libbey inc (LBY) Key Developments
Libbey Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reaffirms Earnings Guidance for the Full Year 2015
Jul 30 15
Libbey Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company has reported net sales for the second quarter were $214.1 million, compared to $223.5 million for the second quarter of 2014, a decrease of 4.2%. Net income for the second quarter of 2015 was $14.4 million, compared to a net loss of $25.2 million in the prior-year second quarter. Net income during the second quarter of 2014 included a $47.2 million charge for the retirement of debt during the period. Adjusted net income for the second quarter of 2015 was $17.1 million, compared to $22.6 million recorded in the second quarter of 2014. Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) for the second quarter of 2015 were $34.5 million, compared to $41.0 million in the prior-year quarter. The Company's effective tax rate was 14.4% for the quarter-ended June 30, 2015, compared to 10.3% for the quarter-ended June 30, 2014. Earnings before interest and income taxes was $21,346,000 compared to loss before interest and income taxes of $17,328,000 a year ago. Net cash provided by operating activities were $27,742,000 compared to $10,353,000 a year ago. Additions to property, plant and equipment were $16,577,000 compared to $11,934,000 a year ago. EBITDA was $31,815,000 compared to LBITDA of $6,736,000 a year ago. Free cash flow was $11,167,000 compared to negative free cash flow of $1,581,000 a year ago.
Net sales for the first six months of 2015 were $401.4 million, compared to $405.1 million for the first half of 2014, a decrease of 0.9%. Net income for the first six months of 2015 was $17.5 million, compared to a net loss of $28.6 million during the first half of 2014. Net income for the first six months of 2014 included a $47.2 million charge for the retirement of debt during the period. Adjusted net income for the first six months of 2015 was $20.7 million, compared to $25.1 million recorded in the first six months of 2014. Adjusted EBITDA was $54.2 million for the first six months of 2015, compared to $61.1 million for the first half of 2014. Effective tax rate was 17.5% for the six months ended June 30, 2015, compared to 4.3% for the six months ended June 30, 2014. Earnings before interest and income taxes was $30,269,000 compared to loss before interest and income taxes of $14,189,000 a year ago. Net cash provided by operating activities were $14,506,000 compared to net cash used in operating activities of $20,000 a year ago. Additions to property, plant and equipment were $33,236,000 compared to $21,835,000 a year ago. EBITDA was $50,922,000 compared to $7,079,000 a year ago. Negative free cash flow was $18,728,000 compared to $19,501,000 a year ago.
The company reaffirmed its expectations, albeit at the low end of the range, of top-line growth of 5% to 6% on a constant currency basis for the full-year 2015 and Adjusted EBITDA margins of approximately 15%. The company expects depreciation and amortization for the full year 2015 to be between $40 million and $42 million. Cash interest should be in the range of $16 million to $17 million.
Libbey Inc. Declares Quarterly Cash Dividend, Payable on August 25, 2015
Jul 28 15
Libbey Inc. announced that its Board of Directors declared the company's quarterly cash dividend of $0.11 cents per share. The dividend will be paid on August 25, 2015, to shareholders of record as of August 11, 2015.
Libbey Inc. to Report Q2, 2015 Results on Jul 30, 2015
Jul 13 15
Libbey Inc. announced that they will report Q2, 2015 results Pre-Market on Jul 30, 2015
Libbey Inc., Q2 2015 Earnings Call, Jul 30, 2015
Jul 13 15
Libbey Inc., Q2 2015 Earnings Call, Jul 30, 2015
Libbey Inc. Announces Executive Appointments
Jun 16 15
Libbey Inc. announced the addition of several new hires to its senior leadership team. The announcement follows the company's April 30, 2015, disclosure of a planned staffing realignment designed to add talent within the organization in critical new functions focused on driving profitable growth. Jim White will be joining Libbey effective July 13, 2015, as chief operating officer and will report to Stephanie Streeter, chief executive officer of Libbey Inc. White has successfully led multiple businesses in different industries, regions and stages of growth. Over the past 10 years while at Ecolab Inc., he led their EMEA and Asia Pacific businesses and, most recently, was executive vice president and president of Latin America. White has nearly 30 years of combined managerial experience in strategy and marketing and has significant experience driving organic, acquisitive, and synergistic growth across complex global markets and supply chains. Three additional hires were made within the Company's U.S. and Canada organization in areas that are focused on growth and innovation, which are cornerstones of the Company's Own the Moment strategic plan. Christine Perryjoins Libbey as vice president, Commercial, U.S. and Canada, and will oversee all commercial functions within that region. She was previously vice president, Sales Excellence at W.W. Grainger and has extensive experience building strong teams, improving sales planning and capabilities, and driving marketing innovation. Toby Campbell has been hired as senior director, U.S. and Canada and Global Marketing. She was previously with Unilever as a senior marketing leader and will help drive Libbey's global focus on consumers and innovation. Casey Ingle has been hired as senior director, Global Innovation. He was previously director, Global Marketing Innovation at Owens-Illinois and has more than 10 years of brand marketing and strategy experience. In this role, Casey will work to deepen insights into trends and opportunities to drive revenue and margin growth and build out a global innovation agenda, portfolio, pipeline and valuation processes to support Libbey's growth initiatives. Lastly, Ben Schlater will be joining Libbey effective July 1, 2015, as vice president, treasurer, investor relations and corporate development, and will report to Sherry Buck, chief financial officer of Libbey Inc. Schlater was most recently treasurer and headed corporate development and strategic and financial planning at Veyance Technologies. He has nearly 20 years of corporate finance experience, with an extensive background in treasury, strategic planning, mergers, acquisitions and divestitures and implementing strategic and financial objectives that support growth for multibillion-dollar global organizations.