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[November 2003]
Sales Up at Libbey
Citing higher sales and the impact of a beneficial tax adjustment, Libbey Inc (Toledo, OH, USA) - the parent company of Syracuse China - announced that its diluted earnings per share for the third quarter of 2003 were 88 cents on sales of US$129.1 million. This sales figure was up 24.6% from the US$103.6 million achieved in the third quarter of 2002.
The company recorded income from operations of US$13.7 million during Q3 2003. This compares with income from operations of US$14.4 million in Q3 2002. Factors contributing to the decline were higher natural gas costs of approximately US$1.4 million and additional costs (mostly non-cash) for pension and post-retirement medical benefits of almost US$1.9 million.
Earnings before interest and income tax were US$15 million compared with US$14.1 million in Q3 2002, an increase of 6.2%.
For the first nine months of 2003, sales increased by 16.7%, from US$316.4 million last time to US$369.3 million. EBIT was US$35.6 million, an increase of US$4 million or 12.7% compared with the first nine months of 2002.
ENDS