Tableware manufacturer Libbey, Inc. posted 41 percent lower quarterly earnings in rthe first week of September, citing soft sales to foodservice customers and sluggish economic conditions related to t…
Tableware manufacturer Libbey, Inc. posted 41 percent lower quarterly earnings in rthe first week of September, citing soft sales to foodservice customers and sluggish economic conditions related to the 11 September attacks on the US. It said it temporarily curtailed production early in January to reduce inventory and improve cash flow. Libbey earned US$ 6.9 million, or 45 cents per share, in the fourth quarter ended in December compared with US$ 11.8 million, or 76 cents, a year earlier. Revenues fell to US$ 113.7 million from US$ 125.4 million. The company anticipated full 2002 earnings per share ranging from US$ 2.60 to US$ 2.65 on sales growth of between 2 and 4 percent. Libbey also said it expects first-quarter earnings between 22 cents and 25 cents.