Loading…
Saturday, August 23, 2014
Current Weather
Loading Current Weather....
HomeNewsLocal
Published: Wednesday, 8/1/2007

Libbey swings to quarterly gain

Libbey Inc. swung to a profit in the second quarter on stronger sales of glasses and tableware in North America and foreign markets.

The Toledo firm, which supplies homes, restaurants, and institutions, made $4 million, or 27 cents a share, in the period ended June 30.

That compared with a loss of $9.6 million, or 68 cents a share, for the same period last year.

Sales rose 31 percent to $207 million from $158 million in the prior-year period.

We experienced healthy increases in food service, retail, and industrial glassware shipments during the quarter, John Meier, chief executive officer, said in a written statement.

Operating results improved to a gain of $21 million from a loss of $4 million a year ago, giving Libbey its best operating margins in three years.

As a result of the strong performance, Libbey officials boosted the profit forecast for the full year, predicting $103 million to $109 million, before certain expenses, on sales of about $800 million.

Libbey shares rose $1.10, or 6 percent, to $19.95 in trading on the New York Stock Exchange.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.






Poll