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Ferro beats Street 1Q forecasts

MAYFIELD HEIGHTS, Ohio (AP) _ Ferro Corp. (FOE) on Tuesday reported first-quarter net income of $21.9 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Mayfield Heights, Ohio-based company said it had net income of 26 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to 31 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 25 cents per share.

The specialty chemicals maker posted revenue of $320.6 million in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $301.1 million.

Ferro expects full-year earnings in the range of $1.17 to $1.22 per share.

Ferro shares have climbed 11 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $15.90, an increase of 30 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FOE at https://www.zacks.com/ap/FOE

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Keywords: Ferro, Earnings Report