"Sales were particularly strong in the
Both the food service business and retail business were up more than 10 percent in the quarter. Libbey accomplished that in spite of what company officials said remains a challenging market -- Ms. Streeter said restaurant traffic remains down between half a percent and 1.5 percent.
That clearly didn't happen.
"They had surprisingly good revenue, well above our expectations, and maintained very good margin because they had 90 percent plus [manufacturing] utilization. Even with the industry challenges and headwinds they had, they performed exceptionally well this quarter,"
Libbey's profit was dragged down in the quarter by a one-time
On an adjusted basis, Libbey said it earned
Libbey officials said the extra investment it has put into strengthening its sales, marketing, and product development are paying off, as are the restructuring efforts that shifted some production from
Officials said Thursday those restructuring efforts should save the company
Libbey also expects revenue growth in the second half to be similar to its growth in the second quarter.
Shares of the company's stock closed the day up 12.8 percent to
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