Libbey’s First Quarter Net Income Increases Despite Sales Dip
Libbey Inc. recently announced 2013 first quarter financial results. Sales for the quarter were $183.5 million, compared to $187.8 million for the first quarter of 2012, a decrease of 2.3%. Net income rose from $0.6 million in the previous year’s first quarter to $2 million.
Sales in the Americas segment were $123.5 million, compared to $129.7 million in the first quarter of 2012, a decrease of 4.7%. Sales performance was reportedly led by a 4.5% increase in sales within the Mexican and Latin American end market. Sales in the EMEA segment increased 11.2%, from $30.8 million in the first quarter of 2012 to $34.2 million. Other sales was $25.7 million, compared to $27.4 million in the prior-year quarter.
“Overall, we are pleased with this quarter’s results,” said Stephanie A. Streeter, CEO. “While disappointed with a sales decline in the U.S. and Canada, we are very encouraged by our significant sales increase in Mexico and Latin America.”
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