Libbey Announces Profitable Second Quarter

Destiny A. Lopez  |

Libbey (LBY), a glassware and tableware company, just revealed a major financial development. Today, the company released its Q2 2016 financial results; and, the outcome is good news that has been long awaited. According to its official news release, Libbey announced the following:

  • A Q2 2016 profit of $8.7 million.
  • A Q2 2016 revenue of $208.6 million.

This announcement is a significant one, especially when one considers that the company’s shares have declined 14 percent since the new year.

Headquartered in Toldeo, Ohio, Libbey is one of the most recognized and respected names in home goods. As one of the U.S.’ top glassware manufacturers and a worldwide manufacturer of tableware, odds are, as stated on the company’s website, if you’ve ever had a sip of wine from a glass, it was a Libbey glass.

While known for their glassware, like their Libbey signature collection, the Libbey name encompasses a family of global brands.

The company’s brand portfolio, among others, includes:

  • Crisa, a mainstream glassware brand in Latin America.
  • Royal Leerdam, which offers a variety of dishwasher safe products.
  • Syracuse China, which offers investment-quality dinnerware and serveware.

The company’s financial progress shows improvement over its Q1 results released in April, which demonstrated a slight upticks in net sales. "During the first quarter of 2016, our core foodservice channel delivered its 12th consecutive quarter of volume growth, despite continued softness in restaurant traffic," said William A. Foley, chairman and chief executive officer of Libbey Inc. "This further demonstrates our market strength and continued commitment to this important part of our business. Improving performance in our other channels continues to be a priority and is critical to the long-term success and potential growth profile of our business.”

Being in business for two centuries, an organization is bound to experience its ups and down. However, the true test of any business is its ability to navigate unpredictable water while adapting with the changing times. Libbey is, and continues to be, among the most resilient names in business. “Over the past several months, we have made initial strides across all of our key strategic priority areas, including improving our capability to develop innovative new products, strengthening relationships with our customers across the globe and simplifying our business to enable it to operate more efficiently and effectively,” said Foley. “We are actively pursuing strategic improvements to address these needs and anticipate that this work will progress for the balance of the year."

The investment community looks forward to further developments from the company.

To learn more about Libbey, Inc, visit www.libbey.com.


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