IHS Chemical Week

Markets :: Specialty Chemicals :: Paints and Coatings

Ferro beats estimates, raises full-year guidance

3:03 PM MDT | April 23, 2014 | Vincent Valk

Ferro today reported first-quarter net income of $17.2 million, compared with $883,000 in the year-ago quarter. Adjusted earnings totaled 19 cts/share, nearly double the year-ago quarter’s earnings, which were hit by a loss from discontinued operations. Adjusted earnings beat analysts’ consensus estimate of 15 cts/share, as reported by Thomson Reuters (New York). Sales fell 6.2% year-on-year (YOY), to $391.7 million. Excluding exited businesses and precious metals sales, sales were roughly flat YOY. Performance coatings segment sales rose 3.2% YOY, to...

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