Libbey Sees Third Quarter Sales Growth in China and Mexico
Libbey Inc. recently reported results for the third quarter, ended September 30, 2012. Sales for the quarter were $209.2 million, an increase of 0.9% compared to $207.2 million for the third quarter of 2011. Third quarter sales in the Glass Operations segment were $189.9 million, down 0.5% compared to $190.8 million in the same period of 2011. Sales performance was reportedly led by a 13% increase in sales within the China sales region and a 9% increase within the Mexico sales region.
Sales for the first nine months of 2012 were $606.2 million, up 0.7% compared to $602.3 million for the first nine months of 2011. Sales in the Glass Operations segment were $551.7 million, an increase of 0.8% compared to $547.4 million in the first nine months of 2011.
“We are pleased with this quarter’s results, driven in large part by the increased focus on driving down costs and defending and growing our key markets, the core of our recently announced strategic plan,” said Stephanie A. Streeter, CEO. “These cost improvements, coupled with notable sales growth in China and Mexico, led to exceptionally strong Adjusted EBITDA, resulting in record third quarter results.”
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