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Libbey net profit down, but sales rise

At the end of July, glassware and flatware maker Libbey Inc. reported lower second-quarter net profit, but sales rose due to strong growth in glassware sales to retail customers and higher food servic…

At the end of July, glassware and flatware maker Libbey Inc. reported lower second-quarter net profit, but sales rose due to strong growth in glassware sales to retail customers and higher food service sales in dinnerware and metalware. Libbey also said it expects third-quarter diluted earnings per share of 87 cents to 91 cents, and full-year 2002 earnings of US$ 2.65 or higher, excluding one-time items. It expects 2002 sales in the range of US$ 435 million to US$ 440 million and diluted earnings per share of US$ 2.09 or more including one-time items. The Toledo, Ohio-based company reported second-quarter net income of US$ 4.9 million, or 31 cents a diluted share, compared with US$ 14.1 million, or 91 cents a diluted share, in the year-ago quarter. This year“s quarter included expenses related to an abandoned acquisition totalling US$ 13.6 million pre-tax, or 56 cents a share. Excluding one-time items, Libbey posted earnings of US$ 13.6 million, or 87 cents a share. In April, the company said that it expected to earn 82 cents to 87 cents a share before one-time items. Revenue in the quarter rose 5.5% to US$ 114.1 million from US$ 108.1 million in 2001.

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