Libbey’s sales for Q1 2013 were $183.5 million, compared to $187.8 million, a decrease of 2.3%.
CEO Stephanie Streeter said there had been a sales decline in the USA and Canada but Mexico and Latin America had reported a sales increase.
“The critical story, however, is our success in cost reductions, which resulted in record adjusted income from operations and adjusted EBITDA for any first quarter ever.
“This performance is even more notable, given that we had an extensive amount of maintenance activity which led to underutilized capacity during the quarter,” she added
Sales in the Americas were $123.5 million, compared to $129.7 million in Q1 2012, a decrease of 4.7%.
Sales performance was led by a 4.5% increase in sales within the Mexican and Latin American end market, offset by an 8.6% decrease within the US and Canada end market.
Sales in the EMEA segment increased 11.2% while sales in other were $25.7 million, compared to $27.4 million in the prior-year quarter. The decrease was largely the result of lower sales in the Asia Pacific end market.
