Toledo table-glass manufacturer Libbey Inc. has announced that its third-quarter sales were up 7%, thanks to important increases in China and Mexico, but that its profit has decreased.
The company sa…
Toledo table-glass manufacturer Libbey Inc. has announced that its third-quarter sales were up 7%, thanks to important increases in China and Mexico, but that its profit has decreased. The company said in an announcement that its sales for the July-September period were USD 200 million, compared to USD 187 million for the same period in 2009. Libbey also reported sales increases of 27% in China, 15% in Mexico, and 5% in the US and Canada. The company reported a profit of USD 2.3 million, or 12 cents a share, for the quarter, compared with a profit of USD 3.5 million, or 23 cents a share, in 2009. According to Libbey, earnings were affected by a write-down of equipment assets at the firm“s plant in Shreveport, Louisiana, as well as by fees regarding a stock offering for which no proceeds were received. However, chairman and chief executive John Meier said in a statement that strong orders in the third quarter for products to be made in the fourth quarter will contribute to a solid finish to 2010.