Libbey Annual Net Sales up 2%
Libbey recently released financial results for the fourth quarter ended December 31, 2011. Sales were $214.8 million, compared to $222.8 million in the previous year’s fourth quarter. Sales in the Glass Operations segment were $199.2 million, down 1.1% compared to $201.4 million in the fourth quarter of 2010. Glassware sales to U.S. and Canadian retail customers were flat during the fourth quarter of 2011, while glassware sales to U.S. and Canadian business-to-business customers were down 21% during the quarter.
For the year ended December 31, 2011, sales were $817.1 million, up 2.2% compared to $799.8 million in the previous year. Glass Operations segment sales were $746.6 million, an increase of 4% (2.6%, excluding the impact of currency), compared to $717.6 million in 2010. Primary contributors to the increased sales were a 56.3% increase in sales within the China sales region (a 49.3% increase, excluding currency impact); an 8.3% increase in sales within its European sales region (3%, excluding the impact of currency); and a 6.8% increase in sales within the International sales region, compared to full-year 2010 sales.
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