Libbey has announced its results for the fourth quarter ended 31 December 2017
Libbey Inc., one of the largest glass tableware manufacturers in the world, has reported results for the fourth quarter ended 31 December 2017.
Net sales in the fourth quarter of 2017 were USD 224.0 million, compared to USD 205.8 million in the prior-year fourth quarter, an 8.8% increase (or an increase of 6.7%, excluding a USD 4.4 million currency impact.)
Net loss in the fourth quarter 2017 was USD 7.2 million, compared to a net loss of USD 2.2 million in fourth quarter 2016. The fourth quarter 2017 included a USD 6.7 million unfavourable revaluation of net deferred tax assets as a result of the latest US tax reform.
Adjusted EBITDA in fourth quarter 2017 was USD 24.2 million, including a USD 2.8 million unfavourable currency impact related to the company's tax provision, compared to USD 23.5 million in fourth quarter 2016.
"We were pleased to see the business return to sales growth during the fourth quarter. This and several other performance indicators give us confidence that our strategies to drive long-term, profitable growth are gaining traction," said Chief Executive Officer William Foley. "We saw improved sales contributions from both our new e-commerce platform and new products during the fourth quarter. Profitability in our EMEA and Latin America segments also improved for a second consecutive quarter, and we're continuing to implement additional opportunities to improve our margin profile."
Net sales in the US and Canada segment increased 8.2%, driven by segment...
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