CLEVELAND--(BUSINESS WIRE) - Ferro Corporation (NYSE: FOE) (the "Company") today announced sales of $650.4 million for the quarter ended June 30, 2008, up 17 percent from sales of $553.7 million in the second quarter of 2007.
Income from continuing operations for the 2008 second quarter was $9.4 million, or $0.21 per diluted share, compared with $4.6 million, or $0.10 per diluted share, in the second quarter of 2007. Income from continuing operations increased as a result of the combined effects of higher gross profit driven by increased net sales, lower selling, general and administrative expenses and reduced interest expense, partially offset by higher restructuring charges. Income from continuing operations for the second quarter of 2008 included net pre-tax expenses of $13.8 million primarily related to restructuring charges, asset write-offs, and corporate development activities. In the second quarter of 2007, income from continuing operations included net pre-tax expenses of $10.0 million primarily related to litigation settlements and manufacturing rationalization costs.
"The Ferro team delivered outstanding performance in the quarter, from sales to net income," said Chairman, President and Chief Executive Officer James F. Kirsch. "Our improved results came in spite of slowing economic growth and unprecedented cost increases for a number of raw materials. Our efforts to improve business operations and restructure manufacturing assets are generating results, and we are making sustainable progress toward our long-term profitability goals."