Libbey Sees Record Income in Second Quarter
Libbey Inc. recently reported results for the second quarter, ended June 30, 2013. Sales for the second quarter were $209.9 million, compared to $209.2 million for the second quarter of 2012, an increase of 0.3%.
Net income grew to $12.4 million from a loss of $10.1 million in the second quarter of 2012. Adjusted income from operations was $31.5 million, an increase of 8.6% from $29 million in the same quarter last year and reportedly increasing to an all-time record for any quarter in company history.
“While lower sales in the high-volume retail and business-to-business channels of distribution in the U.S. and Canada contributed to overall flat sales for the quarter, we are very encouraged by sales increases in our other end markets, including EMEA, Asia Pacific, and Mexico and Latin America,” said Stephanie A. Streeter, CEO. “The key component of our story, however, is our continued success in cost reductions, which resulted in record adjusted income from operations and adjusted EBITDA. This performance is even more notable, given that we had a significant amount of underutilized capacity throughout the Americas during the quarter related to the planned realignment of our production.”
For additional information, visit www.libbeyinc.com.