EveryWare Slims Q3 Loss as Sales Rise 6.9 Percent
LANCASTER, Ohio-With sales on the upswing, EveryWare Global narrowed its third-quarter net loss to $1.1 million, from the $1.5 million net loss in last year's third quarter.
Net sales in the quarter, which ended on Sept. 30, increased by 6.9 percent to $108.7 million. Total revenue, which includes licensing fees, climbed 6.7 percent to $110.3 million. John Sheppard, EveryWare's CEO, said the company was able to boost its top line "in the face of a challenging business environment. We were able to do this by securing new key customer wins in underserved channels within our consumer segment, building our international and specialty segments, and continuing to identify significant cross-selling opportunities in our foodservice segment."
Gross margin fell 162 basis points to 20.6 percent. Distribution, selling and administrative expenses were down 2 percent in dollars and 162 basis points as a percentage of sales, to 18.2 percent, mostly due to the synergies and cost savings from the merger of Oneida and Anchor Hocking, EveryWare's two signature brands. Sheppard added that the company realized some savings within its glass manufacturing operation, which will enable it to invest in both organic growth and acquisitions.
EveryWare said it now anticipates that full-year 2013 revenue will range between $445 million and $455 million, 5.5 percent to 7.9 percent ahead of 2012.