Libbey Net, Sales Increase in Q3
TOLEDO, Ohio-Glassmaker Libbey more than tripled its net income in the third quarter on sales that increased 3.6 percent.
Net income was $7.1 million in the quarter ended Sept. 30, compared to net income of $2.3 million in the prior-year quarter. Sales for the quarter were $207.2 million, compared to $200.0 million in the third quarter of 2010.
Overall sales were boosted by a significant (47.9 percent) increase in sales in China, followed by an 8 percent increase in sales in the U.S. and Canada and a 5.2 percent increase in sales in Europe. Sales to U.S. and Canadian retail glassware customers increased 8.8 percent.
Libbey CEO Stephanie A. Streeter said she was pleased with overall sales improvement, particularly in China, and was "encouraged" by the improved performance of the U.S. and Canadian retail and foodservice channels of distribution.