libbey inc (LBY) Key Developments
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.
Libbey Inc. Presents at Barclays High Yield Bond and Syndicated Loan Conference, Jun-11-2015 02:05 PM
May 22 15
Libbey Inc. Presents at Barclays High Yield Bond and Syndicated Loan Conference, Jun-11-2015 02:05 PM. Venue: The Broadmoor Hotel, 1 Lake Avenue, Colorado Springs, Colorado, United States. Speakers: Sherry L. Buck, Chief Financial Officer, Vice President and Member of Proxy Committee.
Libbey Inc. Presents at Citi 2015 Global Consumer Conference, May-27-2015 09:50 AM
May 21 15
Libbey Inc. Presents at Citi 2015 Global Consumer Conference, May-27-2015 09:50 AM. Venue: The Plaza, a Fairmont Managed Hotel, Fifth Avenue at Central Park South, New York, NY 10019, United States. Speakers: Stephanie A. Streeter, Chief Executive Officer and Director.
Libbey Inc. Declares Quarterly Cash Dividend, Payable on June 9, 2015
May 12 15
Libbey Inc. announced that its board of directors declared the company's quarterly cash dividend of $0.11 per share. The dividend will be paid on June 9, 2015, to shareholders of record as of May 26, 2015.
Libbey Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reiterates Earnings Guidance for the Year 2015
Apr 30 15
Libbey Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company’s net sales were $187.4 million, compared to $181.6 million for the first quarter of 2014, an increase of 3.2%. Net income was $3.1 million, compared to a net loss of $3.4 million in the prior-year first quarter. Adjusted net income was $3.6 million, compared to the $2.5 million adjusted net income recorded in the first quarter of 2014. Adjusted earnings before interest, taxes, depreciation and amortization for the quarter were $19.7 million, compared to $20.0 million in the prior-year quarter. The primary factors contributing to the change in adjusted EBITDA were the improved gross profit by higher SG&A expenses, as previously discussed, and was in line with its expectations. Income from operations was $8,096,000 compared to $3,461,000 a year ago. Earnings before interest and income taxes were $8,923,000 compared to $3,139,000 a year ago. Basic and diluted earnings per share were $0.14 compared to basic and diluted loss per share of $0.16 a year ago. Net cash used in operating activities was $13,236,000 compared to $10,373,000 a year ago. Additions to property, plant and equipment was $16,659,000 compared to $9,901,000 a year ago. EBITDA was $19,107,000 against $13,815,000 a year ago. Capital expenditures were $16,659,000 compared to $9,901,000 a year ago. This increase is primarily the result of increased investments in new glass technologies, which are expected to continue into the second quarter.
The company reiterates expectations to generate sales growth of approximately 5% to 6% on a constant currency basis, and adjusted EBITDA margins of approximately 15% in fiscal year 2015, as the company executes its growth strategy while investing in its commercial brands and capabilities. The company expects CapEx of $55 million to $60 million, which includes $16 million to $17 million related to investments in new glass technology. The company continues to expect strong free cash flow performance for full-year 2015, driven in part by price increases across foodservice businesses that were implemented in late march and early April. 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 $15 million to $17 million. And as far as cash taxes for 2015, it currently believe they will be around $5 million to $7 million compared to $7.2 million in 2014. With expected free cash flow of approximately $50 million to $60 million per year in each of the next 3 years or $150 million to $180 million cumulatively.