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Published: Wednesday, 10/20/2010

Glassware maker Libbey records higher sales, lower profit

BLADE STAFF
Libbey Chairman John Meier speaks at a May 2009 shareholders meeting. Libbey Chairman John Meier speaks at a May 2009 shareholders meeting.
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Toledo table-glass manufacturer Libbey Inc. Wednesday said it had a 7 percent increase in third-quarter sales, buoyed by hefty increases in China and Mexico, but its profit dropped.

In an announcement before the stock market opened, the company said it had sales for the July through September period of $200 million, up from $187 million a year earlier. It said it had sales increases of 27 percent in China, 15 percent in Mexico, and 5 percent in the United States and Canada.

It reported a profit of $2.3 million, or 12 cents a share, for the quarter, compared with a profit of $3.5 million, or 23 cents a share, for the same period last year. Affecting the earnings, the firm said, was a write-down of equipment assets at the firm's Shreveport, La., plant and fees related to a stock offering for which no proceeds were received.

Strong orders in the third quarter for products to made in the fourth quarter "will contribute to a solid finish to 2010," said Chairman and Chief Executive John Meier in a statement.



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