Ferro Reports 20% Increase in Third Quarter Net Sales
Including the charges, the loss from continuing operations for the 2010 third quarter was $2.4 million, or $0.04 per diluted share, compared with income from operations of $2.8 million, or $0.04 per diluted share, in the third quarter of 2009. In the third quarter of 2009, the operating results included net pre-tax charges of $14.1 million primarily related to impairment of goodwill, manufacturing rationalization and other cost reduction actions.
Segment income increased in Electronic Materials, Color and Glass Performance Materials, Polymer Additives, Specialty Plastics, and Pharmaceuticals compared with the prior-year period; sales income was lower in Performance Coatings. Income increased in Electronic Materials due to increased customer demand, especially metal powders and silver and aluminum pastes used by manufacturers of solar cells. Income in Color and Glass Performance Materials improved due to increased sales volume combined with lower manufacturing costs, partially offset by higher SG&A expense.
“Our excellent third quarter results, net of pre-tax charges, show the sustainable benefits we have created through our improved cost structure,” said James F. Kirsch, chairman, president and CEO. “We have delivered on our commitment to transform Ferro into a strong, efficient competitor that is ready to build on our leading product positions. We are consistently delivering sales growth, strong operating cash flow and improving margins while continuing to invest in the completion of our manufacturing rationalization initiatives.”
For additional details, visit www.ferro.com.