Libbey Posts Income Gain in Q4

TOLEDO, Ohio-An increase in business-to-business and foodservice sales helped lift glassmaker Libbey's net income in the fourth quarter, which ended Dec. 31, 2010.

Libbey reported net income of $2.8 million in the fourth quarter, compared to a net loss of $7.1 million in the prior-year quarter. Sales in the quarter were $222.8 million, compared to $208.1 million in the fourth quarter of 2009. Sales to U.S. and Canadian retail customers decreased 2.5 percent from the all-time record set in the fourth quarter of 2009, the company said. Shipments of Syracuse China products increased 16.3 percent, sales to World Tableware customers increased 8.8 percent and Traex sales increased 0.6 percent during the quarter.

The company is making debt payments. John Meier, chairman and chief executive officer, said, "We are pleased that as a result of our outstanding free cash flow generation of $49.4 million during the fourth quarter of 2010, we are in a position to reduce our outstanding debt by an additional $40 million. This follows our repayment of nearly $10 million of debt in China and Portugal during the fourth quarter of 2010. This $50 million of debt reduction represents significant progress in our ongoing efforts to reduce our leverage."

HFN Staff | News & Commentary

HFN provides detailed information on the key home classifications: Housewares, Tabletop, Floor Covering & Rugs, Furniture, Home Textiles, Lighting, Home Decor, Mattresses & Bedding, Gifts, Major Appliances and Consumer Electronics as well as Business, Finance and Retail.


  • Patti Carpenter Talks Color and its Importance in the Home

    Camera Icon   More Videos

Subscribe to
HFN Omnichannel
Receive the news you need to know about the trends in the industry delivered right to your inbox.

Current Issue

  • HFN cover for September 2017


    September 2017


    2017 State of the Industry Report
    Cautious Optimism, Mixed Results

    Many expected 2016 would be a banner year, but the political and economic climate softened consumer confidence. It was also a year consumers spent more lavishly on home remodeling rather than decorating.


    •  TJX Unveils First U.S. Homesense Store - In a time when retailers are reducing store counts, TJX continues to get physical.
    •   Ikea’s Fluid Spaces - The retailer’s new intros reflect multifunctional rooms.
    •  N.Y. Home Fashions Market Preview - Textile textures get soft and cozy, colors warmer.