Libbey sees FY18 net sale up in low-single digits vs last year
Sees FY18 adjusted EBITDA margins at the lower end of the previously communicated 10%-11% range; capital expenditures near $50M, which is at the low end of the previously estimated $50M-$55M range; and adjusted selling, general and administrative expense in the range of 15.5%-16.0% of net sales. The company added, "Cost controls implemented across the business have enabled us to improve our full-year outlook for selling, general, and administrative expenses as a percent of net sales for the second consecutive quarter. These improvements will offset the higher operating costs previously mentioned and improve financial performance in the fourth quarter. We also expect capital spending to come in at the low end of our previously communicated range which will help offset higher inventory. In addition to our focus on improving operating performance, we remain committed to pursuing a capital allocation strategy that assigns greater priority to debt reduction while maintaining appropriate levels of investment in strategic initiatives that are expected to enhance long-term value for shareholders."