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Ferro Misses Estimates, Cuts 2011 Forecast
October 26, 2011 | Vincent Valk
Ferro recorded net income of $18.2 million, or 21 cts/share, during the third-quarter of 2011, compared to a net loss of $2.4 million, or 4 cts/share, during the same period in 2010. However, adjusted net income, excluding restructuring and debt extinguishment charges incurred during the prior-year quarter, fell 22% to $19.7 million, or 23 cts/share. Earnings fell short of analysts’ consensus estimates of 27 cts/share, according to Thomson One (New York). Net sales rose 3%, to $546 million, and increased in all segments except electronic materials. A...
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