Libbey Inc., one of the world’s largest glass tableware manufacturers, today reported results for the fourth quarter ended December 31, 2019.
Fourth-quarter 2019 Financial & Operating Highlights
- Net sales were 208.9 million USD, a decrease of 1.3 percent, or a decrease of 1.1 percent in constant currency versus the prior-year period.
- Net loss was (17.3 USD) million, compared to net loss of (4.0 USD) million in the fourth quarter of 2018. Net loss in the fourth quarter of 2019 was affected by a 18.3 million USD non-cash impairment of long-lived assets in our EMEA segment.
- Adjusted Income from Operations (see Table 4) increased 42.8 percent versus the prior year to 11.5 million USD.
- Adjusted EBITDA (see Table 1) increased 17.3 percent and Adjusted EBITDA margin expanded 140 bps versus the prior year to 19.0 million USD.
- Net cash provided by operating activities improved 21.5 million USD, driving Free Cash Flow (see Table 2) to 46.5 million USD in the fourth quarter of 2019.
“I’m pleased to report Libbey delivered solid fourth-quarter results, as our focus on operating performance and disciplined investment continues to drive improved gross margins and cash flow,” said Mike Bauer, chief executive officer of Libbey. “Our teams continue to demonstrate the ability to execute well in a challenging market that was further impacted by a shortened holiday season in Q4 2019. Despite these headwinds we delivered growth in our core USC segment, including meaningful gains in the food service channel.”
Bauer continued, “I’m proud of the organization’s ability to navigate the challenging environment to deliver results that significantly outpaced last year’s fourth quarter and full-year performance. Adjusted EBITDA for the quarter grew 17 percent versus the prior year and Free Cash Flow increased 27 million USD. As we look ahead to 2020, we plan to carry the momentum built in the second half of the year and capture the benefits of not only our strategic realignment and cost savings efforts, but also further leverage our competitive advantages and leading market position to deliver growth and improved performance.”
The full report is available here.