Ceramic Industry News

Libbey Reports Strong Second Quarter Results

August 4, 2010
/ Print / Reprints /
ShareMore
/ Text Size+

Libbey Inc. announced second quarter 2010 sales of $203.0 million, compared to $195.8 million in the second quarter of 2009, an improvement of 3.7%. Net income was $9.6 million, or $0.47 per diluted share, for the second quarter ended June 30, compared to net income of $2.7 million, or $0.18 per diluted share, in the prior-year quarter. Excluding special items of $1.9 million in expense, Libbey achieved net income of $11.5 million and diluted earnings per share of $0.56 for the second quarter of 2010. The special items in the second quarter of 2010 included a write-down of certain after-processing equipment within the company’s International segment.

For the 2010 second quarter, sales were $203.0 million, compared to $195.8 million in the prior year’s quarter. Sales in the North American Glass segment were $146.4 million, an increase of 6.3%, compared to $137.7 million in the second quarter of 2009. Primary contributors to the increased sales included a 29.2% increase in sales of Crisa products and a 13.5% increase in sales to U.S. and Canadian retail customers, compared to the prior-year quarter. Sales to U.S. and Canadian foodservice glassware customers decreased approximately 3.4%, as restaurant traffic continues to fluctuate from week to week. North American Other sales were $23.2 million, compared to $24.3 million in the prior-year quarter, as sales of Syracuse China products were off 22.1%, primarily due to the closure of the Syracuse China facility during the second quarter of 2009 and the decision to reduce the Syracuse China product offering. Sales of Traex products were lower by 3.1% compared to the 2009 second quarter. These decreases were partially offset by sales to World Tableware customers, which increased 5.2% during the quarter. International segment sales increased 6.8% (sales growth, excluding the impact of currency, was 13.4% during the quarter) to $36.9 million, compared to $34.5 million in the year-ago quarter. The increase in International sales was led by a 13.8% increase in sales to Royal Leerdam customers, an increase of 13.6% in sales at Libbey China and a 3.3% sales growth at Crisal in Portugal.

The company reported income from operations of $23.2 million during the quarter, compared to income from operations of $11.5 million in the prior year’s quarter. Income from operations, excluding special items, was $25.1 million in the second quarter of 2010, compared to $12 million during the second quarter of 2009. Factors contributing to the income from operations improvement (both including and excluding special items) included higher sales and higher capacity utilization, partially offset by higher selling, general, and administrative expenses.

For additional details, visit www.libbey.com.

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

June 2014 Issue Highlights

Our June 2014 issue is now available!

Podcasts

Manufacturing Day 2014

Manufacturing Day organizers share their insights with Managing Editor Kelsey Seidler.

More Podcasts

Ceramic Industry Magazine

CI September 2014 cover

2014 September

You won't want to miss the CI Top 10, traditionally our most popular article of the year!

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