22 January 1998: US-based Libbey Inc., a leading manufacturer of glassware and silverware, recently said its fourth-quarter profits will be lower than expected, following “disappointing Christmas sale…
22 January 1998: US-based Libbey Inc., a leading manufacturer of glassware and silverware, recently said its fourth-quarter profits will be lower than expected, following “disappointing Christmas sales.” The company, the largest producer of glass tableware in North America, said it anticipated a net income of 55 cents to 60 cents per share for the three months ended Dec. 31. Analysts“ recent estimates for the Toledo, Ohio-based company was 70 cents. Libbey, which also produces tabletop products for the food service industry, said that in addition to weak consumer sales during the Christmas shopping season, it also encountered higher-than-expected costs in its factory and distribution operations. The company did say, however, that it still expects to see double-digit earnings growth in 1998, and that the World Tableware acquisition and Vitrocrisa, a joint venture, are meeting expectations and were bright spots in the fourth quarter. John Meier, chairman and chief executive officer of Libbey, said, “We expect these recent acquisitions will continue to provide growth opportunities in 1998.” Meier added, “We also expect Syracuse China to realise greater profits from its improving sales performance.”