Ferro Reports 2010 First-Quarter Results

Date: 3 May 2010
Source: Ferro
CLEVELAND, Apr 27, 2010 (BUSINESS WIRE) --Ferro Corporation (NYSE: FOE) (the "Company") today announced net sales of $493 million for the three months ended March 31, 2010, an increase of 38 percent from net sales of $358 million in the first three months of 2009.

The loss from continuing operations for the first three months of 2010 was $0.8 million, or $0.00 per diluted share, compared with a loss of $20 million, or $0.46 per diluted share, in the first quarter of 2009.The improvement was primarily the result of higher sales volume. Increased restructuring and impairment charges partially offset the benefits of the higher sales volume. In the 2010 first quarter, the operating results included net pre-tax charges of $18.6 million. These charges included restructuring charges of $11.1 million and an impairment charge of $2.2 million. The Company recorded other pre-tax charges of $5.3 million, primarily related to manufacturing rationalization and other expense reduction activities, and a write-down of receivables related to a currency revaluation. In the first quarter of 2009, the loss from continuing operations included net pre-tax charges of $3.3 million primarily related to manufacturing rationalization and corporate development activities.
 
"Our improved cost structure continues to deliver enhanced operating leverage, as shown by our strong first quarter results," said Chairman, President and Chief Executive Officer James F. Kirsch. "We are engaged in additional restructuring activities around the world that we are confident will further improve our cost structure and competitive position. At the same time, we are extending the reach of our leading product franchises through focused new product development and regional expansion in order to drive future sales growth."
 
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