IHS Chemical Week

People & Business :: Earnings/Finance

Ferro Swings to Loss, Cuts Guidance

4:38 PM MDT | July 26, 2012 | Vincent Valk

Ferro recorded a second-quarter net loss of $2.8 million, or 3 cts/share, compared with net income of $19.4 million in the year-ago period. Sales fell 19%, to $482 million, on economic weakness in Europe and declining demand for solar products in the company’s electronics business. Ferro’s earnings were also adversely impacted by charges related to a restructuring in Europe, and unexpected healthcare and pension costs. Excluding these charges, the company recorded net income of $4.6 million, or 5 cts/share, an 81% drop from the year-ago period.  ...

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