Libbey: 4Q earnings up

Glass tableware producer Libbey Inc. said on 6 February 2003 quarterly earnings rose 21%, lifted by strong sales to food service and retail customers.
The company also said it foresees 2003 earnings…

Glass tableware producer Libbey Inc. said on 6 February 2003 quarterly earnings rose 21%, lifted by strong sales to food service and retail customers. The company also said it foresees 2003 earnings per share rising 8% to 10%, to between USD 2.55 to USD 2.60 a share. Net income in 4Q rose to USD 8.42 million, or USD 0.56 a share, from USD 7.0 million, or USD 0.45, in the year-earlier period. Sales rose 4.7% from USD 117.4 million. The results were better than the company“s prior expectation for earnings of USD 0.53 to USD 0.55 a share. Libbey also said it anticipates a USD 7 million or USD 0.30 a share rise in its noncash pension expense and retiree medical costs for 2003, an increase that will be offset by its cost reduction efforts.