Libbey Fourth Quarter, Year-End Sales Flat
Libbey Inc. recently reported results for the full year and fourth quarter ended December 31, 2013. Sales for the fourth quarter were $221 million, an increase of 0.9% compared to $219.1 million for the fourth quarter of 2012.
Sales in the Americas segment were $154.1 million, compared to $156.3 million in the fourth quarter of 2012, a decrease of 1.4%. EMEA segment sales grew 8.2% to $38.7 million, compared to $35.8 million in the fourth quarter of 2012.
Sales for the full year 2013 were $818.8 million, down 0.8% compared to $825.3 million for 2012. Net income for 2013 grew to $28.5 million, compared to net income of $7 million during the full year 2012.
“Fourth quarter revenues were in line with our expectations and, along with the benefits of our much improved cost platform, allowed us to achieve a 25.9% increase in adjusted EBITDA, compared to the fourth quarter of 2012,” said Stephanie A. Streeter, CEO. “We remain on track with our longer-term goals, including increasing profitability, increasing cash generation and reducing leverage.”
For more information, visit www.libbey.com.