Libbey (LBY) Tops Q2 EPS by 6c, Beats on Revenues; Affirms FY18 Outlook

Libbey (NYSE: LBY) reported Q2 EPS of $0.18, $0.06 better than the analyst estimate of $0.12. Revenue for the quarter came in at $213.5 million versus the consensus estimate of $201.67 million.

"For the second quarter of 2018, we were pleased to deliver results that exceeded our internal expectations and reflected the strong momentum we are building this year," said Chief Executive Officer William Foley. "Net sales improved in all of our geographic regions with the exception of Asia Pacific, and we continued to experience strong contributions from new product introductions as well as our e-commerce platform. The strength of our competitive position, our new product offerings and our ability to service customers are enabling us to continue to improve our performance. We remain confident that the strategies we are implementing are the right decisions to drive profitable growth and long-term improvements in our financial performance."

Outlook

Today the Company affirmed its previously provided full-year 2018 sales and Adjusted EBITDA outlook, with expected Adjusted EBITDA margins within the 10 percent to 11 percent range, but has modified selling, general and administrative guidance. The Company expects:

• Net sales increase in the low-single digits, compared to full-year 2017, on a reported basis;
• Capital expenditures in the range of $50 million to $55 million; and
• Selling, general and administrative expense around 16 percent to 16.5 percent of net sales.

Jim Burmeister, senior vice president, chief financial officer, commented, "Key performance indicators across the business are continuing to show improvement. Anticipating that there may be challenges in retail channels as well as foreign trade policy uncertainty, we are tightly managing items within our control. We expect to deliver full-year SG&A as a percent of net sales in a range of 16 to 16.5 percent compared to our previous guidance of 17 percent. We\'re maintaining our previously provided outlook for full-year net sales and Adjusted EBITDA."

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

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