Despite Exchange Rate Hits, Libbey Inc. 'Pleased' With Q3 Results
Thursday October 25th, 2012 - 10:08AM
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Libbey Inc. reported sales for the third quarter were $209.2 million versus $207.2 million for the third quarter of 2011, an increase of 0.9%. However, with the effects of currency exchange rate fluctuation excluded, sales gained 3.9%, the company reported.
Sales in its glass operations segment were $189.9 million versus $190.8 million in the third quarter of 2011, a decrease of 0.5%. However, sales increased by 2.7% excluding currency fluctuations. A 13% sales increase in its China sales region, 11.4% excluding currency impact, drove revenues along with a 9% increase in its Mexico sales region, 14.8% excluding currency impact.
Libbey's income from operations grew 32.4% compared to the third quarter of 2011. With the gain, Libbey reached an all-time third quarter sales record of $24.3 million, the company asserted. Adjusted EBITDA increased 6.2% to a record for the third quarter of $38 million versus the period last year, according to the company.
"We are pleased with this quarter's results, driven in large part by the increased focus on driving down costs and defending and growing our key markets, the core of our recently announced strategic plan. These cost improvements, coupled with notable sales growth in China and Mexico, led to exceptionally strong adjusted EBITDA, resulting in record third quarter results," said Stephanie Streeter, CEO of Libbey Inc.
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