Libbey Inc. posts higher Q1 profits

Increase comes despite drop in net sales.


Libbey Inc. posted higher first quarter profits this year in spite of a drop in net sales, something company officials attribute to successful cost cutting.

Libbey said today it earned $2 million in the quarter, compared with $641,000 last year. On a per-share basis, Libbey earned 9 cents in the first quarter, compared with 3 cents in last year's first quarter.

Sales fell about 2 percent to $183 million.