Mon. Jan 20th, 2020

Stocks On Move: Libbey Inc. (NYSE American: LBY)

14 min read

Libbey Inc. (NYSE American: LBY), one of the world’s leading glass tableware manufacturers, newly stated results for the 3rd-quarter of 2k19 finished September 30, 2k19.

Third-quarter 2k19 Financial & Operating Highlights

  • Net sales were $192.40M, a boost of 0.90 percent, or a boost of 2.00 percent in constant currency as compared to the prior-year duration.
  • Selling, general and administrative cost were reduced by $2.40M as compared to the previous year.
  • Net loss improved to ($3.50)M, a contrast to a net loss of ($5.00)M in the 3rd-quarter of 2k18.
  • Adjusted Income from Operations (see Table 4) increased 2.80 percent to $6.40M.
  • Adjusted EBITDA (see Table 1) increased 1.50 percent as compared to the previous year to $16.30M.
  • Net cash offered by operating activities improved $5.10M, driving incremental Free Cash Flow (see Table 2) of $10.30M in contrast to the 3rd-quarter of 2k18.
  • Net sales in the U.S. & Canada segment increased 3.50 percent, mainly driven by price realization and product mix, partially offset by lower volume and unfavorable channel mix.
  • In Latin America, net sales reduced 0.30 percent (a boost of 1.20 percent apart from currency fluctuation) as a result of unfavorable product and channel mix, in addition to unfavorable currency impacts in the segment, partially offset by higher volume.
  • Net sales in the EMEA segment reduced 4.70 percent (a decline of 0.40 percent apart from currency fluctuation), driven mainly by lower volume and an unfavorable currency impact, partially offset by favorable price and product mix.
  • Net sales in other reduced 11.10 percent (a decline of 8.50 percent apart from currency fluctuation) mainly as a result of unfavorable price and mix of product sold and an unfavorable currency impact.

Balance Sheet and Liquidity

  • The Company had an available capacity of $49.40M under its ABL credit facility at September 30, 2k19, with $41.00M in loans outstanding and cash on hand of $27.70M.
  • On September 30, 2k19, Trade Working Capital (see Table 3), defined as accounts receivable plus inventories less accounts payable, was $211.50M, a $17.30M improvement contrast to $228.70M at September 30, 2k18. The improvement was a result of lower accounts receivable, lower inventories and higher accounts payable.

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