Global tableware manufacturer Libbey reported lower sales in its third quarter results.
Net sales were down 2.4% compared to the same period last year at $196.9 million compared to $201.8 million in 2015.
The US-nased company reported net income for third quarter 2016 was $2.9 million, compared to net income of $16.7 million in the prior-year third quarter.
Libbey chairman and CEO, William A. Foley, said: “Third quarter results were seasonably lower, consistent with the expectations we provided last quarter, as challenging market conditions persisted across our various sales channels and end-markets.
"Despite continued softening in the foodservice channel, we were able to deliver our 14th consecutive quarter of foodservice unit volume growth even with a more pronounced decline in restaurant traffic during the quarter.”
"We are continuing to implement proactive improvements to our business in order to position the company for long-term growth and performance. We are also beginning to see positive impacts from recent new product and sales initiatives."
Foley continued: "We reconfirm our full-year 2016 guidance of net sales down 1 to 2 percent year over year on a reported basis and Adjusted EBITDA margin of approximately 14%.”
