Libbey has reported a drop in net sales for the second quarter (Q2), ended June 2015.
Net sales for the second quarter were $214.1 million, compared to $223.5 million for the second quarter of 2014, which translates to a decrease of 4.2%.
Adjusted net income for Q2 of 2015 was $17.1 million, compared to $22.6 million recorded in the second quarter of 2014.
However, there is good news for the company in the form of its Asia Pacific region sales over the first six months of operations for 2015, which have increased by 19.4%.
Stephanie A. Streeter, CEO of Libbey Inc. said: "This is the fourth consecutive quarter in which foodservice traffic was down, yet Libbey has been able to outperform the industry in each quarter by leveraging our financial strength and successful execution of proactive growth strategies.
“In the second quarter, however, a handful of unanticipated costs and a more inconsistent global backdrop than expected affected our overall results.
"While these results are disappointing, they have not caused us to revise our outlook for the remainder of 2015.
“As we look forward, we believe that our strategic growth investments across the business are starting to gain traction and should support our performance in the second half of the year.”
One of Libbey’s major recent investments is the $30 million investment into its Louisiana plant, to accommodate the launch of its premium Perfect Signature collection.
Manufacture of the new glassware is expected to reach full production during Q4 of this year.
The high brilliance glass collection represents the culmination of over two years of research and development, planning, installation and testing of new production equipment.
