IHS Chemical Week

People & Business :: Earnings/Finance

Ferro swings to profit on further cost cuts

11:25 AM MST | February 25, 2014 | Vincent Valk

Ferro’s fourth-quarter net income totaled $61 million, or 69 cts/share, compared with a net loss of $64 million in the year-ago quarter, on sales down 6.5% year-on-year (YOY), to $374 million. Adjusted net income from continued operations totaled $8 million, or 9 cts/share, compared with a loss of $6 million in the year-ago quarter. A pension-related gain accounted for the difference between net income and adjusted net income. “We have accomplished a great deal over the last year in adjusting our business portfolio, realigning our business operations...

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