Libbey sees FY18 adjusted EBITDA margins 10%-11%
The Company is anticipating improved global macroeconomic conditions in 2018. In addition, the Company expects that its industry and competitive trends will improve, but remain challenged. As such, outlook for FY18 includes the following: net sales increase in the low single digits, compared to the FY17, on a reported basis; adjusted EBITDA margins of 10%-11%; capital expenditures in the range of $50M-$55M; selling, general and administrative expense as a percent 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%-9.5%. The company added "We successfully amended and extended our ABL credit facility during the fourth quarter and our liquidity remains strong. Over the course of fiscal year 2017, we paid $24.4M on our Term Loan B debt, and plan to continue to prioritize debt reduction with excess cash flow over the near-term horizon."