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Libbey, Dana report stronger earnings for first quarter

Two prominent Toledo companies yesterday reported improved earnings for the first quarter compared to a year ago.

Libbey Inc., a Toledo glass and tableware manufacturer, reported first-quarter profit of $55.4 million, or $2.76 a share, compared with a loss of $27.9 million, or $1.89 a share, during the same period a year ago.

The company said it had sales of $173.9 million, up 10 percent from the same period a year ago.

It said it reduced its debt by $63.2 million to $441 million, and had sales increase by double digits in North America and overseas, with the strongest growth taking place in Mexico and its international markets.

Meanwhile, Dana Holding Corp. reported a first quarter loss of $31 million, or 28 cents a share, substantially improved from the loss of $157 million, or $1.64 a share, for the same period a year ago.

The Maumee auto parts supplier said it had sales of $1.5 billion for the quarter ended March 31, up 25 percent from the $1.2 billion in sales it reported during the same period of 2009.

For Dana, the results marked the first time since emerging from bankruptcy Jan. 31, 2008, that the company reported its cash-on-hand exceeded its total debt.

At the end of March, the multinational company had more than $1 billion in total cash, and had reduced its debt by $62 million to $941 million.

- Larry P. Vellequette

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