Libbey announces third quarter results

  Company financial news

Libbey reports a net loss of USD 78.8 million, driven by a non-cash goodwill impairment, with adjusted EBITDA OF USD 20 million in Q3; expects fourth quarter sales growth and performance improvement, revises its full-year outlook.

Apogee
Libbey reports a net loss of USD 78.8 million
Libbey Inc. one of the largest glass tableware manufacturers in the world, has reported results for the third quarter ended 30 September 2017. 
Business highlights indicate that net sales USD 187.3 million, down 4.8% versus prior year, or down 6.2% in constant currency; net loss of USD (78.8) million, down USD 81.7 million versus prior year, driven by a USD 79.7 million non-cash goodwill impairment charge associated with the Latin America segment; adjusted EBITDA USD 20.0 million, compared to USD 24.7 million in the third quarter of the prior year.
"Competitive pressures and challenging market conditions, as well as a handful of unusual weather-related events and natural disasters, hindered our performance during the quarter. However, the improvements we expected to drive performance in the second half, such as improved profitability in EMEA and the launch of our e-commerce capabilities, began to materialize in the third quarter, and we look for them to contribute to a stronger fourth quarter. Teams across our business are actively working to leverage our e-commerce capabilities and new product offerings to return the Company to profitable growth," said Chief Executive Officer William Foley.
Foley continued, "The execution of our EMEA strategy helped drive sales and profitability improvement in the segment during the third quarter. Looking to the fourth quarter, we are anticipating year-over-year revenue growth, with growing sales contributions coming from the combined impact...
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