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Ferro earnings top estimates despite sales decline

4:03 PM MDT | April 24, 2013 | Vincent Valk

Ferro has reported first-quarter net income of $800,000 down 78.9% from the same quarter last year, on sales down 9.1% year-on-year (YOY), to $418 million. Excluding discontinued operations, adjusted earnings from continuing operations totaled 10 cts/share, beating analysts’ consensus of 5 cts/share, as reported by Thomson Reuters (New York). Ferro announced the sale of its loss-making solar pastes business during the quarter, and announced the sale of its pharmaceuticals business on 1 April. Lower volumes, selling prices and a less-favorable product mix...

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