Ferro Announces Record First Quarter Revenue
May 5, 2004
Ferro Corp. recently announced that its revenue from continuing operations for the first quarter 2004 increased 12.4% to $451.7 million, compared with $401.8 million for the first quarter 2003. Revenue in the current quarter was boosted by improved macro economic conditions in North America, stronger demand in most key end markets, favorable foreign currency exchange rates and increased product prices implemented over the past year to help offset rising raw material costs. "Our organic growth strategies are delivering increased revenue and earnings as global macro economic conditions improve," said Hector R. Ortino, chairman and chief executive officer. "We benefited from demand growth in all of our key end markets in North America. Demand in the Asia-Pacific region remained robust and continues to play a key role in our overall global expansion plans. Our springboard businesses, electronic material systems and pharmaceuticals and fine chemicals, once again delivered impressive double-digit revenue and earnings growth. However, we continue to be affected in early 2004 by increased raw material costs and challenging economic conditions in Europe."
A replay of a recent conference call is available at http://www.ferro.com.