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Libbey sets 2002 net income target

Libbey Inc., the largest producer of glass tableware in North America, said it set a 2002 net income target of US$ 61 million, on sales of US$ 525 million.
In a meeting with security analysts in Mexi…

Libbey Inc., the largest producer of glass tableware in North America, said it set a 2002 net income target of US$ 61 million, on sales of US$ 525 million. In a meeting with security analysts in Mexico, the company also said it hoped to achieve an operating profit margin of 19%. The company recorded net income of US$ 43.4 million, on sales of US$ 461 million in 1999, with an operating profit margin of 17.2%. “The formula for the next three years is to concentrate on continuing to improve our profitability,” John Meier, chairman and chief executive, said in a statement. “While achieving a 19% operating margin is a lofty goal, we have the plans in place to continue to increase our profit margins.”

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