Libbey’s Second Quarter Sales Down 2%; Glassware Sales Up
Libbey Inc. recently reported results for the second quarter ended June 30, 2012. Sales for the second quarter were $209.2 million, compared to $214.0 million for the second quarter of 2011, a decrease of 2.2%. Sales in the Glass Operations segment were $190.5 million, down 2% compared to $194.5 million in the second quarter of 2011. Sales performance was reportedly led by a 24.2% increase in sales within the company’s China sales region and a 5.9% increase in sales within the U.S. and Canada sales region. Sales within Mexico were down 12.9%.
Sales to U.S. and Canadian foodservice glassware customers increased by 5.1%. Glassware sales to U.S. and Canadian retail customers increased 7.2% during the second quarter of 2012, while sales to business-to-business customers in the U.S. and Canada increased 5.5%.
“We are encouraged by these results, driven by our efforts to increase productivity and control costs, as well as the solid sales growth we achieved in select markets,” said Stephanie A. Streeter, CEO. “Our sales were particularly strong in glass operations in the U.S. and Canada, and in China. On the other hand, sales were disappointing in Mexico and Europe. Despite this reasonably strong quarter, we have a lot of work to do to sustain performance and secure our future. The strategic plan we announced earlier this month will strengthen and build upon the efforts to improve our cost structure, leverage our advantaged businesses and strengthen our balance sheet.”
For additional information, visit www.libbey.com.