Libbey Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Provides Earnings Guidance for the First Half and Full Year of Fiscal 2018
For the year, net sales were $781,828,000 against $793,420,000 for the same period prior year. Total revenues were $785,156,000 against $796,210,000 for the same period prior year. Loss from operations was $53,655,000 against profit of $45,310,000 for the same period prior year. Loss before interest and income taxes were $57,170,000 against profit of $48,672,000 for the same period prior year. Loss before income taxes was $77,570,000 against profit of $27,784,000 for the same period prior year. Net loss was $93,368,000 or $4.24 per basic and diluted share against profit of $10,073,000 or $0.46 per basic and diluted share for the same period prior year. Net cash provided by operating activities was $45,308,000 against $83,904,000 a year ago. Additions to property, plant and equipment was $47,628,000 against $34,604,000 a year ago. Adjusted EBITDA was $70,562,000 against $111,641,000 a year ago, as the company continue its e-commerce initiative, albeit at a lower level than 2017, and support the initial phases of ERP implementation.
For 2018, the company expects net sales increase in the low single digits, compared to the full-year 2017; on a reported basis adjusted EBITDA margins of 10% to 11%; capital expenditures in the range of $50 million to $55 million; selling, general and administrative expense as a percentage of net sales around 17%.
For the first half of 2018, the company projects the following: net sales increase in the low single digits, when compared to the first half of 2017, on a reported basis; adjusted EBITDA margins of 8.5% to 9.5%.