Libbey Inc. recently reported results for the second quarter ended June 30, 2015. Net sales for the second quarter were $214.1 million, compared to $223.5 million for the second quarter of 2014, a decrease of 4.2% (an increase of 1.4% excluding currency fluctuation).

Net income for the second quarter of 2015 was $14.4 million, compared to a net loss of $25.2 million in the prior-year second quarter. Net income during the second quarter of 2014 included a $47.2 million charge for the retirement of debt during the period. Adjusted net income for the second quarter of 2015 was $17.1 million, compared to $22.6 million recorded in the second quarter of 2014. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) for the second quarter of 2015 were $34.5 million, compared to $41.0 million in the prior-year quarter.

“While net sales growth of 1.4% on a constant currency basis was below our expectations for the quarter, we continued to see strong growth of 6.5% in our core foodservice business,” said Stephanie A. Streeter, CEO. “This is the fourth consecutive quarter in which foodservice traffic was down, yet Libbey has been able to outperform the industry in each quarter by leveraging our financial strength and successful execution of proactive growth strategies. In the second quarter, however, a handful of unanticipated costs and a more inconsistent global backdrop than expected affected our overall results. While these results are disappointing, they have not caused us to revise our outlook for the remainder of 2015. As we look forward, we believe that our strategic growth investments across the business are starting to gain traction and should support our performance in the second half of the year. As a result, we reaffirm our expectations, albeit at the low end of the range, of top-line growth of 5-6% on a constant currency basis for the full-year 2015 and adjusted EBITDA margins of approximately 15%.”

Net sales in the Americas segment were $149.5 million, compared to $154.5 million in the second quarter of 2014, a decrease of 3.2% (or an increase of 0.3% excluding currency impact). The reduction in net sales was primarily in the retail and business-to-business channels in Latin America, partially offset by increases in the foodservice channel.

Net sales in the EMEA segment decreased 18.3% (or an increase of 0.2% excluding currency impact) to $32.1 million, compared to $39.3 million in the second quarter of 2014. Net sales in the U.S. Sourcing segment were $22.6 million in the second quarter of 2015, compared to $21.4 million in the prior-year quarter, an increase of 5.4%. Net sales in the Other segment in the Asia-Pacific region were $9.9 million in the second quarter of 2015, compared to $8.4 million in the comparable period last year, an 18.2% increase in sales (18.4% excluding currency impact). 

Net sales for the first six months of 2015 were $401.4 million, compared to $405.1 million for the first half of 2014, a decrease of 0.9% (or an increase of 4.5% excluding currency fluctuation). Net income for the first six months of 2015 was $17.5 million, compared to a net loss of $28.6 million during the first half of 2014. Net income for the first six months of 2014 included a $47.2 million charge for the retirement of debt during the period. Adjusted net income for the first six months of 2015 was $20.7 million, compared to $25.1 million recorded in the first six months of 2014. 

For the first half of 2015, sales in the Americas segment were $277.9 million, compared to $276.4 million in the first six months of 2014, an increase of 0.5% (or 3.7% excluding currency fluctuation). Sales performance was led by a 5.3% increase in sales within the United States and Canada region, partially offset by an 8.9% decrease in the Latin America region (or 0.2% increase excluding currency impact). 

Sales in the EMEA segment decreased 17.8% (or flat excluding currency impact) to $60.6 million, compared to $73.7 million in the first half of 2014. Sales in the U.S. Sourcing segment increased 12.3% to $44.0 million, compared to $39.1 million in the first half of 2014. Sales in the Other segment were $19.0 million in the first six months of 2015, compared to $15.9 million in the prior-year period. This increase was the result of a 19.4% increase in sales (20.5% excluding currency impact) in the Asia-Pacific region. 

 Additional details are available at www.libbey.com.