Libbey Earnings: Here’s Why Investors are Happy Now
Libbey, Inc. (AMEX:LBY) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 4.47%.
Libbey, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 200% to $0.09 in the quarter versus EPS of $0.03 in the year-earlier quarter.
Revenue: Decreased 2.67% to $183.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Libbey, Inc. reported adjusted EPS income of $0.09 per share. By that measure, the company missed the mean analyst estimate of $0.10. It missed the average revenue estimate of $186.7 million.
Quoting Management: “Overall, we are pleased with this quarter’s results. While disappointed with a sales decline in the U.S. and Canada, we are very encouraged by our significant sales increase in Mexico and Latin America. The critical story, however, is our success in cost reductions, which resulted in record adjusted income from operations and adjusted EBITDA for any first quarter ever. This performance is even more notable, given that we had an extensive amount of maintenance activity which led to underutilized capacity during the quarter,” said Stephanie A. Streeter, chief executive officer of Libbey Inc.
Key Stats (on next page)…