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Ferro Net Income Plummets on Weak Electronics Results

11:46 AM MDT | April 26, 2012 | Vincent Valk

Ferro’s first-quarter net income fell 94% year-on-year, to $1.3 million, or 1 ct/share, on sales down 19%, to $466 million. A 65% drop in sales for the company’s electronic materials sales, to $71.7 million, was responsible for the sales and earnings declines. The electronic materials segment also swung to a loss of $4.7 million, compared with a $30.7 million profit in the year-ago period.   Sales rose in all of the company’s other segments, which remained profitable. Performance coatings sales rose 12% year-on-year, to $152.5 million...

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