Libbey (LBY) Misses Q3 EPS by 5c; Reaffirms
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Libbey (NYSE: LBY) reported Q3 EPS of $0.13, $0.05 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $196.9 million versus the consensus estimate of $198.7 million.
"Third quarter results were seasonably lower, consistent with the expectations we provided last quarter, as challenging market conditions persisted across our various sales channels and end-markets. Despite continued softening in the foodservice channel, we were able to deliver our 14th consecutive quarter of foodservice unit volume growth even with a more pronounced decline in restaurant traffic during the quarter," said William A. Foley, chairman and chief executive officer of Libbey Inc. "We are continuing to implement proactive improvements to our business in order to position the Company for long-term growth and performance. We are also beginning to see positive impacts from recent new product and sales initiatives."
Foley continued, "We reconfirm our full-year 2016 guidance of net sales down 1 to 2 percent year over year on a reported basis and Adjusted EBITDA margin of approximately 14 percent."
For earnings history and earnings-related data on Libbey (LBY) click here.
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