Libbey (LBY) Misses Q1 EPS by 20c, Miss on Revenues; Lowers FY17 Guidance

Libbey (NYSE: LBY) reported Q1 EPS of ($0.30), $0.20 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $173 million versus the consensus estimate of $173.46 million.

Outlook

As a result of lower-than-expected first-quarter results, as well as the expectation of continued challenging end-market conditions, the Company has revised its full-year 2017 outlook. The Company now expects:

• Net sales decline in the low-to-mid-single digits, compared to the full year 2016, on a reported basis, with continued currency headwinds
• Adjusted EBITDA margin (see Table 7) in the 11 percent to 13 percent range
• Capital expenditures of approximately $50 million

Business Highlights

• Net sales $173.0 million, down 5.4 percent versus prior year, or down 3.3 percent in constant currency
• Net loss of $6.6 million, down $7.3 million versus prior year
• Adjusted EBITDA (Table 1) $6.2 million, compared to $22.9 million in the first quarter of the prior year
• Company is implementing proactive measures to respond to softer business conditions, including approximately $5 million of cost reductions and lower 2017 capital spending
• Strong cost controls, pricing actions in the U.S. and Mexico, new product launches, and accelerated development of e-commerce business are supporting long-term strategy to return the business to growth

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

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