July 31, 2007 / 5:32 PM / 11 years ago

UPDATE 1-Libbey swings to Q2 profit, shares rise

(Recasts throughout, adds outlook and stock movement)

July 31 (Reuters) - Glassware maker Libbey Inc. (LBY.N) on Tuesday swung to a quarterly profit, which more than doubled market expectations, sending shares up more than 7 percent.

Sales for the latest quarter rose 31 percent to $207.1 million, beating one analysts’ estimate of $203.8 million.

The Toledo, Ohio-based company’s sales grew as it witnessed a significant increase in its North American glass sales and international sales.

Libbey, which has been posting losses for three consecutive quarter, earned $4 million, or 27 cents a share, for the quarter. It had posted a loss of $9.6 million, or 68 cents a share, a year earlier.

Three analysts on average expected the company to earn 13 cents a share, according to Reuters Estimates.

Looking ahead, Libbey said it expects third-quarter sales of $200 million to $205 million and 2007 sales of slightly over $800 million.

One analyst expected revenue of $195.3 million for the third quarter and $797.1 million for 2007.

Shares of the company rose $1.35 to $20.20 in afternoon trade on the New York Stock Exchange. Earlier in the session, they had touched an intra-day high of $22.95. (Reporting by Sreerupa Mitra in Bangalore)

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