29 October 1998: Libbey Inc., a US-based producer of glass tableware, said it expects “modest” earnings growth for the fourth quarter because of a questionable holiday selling season.
For the third q…
29 October 1998: Libbey Inc., a US-based producer of glass tableware, said it expects “modest” earnings growth for the fourth quarter because of a questionable holiday selling season. For the third quarter, Libbey reported a 23.4 % increase in net income to US$ 14.3 million or US$ 0.79 per diluted share from US$ 11.6 million or US$ 0.74 per diluted share in the period a year earlier. The company beat Wall Street expectations by one penny. For the quarter, sales increased 4.6 % with the help of recently acquired World Tableware, to US$ 109.6 million from US$ 104.8 million in the year-ago quarter. Libbey“s attributed its slightly lower glassware sales to lower sales from its export and foodservice customers and the company“s discontinued outlet mall stores. Earnings before interest and income taxes increased 14.9% to US$ 26.2 million from US$ 22.8 million in the third quarter last year. The company said its growth strategy is to increase product supply to the foodservice industry and expand globally.