass Operations Rise Nearly 6%
Libbey Inc. recently reported sales for the first quarter of $187.8 million, an increase of 3.8% compared to $181 million for the first quarter 2011. Sales in the Glass Operations segment were $171.3 million, up 5.7% compared to $162.1 million in the first quarter of 2011. A primary contributor was a 69% increase in sales within the company’s China sales region. Net income of $0.6 million was reported for the first quarter, compared to a net loss of $1 million in the previous year’s first quarter.
“We are pleased with these results, driven by higher sales,” said Stephanie A. Streeter, CEO. “Excluding currency impact, each sales region showed improvement, led by an exceptionally strong quarter in China and Mexico. Our ongoing success depends on a continued focus on improving our cost structure, leveraging our high-growth overseas markets and strengthening our balance sheet. When combined with our ongoing productivity enhancement efforts, strong customer relationships and stable, leading market share, we believe we are well-positioned to achieve ongoing financial and operational performance improvements.”
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