Libbey Inc. recently announced that its sales for the third quarter of 2010 were $200 million, compared to $186.9 million in the third quarter of 2009, an increase of 7%. The company reported net income of $2.3 million, or $0.12 per diluted share, for the third quarter ended September 30, 2010, compared to net income of $3.5 million, or $0.23 per diluted share, in the prior-year quarter. Excluding special items of $2.4 million, Libbey had net income of $4.7 million and diluted earnings per share of $0.23 for the third quarter of 2010.
“We were pleased with the solid sales improvements we saw in both the North American Glass and International segments in the third quarter, as well as quarterly year-over-year improvement in sales in North American Other for the first time in 2010,” said John F. Meier, chairman and CEO. “The higher sales, increased capacity utilization and the ongoing benefits of the cost reductions we have put in place have resulted in adjusted EBITDA of $86.2 million for the first nine months of 2010, which was a $25.2 million improvement in adjusted EBITDA, when compared to the first nine months of the prior year.”
For additional details, visit www.libbey.com