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01.08.2017 13:45
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PR Newswire
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Libbey Inc. Announces Second Quarter Results
Ein Arzt berät einen Patienten (Symbolbild).
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PR Newswire
TOLEDO, Ohio, Aug. 1, 2017
TOLEDO, Ohio, Aug. 1, 2017 /PRNewswire/ -- Libbey Inc. (NYSE American: LBY), one of the largest glass tableware manufacturers in the world, today reported results for the second quarter ended June 30, 2017.
Business Highlights
- Net sales $197.5 million, down 5.0 percent versus prior year, or down 4.1 percent in constant currency
- Net loss of $0.8 million, down $9.5 million versus prior year
- Adjusted EBITDA (Table 1) $20.2 million, compared to $40.6 million in the second quarter of the prior year
"Second quarter sales results were in line with our expectations, as an intensely competitive pricing environment continues to linger on a global basis," said Chairman and Chief Executive Officer William Foley. "We remain confident that we are taking the appropriate measures to improve the long-term performance of our business. We're seeing indications that certain pricing initiatives we implemented last quarter are taking hold, and that our new product initiatives are beginning to gain traction in the marketplace. We're also very pleased that our new e-commerce platform launched on time and on budget in mid-July."
Foley concluded, "As we look to the second half of the year, we believe that the strategic initiatives we've been focused on over the last year will start to contribute and alleviate some of the short-term competitive pressures in our market. We remain the strongest, most innovative glass tableware company in the world, and we look forward to a better second half compared to the prior-year period, supported by improved profitability in EMEA as a result of our furnace realignment activities, improved operating performance and cost reductions, and sales contributions from new products and e-commerce."
Second Quarter Financial & Operating Highlights
| Three months ended June 30, (dollars in thousands) | | Net Sales | | Increase/(Decrease) | | Currency Effects | | Constant Currency Sales Growth (Decline) | ||||||||||||||
| | 2017 | | 2016 | | $ Change | | % Change | | | |||||||||||||
| U.S. & Canada | | $ | 121,871 | | $ | 125,061 | | $ | (3,190) | | (2.6)% | | $ | 762 | | (3.2)% | ||||||
| Latin America | | 36,503 | | 40,619 | | (4,116) | | (10.1)% | | (731) | | (8.3)% | ||||||||||
| EMEA | | 31,054 | | 32,709 | | | (1,655) | | (5.1)% | | (1,877) | | 0.7% | |||||||||
| Other | | 8,086 | | 9,513 | | (1,427) | | (15.0)% | | | (36) | | (14.6)% | |||||||||
| Consolidated | | $ | 197,514 | | $ | 207,902 | | $ | (10,388) | | (5.0)% | | $ | (1,882) | | (4.1)% | ||||||
- Net sales in the U.S. and Canada segment were lower due to softer sales in the retail and business-to-business channels, which were down approximately 10 percent and 2 percent, respectively. U.S. and Canada foodservice net sales were flat versus prior year, despite volume increases in the channel.
- In Latin America, net sales declined as a result of lower net sales across all channels, primarily due to lower volume in the retail channel. Decreased volume in the business-to-business channel was offset by favorable price and mix.
- Net sales in the EMEA segment decreased primarily as a result of unfavorable currency.
- Net sales in Other were down as a result of softer sales in China.
- The Company's effective tax rate was 163.0 percent for the second quarter of 2017, compared to 43.5 percent in the year-ago period. The change in the effective tax rate was driven by several items, including lower pretax income, the timing and mix of pretax income earned in tax jurisdictions with varying tax rates, and the impact of foreign exchange losses compared to gains in the prior period.
First Six Months of 2017 Financial & Operating Highlights
| Six months ended June 30, | | | | Increase/(Decrease) | | Currency Effects | | Constant | ||||||||||||||
| (dollars in thousands) | | 2017 | | 2016 | | $ Change | | % Change | | | ||||||||||||
| U.S. & Canada | | $ | 231,200 | | $ | 237,113 | | $ | (5,913) | | (2.5)% | | $ | 1,302 | | (3.0)% | ||||||
| Latin America | | 67,225 | | 74,822 | | (7,597) | | (10.2)% | | (3,461) | | (5.5)% | ||||||||||
| EMEA | | 56,385 | | 60,569 | | (4,184) | | (6.9)% | | (3,479) | | (1.2)% | ||||||||||
| Other | | 15,698 | | 18,205 | | | (2,507) Werbung Mehr Nachrichten zur Libbey Aktie kostenlos abonnieren
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