Libbey Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net sales of $223,981,000 against $205,838,000 for the same period prior year. Income from operations was $13,491,000 against $6,391,000 for the same period prior year. Earnings before interest and income taxes were $12,259,000 against $8,718,000 for the same period prior year. Income before income taxes was $6,982,000 against $3,459,000 a year ago. Net loss was $7,151,000 or $0.32 per basic and diluted share against $2,249,000 or $0.10 per basic and diluted share for the same period prior year. Total revenues were $224,828,000 against $206,645,000 a year ago. Adjusted EBITDA was $24,187,000 against $23,501,000 a year ago. Additions to property, plant and equipment was $8.5 million against $11.1 million a year ago.

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%.