Ferro Updates Fourth Quarter Estimates (posted 2/4/09)
As a result of the reduced sales, Ferro now expects to report a loss for the fourth quarter of approximately $.17 per share, excluding special gains and charges, despite aggressive, ongoing efforts to reduce costs and conserve cash. Ferro’s prior estimate for the 2008 fourth quarter was for net sales in the range of $500 million to $550 million and earnings in the range of $0.33 to $0.38 per share, which included an estimated gain of approximately $.31 per share related to the sale of the company’s Fine Chemicals business and estimated charges of $.13 per share related to manufacturing rationalization activities.
“Ferro’s improved performance in the first three quarters of 2008 demonstrated the benefits of the company’s worldwide restructuring and cost control initiatives,” said James F. Kirsch, chairman, president and chief executive officer. “Despite the sharp decline in worldwide economic activity during the fourth quarter, our full-year 2008 earnings are expected to show improvement from 2007 when adjusted for special charges, the gain from the sale of our Fine Chemicals business and discontinued operations.”
Additional details are available at www.ferro.com.