Libbey Inc. recently announced that its sales for the second quarter of 2011 were $214 million, compared to $203 million in the second quarter of 2010, an improvement of 5.4%. Libbey reported net income of $15.4 million for the quarter, compared to net income of $9.6 million in the prior-year quarter.
Sales in the Glass Operations segment were $194.5 million, an increase of 7.6% compared to $180.8 million in the second quarter of 2010. Primary contributors to the increased sales were a 58.5% increase in sales within the China sales region, a 28.6% increase in sales within the European sales region, and a 10.6% increase in sales within the International sales region. Sales to world tableware customers decreased 2.7% during the quarter, while sales to Syracuse China customers increased 16.8%.
Excluding special items of $4.9 million in income in the second quarter of 2011 and $1.9 million in expense in the 2010second quarter, Libbey had net income of $10.5 million during the second quarter of 2011, compared to net income of $11.5 million for the second quarter of 2010.
“We were pleased with the solid sales improvements we saw in the Glass Operations segment in the second quarter,” said John F. Meier, chairman and CEO. “Sales in China and Europe were particularly strong, and we were encouraged by the improved performance of the U.S. foodservice business in May and June. Adjusted EBITDA results were also solid, considering we had an all-time record adjusted EBITDA in the second quarter of 2010, and the second quarter of 2011 only included one month of results from Traex.”
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