Ceramic Industry News

Libbey Announces Third Quarter Results (posted 11/8/07)

November 8, 2007
/ Print / Reprints /
ShareMore
/ Text Size+

Libbey Inc. recently announced that its third quarter 2007 sales increased 10.5% to $202.4 million from $183.3 million in the third quarter of 2006. Libbey reported net income of $0.4 million, or $0.03 per diluted share, for the third quarter ended September 30, 2007, compared to a net loss of $3.3 million, or a loss of $0.23 per diluted share, in the prior year quarter.

The increase in sales was broad-based and included a 27.3% increase in International sales, as shipments to Royal Leerdam and Crisal glassware customers increased more than 14% and Libbey China had a full quarter of shipments. In addition, North American Glass sales increased 7.6%, benefiting from more than a 9% increase in shipments to U.S. and Canadian foodservice and retail glassware customers. Shipments of Crisa glassware were up over 5%. North American Other sales increased 5.7% on the strength of increases of more than 7% in shipments of World Tableware and Traex products.

The company reported income from operations of $14.7 million during the quarter, compared to income from operations of $10.8 million in the year-ago quarter. Factors contributing to the increase in income from operations were higher sales and related margins, savings from the capacity realignment at Crisa and higher production activity. Partially offsetting these improvements was $1.0 million in increased natural gas costs.

For the nine months ended September 30, 2007, sales increased 23.7% to $589.0 million from $476.1 million in the year-ago period. The increase in sales was primarily attributable to the consolidation of the sales of Crisa, a 17% increase in sales to export customers outside of North America and increases of more than 5% in shipments to U.S. and Canadian foodservice and retail glassware customers resulting in 28.7% growth in North American Glass. International sales grew 26.5% as sales for the first nine months of 2007 included Libbey China shipments, and sales to Royal Leerdam customers and Crisal customers each increased over 19% compared to the first nine months of 2006. North American Other sales increased 4.7% on the strength of higher sales of World Tableware products.

For additional details, as well as an archive of a recent conference call discussing these results, visit www.libbey.com.

Links

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

April 2014 Issue Highlights

Our April 2014 issue is now available!

Podcasts

Sapphire: An Extreme Performer

Ian Doggett of Goodfellow and CI Editor Susan Sutton discuss the benefits and opportunities provided by industrial sapphire.

More Podcasts

Ceramic Industry Magazine

CI July 2014

2014 July

Our annual Data Book & Buyers' Guide is your best resource for suppliers of materials and equipment for the ceramic, glass, brick and related industries. Check it out!

Table Of Contents Subscribe

THE CERAMIC INDUSTRY STORE

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

Directories

CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px