Glassware maker Libbey Inc. said on 1 May 2008 that its 1Q loss increased on higher input costs and an unfavorable mix of sales.
For the three months ended 31 March 2008 the company reported a loss o…
Glassware maker Libbey Inc. said on 1 May 2008 that its 1Q loss increased on higher input costs and an unfavorable mix of sales. For the three months ended 31 March 2008 the company reported a loss of USD 3.5 million, or USD 0.24 per share, compared with a loss of USD 1.8 million, or USD 0.12 per share, in the year-ago period. Analysts polled by Thomson Financial, on average, expected a loss of USD 0.17 per share. Total revenue rose 4% to USD 187.9 million from USD 180 million in the 1Q 2007. Most of the sales increase, which included a 22% rise in international sales, can be attributed to Libbey China and the favorable impact of foreign currency exchange on European sales, the company said. Excluding currency impact, international sales rose 8%. North American glass sales rose 2%, on an increase in retail shipments in the US and Canada and strong sales in Mexico. Those gains were partially offset by lower shipments to US foodservice customers. The cost of sales rose 7% to USD 157.6 million. Income from operations fell 9% to USD 9.5 million due to an unfavorable mix of sales, lower foodservice sales, higher natural gas expenses and an increase in depreciation expense.