Libbey (LBY) Tops Q2 EPS by 3c, Reaffirms Prior Guidance at Low End of Range

Libbey (NYSE: LBY) reported Q2 EPS of $0.77, $0.03 better than the analyst estimate of $0.74. Revenue for the quarter came in at $214.1 million versus the consensus estimate of $226.49 million.

• Company reaffirms prior guidance at the low end of the range

"While net sales growth of 1.4 percent on a constant currency basis was below our expectations for the quarter, we continued to see strong growth of 6.5 percent in our core foodservice business. This is the fourth consecutive quarter in which foodservice traffic was down, yet Libbey has been able to outperform the industry in each quarter by leveraging our financial strength and successful execution of proactive growth strategies. In the second quarter, however, a handful of unanticipated costs and a more inconsistent global backdrop than expected affected our overall results," said Stephanie A. Streeter, chief executive officer of Libbey Inc. "While these results are disappointing, they have not caused us to revise our outlook for the remainder of 2015. As we look forward, we believe that our strategic growth investments across the business are starting to gain traction and should support our performance in the second half of the year. As a result, we reaffirm our expectations, albeit at the low end of the range, of top-line growth of 5 to 6 percent on a constant currency basis for the full-year 2015 and Adjusted EBITDA margins of approximately 15 percent."

For earnings history and earnings-related data on Libbey (LBY) click here.

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