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Ferro swings to profit as cost-cutting measures take hold

3:49 PM MDT | October 23, 2013 | Vincent Valk

Ferro today reported it swung to a third-quarter profit of $12.7 million, or 15 cts/share, compared with a loss of $316.1 million in the year-ago period. On and adjusted bases, net income totaled $12.5 million, or 14 cts/share, compared with a loss of $1.9 million in the year-ago period. Adjust earnings beat analysts’ consensus estimate of 10 cts/share, as reported by Thomson Reuters (New York). Net sales declined 0.2% year-on-year (YOY), to $408.1 million. Adjusting for the exit of the solar pastes business and excluding precious metals sales, sales rose...

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