Cost reductions boost Libbey profits

7/30/2013

Libbey Inc. swung to a $12.4 million second quarter profit this year after losing $10.1 million in 2012.

On a per-share basis, Libbey earned 57 cents in the quarter, compared with a loss of 49 cents per share last year.

Sales were nearly flat year-over-year at $209.9 million.

In a statement, Libbey Chief Executive Officer Stephanie Streeter said the company's continued success in cost reductions was key to its positive performance. 

Libby has now posted six consecutive quarters of year-over-year improvement.