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Libbey Q4 profit falls 8.7% YOY

Libbey Inc. said its fourth-quarter normalized net income came to 42 cents per share, compared with the S&P Capital IQ consensus estimate of 41 cents per share.

EPS fell 7.8% year over year from 45 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $9.3 million, a decrease of 8.7% from $10.1 million in the year-earlier period.

The normalized profit margin fell to 4.2% from 4.4% in the year-earlier period.

Total revenue decreased 5.3% year over year to $220.0 million from $232.2 million, and total operating expenses declined 5.4% from the prior-year period to $201.9 million from $213.4 million.

Reported net income increased 63.0% year over year to $32.0 million, or $1.45 per share, from $19.6 million, or 88 cents per share.

For the year, the company's normalized net income totaled $1.55 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $2.15.

EPS declined 8.5% from $1.69 in the prior year.

Normalized net income was $34.3 million, a decrease of 8.6% from $37.6 million in the prior year.

Full-year total revenue decreased year over year to $825.2 million from $855.9 million, and total operating expenses fell year over year to $754.5 million from $776.5 million.

The company said reported net income rose on an annual basis to $66.3 million, or $2.99 per share, in the full year, from $4.9 million, or 22 cents per share.