Libbey profit triples on China, US, Canada sales

Date: 31 October 2011
Source: http://www.msnbc.msn.com
TOLEDO, Ohio — Glass maker Libbey Inc. said Thursday that its third-quarter earnings tripled on stronger sales in China, the U.

S. and Canada. Its shares jumped more than 9 percent in afternoon trading.

For the quarter ended Sept. 30, the company reported net income of $7.1 million, or 34 cents per share, compared with $2.3 million, or 12 cents per share, a year earlier. Revenue rose 3.6 percent to $207.7 million from $200.5 million a year ago.

Excluding a $2.1 million charge for CEO transition expenses, the company said it would have earned 45 cents per share.

Revenue in the company's glass operations unit rose 5.9 percent to $190.8 million in the third quarter, fueled by a 48 percent increase in China, an 8 percent increase in the U.S. and Canada and a 5.2 percent rise in European sales, the company said in a statement.

In June, Libbey named Stephanie Streeter as its CEO to replace the retiring John Meier. The company said the charge for the CEO transition was related to accelerated vesting of previously issued stock.

The Toledo, Ohio-based Libbey makes products including glass tableware, ceramic dinnerware, and metal flatware.

Its shares rose $1.28, or 11.1 percent, to $12.82 in morning trading. They are up from a 52-week low of $9.45 earlier this month. Its shares peaked at $18.42 in mid-February.

600450 Libbey profit triples on China, US, Canada sales glassonweb.com

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