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Ferro swings to loss; adjusted earnings beat estimates
1:29 PM MDT | August 1, 2013 | Vincent Valk
Ferro says it has swung to a second-quarter net loss of $2.1 million, or 2 cts/share, compared to a profit of $1.9 million in the year-ago period, on sales down 8.4% year-on-year (YOY), to $435.5 million. Adjusted earnings totaled 14 cts/share, up 40% YOY and beating analysts’ consensus estimate of 11 cts/share, as reported by Thomson Reuters (New York). Sales fell primarily because of the solar pastes divestiture and sales declines in polymer additives. Performance coatings sales fell 1.3% YOY, to $155.2 million, while segment gross profit increased 13.2%...
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