Libbey Inc. recently reported results for the third quarter, which ended September 30, 2016. Net sales for the third quarter of 2016 were $196.9 million, compared to $201.8 million in the third quarter of 2015, a decrease of 2.4% (or 0.5% in constant currency). Net income for the third quarter of 2016 was $2.9 million, compared to net income of $16.7 million in the prior-year’s third quarter. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the third quarter of 2016 was $24.7 million, compared to $30.9 million in the third quarter of 2015.

“Third quarter results were seasonably lower, consistent with the expectations we provided last quarter, as challenging market conditions persisted across our various sales channels and end markets,” said William A. Foley, chairman and CEO. “Despite continued softening in the foodservice channel, we were able to deliver our 14th consecutive quarter of foodservice unit volume growth, even with a more pronounced decline in restaurant traffic during the quarter. We are continuing to implement proactive improvements to our business in order to position the company for long-term growth and performance. We are also beginning to see positive impacts from recent new product and sales initiatives. We reconfirm our full-year 2016 guidance of net sales down 1-2% year over year on a reported basis and adjusted EBITDA margin of approximately 14%.”

Net sales in the U.S. and Canada segment were $119.3 million, compared to $120.6 million in the third quarter of 2015, a decrease of 1%. Strength in business-to-business net sales during the quarter, which grew 12.1% vs. last year, was offset by net sales declines of 7.7% in the retail channel and 1.5% in the foodservice channel. Net sales in the Latin America segment were $40.1 million, compared to $42.4 million in the third quarter 2015, a decrease of 5.2% (or an increase of 3.1% excluding currency impact). Strong net sales growth in the retail channel of 11.1% (or 22.5% when adjusted for currency) was primarily offset by weakness in business-to-business net sales.

Net sales in the Middle East-Africa segment were $30.1 million, compared to $30.6 million in the third quarter of 2015, a decrease of 1.4% (or 1.6% excluding currency impact). Softness in the business-to-business channel offset growth in the retail and foodservice channels. Net sales in Asia-Pacific were $7.2 million in the third quarter of 2016, compared to $8.2 million in the comparable prior-year quarter, reflecting a decrease of 12.2% (or 7.3% excluding currency impact).

Net sales for the first nine months of 2016 were $587.6 million, compared to $603.2 million for the first nine months of 2015, a decrease of 2.6% (or 0.2% when adjusted for currency). Net income for the first nine months of 2016 was $12.3 million, compared to $34.2 million during the first nine months of 2015. Adjusted EBITDA was $87 million for the first nine months of 2016, compared to $85.2 million for the first nine months of 2015.

Net sales in the U.S. and Canada segment were $358.6 million for the first nine months of 2016, compared to $358 million in the first nine months of 2015, an increase of 0.2%. Foodservice channel growth of 3.7% and business-to-business channel growth of 1.5% were partially offset by a 7.2% decline in the retail channel. Net sales in the Latin America segment were $115 million, compared to $126.8 million in the first nine months of 2015, a decrease of 9.3% (or an increase of 0.6% in constant currency), primarily due to weakness in the business-to-business channel. Retail sales in the first nine months of 2016 increased 0.4% vs. the prior-year period (or 13% when adjusted for currency).

Net sales in the Middle East-Africa segment decreased 3.5% (or 3.6% excluding currency impact) to $88 million, compared to $91.2 million in the first nine months of 2015. The decrease was primarily the result of weakness in the business-to-business channel. Net sales in Asia-Pacific were $25.9 million in the first nine months of 2016, compared to $27.2 million in the comparable prior-year period, reflecting a decrease of 4.6% (or an increase of 0.9% in constant currency).

For more information, visit www.libbey.com.