Multiple Factors Contribute to Flat Sales for Libbey in First Quarter
Libbey Inc. recently reported results for the first quarter, ended March 31, 2014. Sales for the first quarter were $181.6 million, compared to $183.5 million for the first quarter of 2013, a decrease of 1%. Gross profit for the first quarter was $32.3 million, vs. $42.2 million for the first quarter of 2013.
Sales in the Americas segment were $121.9 million, compared to $123.5 million in the first quarter of 2013, a 1.3% decrease. EMEA segment sales increased 0.5% to $34.4 million, compared to $34.2 million in the first quarter of 2013. Sales in U.S. Sourcing were $17.7 million in the first quarter of 2014, compared to $17.5 million in the prior-year quarter, as sales of World Tableware and Syracuse China flatware and dinnerware increased 1.4%.
“First quarter revenues were negatively impacted by the severe weather in much of the U.S. in January and February; however, we saw improving trends during March,” said Stephanie A. Streeter, CEO. “Higher energy costs, both in natural gas and electricity, packaging price increases and currency fluctuation, largely in the Americas, provided headwinds during the quarter. Our efforts over the last two years have strengthened our cost position considerably, and we are now focused on maintaining our hard-won margin increases and profitably growing our business.”
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