TOLEDO, Ohio–Glassmaker Libbey has revised its third quarter guidance. Yesterday Libbey said it expected sales to increase approximately 4.5 percent, or $211.5 million for the quarter ended September 30, compared to sales of $202 million in the prior year quarter.
This is expected to result in earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately $24.5 million for the 2008 third quarter. On August 1, 2008, Libbey had given EBITDA guidance of $27 million to $29 million for the quarter.
“Our year-over-year sales growth despite the state of the global economic markets is a strong indication of the health of our business and the strength of our brands,” said John F. Meier, chairman and chief executive officer.
“While visibility has been clouded by the uncertainty of the global economy, we expect fourth-quarter 2008 sales of $210 million to $220 million and EBITDA of $20.5 million to $23.5 million.”
Meier said current weakness in the Mexican peso, consumer confidence and performance in the foodservice channel are expected to contribute to these results during the fourth quarter. The company expects 2008 sales of $833 million to $843 million.