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Ferro Corporation Message Board

  • cruisintwin1@sbcglobal.net cruisintwin1 Oct 20, 2009 11:38 AM Flag

    RESULTS FOR THIRD QUARTER

    Anyone know when third quarter results will be reported?

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    • debes@ymail.com debes Oct 26, 2009 5:50 PM Flag

      CLEVELAND--(Business Wire)--
      Ferro Corporation (NYSE: FOE) announced today that net sales for the three
      months ended September 30, 2009 were $442 million, a decline of 25 percent from
      the third quarter of 2008. Net sales increased 11 percent, sequentially, from
      the second quarter of 2009.
      For the third quarter, the Company recorded income from continuing operations of
      $2.8 million, or $0.04 per diluted share, compared with income from continuing
      operations of $3.9 million, or $0.07 per share, in the third quarter of 2008.
      The third-quarter income from continuing operations was a $13.9 million
      improvement from a loss from continuing operations of $11.1 million, or $0.27
      per share, in the second quarter of 2009. The operating income for the 2009
      third quarter included net pre-tax charges of $14.1 million. These charges were
      primarily related to impairment of goodwill, manufacturing rationalization and
      other cost reduction activities. Third quarter 2008 operating income was reduced
      by pre-tax charges of $17.9 million primarily related to restructuring charges,
      a loss on extinguishment of debt and corporate development activities.
      "Our positive momentum accelerated in the third quarter resulting in improved
      gross margins and higher segment income margins compared with the third quarter
      of 2008, despite lower sales," said James F. Kirsch, Chairman, President and
      Chief Executive Officer. "The improved margins show that our efforts to lower
      our sales breakeven level, reduce cost and expense, and restructure the Company
      are achieving results. Although we have made significant progress, we are
      continuing our efforts to streamline the business, reduce our cost structure and
      improve productivity from the manufacturing floor to our corporate support
      operations. We believe these actions will position us to provide attractive
      returns to our shareholders as global customer demand continues to recover."
      2009 Third-Quarter Results
      Net sales declined in the 2009 third quarter compared with the prior-year period
      reflecting the global economic slowdown that accelerated during the fourth
      quarter of 2008. Demand from customers serving economically cyclical markets
      including construction, automobiles and appliances continued to gradually
      improve from a low point in the 2009 first quarter. The Company`s sales decline
      included reduced sales of precious metals, which contributed approximately 3
      percentage points to the 25 percent net sales decline. Changes in foreign
      currency exchange rates accounted for approximately 1 percentage point of the
      net sales decline.

    • Anyone have an idea what they'll be?

    • Tue. 27th oct.

 
FOE
13.39-0.18(-1.33%)Aug 22 4:03 PMEDT

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