Ferro Corp. recently announced net sales of $537 million for the three-month period ended December 31, 2010, an increase of 17% from net sales of $458 million in the fourth quarter of 2009. Income from continuing operations improved to $2.9 million, compared with a loss of $12 million in the prior-year quarter. Adjusted income from continuing operations, excluding charges, was $21.5 million, compared with $10.9 million in the fourth quarter of 2009.
Net sales for the year ended December 31, 2010, increased to $2,102 million, up 27% compared with 2009. This is reportedly attributed to worldwide customer demand beginning to recover from the recent economic downturn and demand for solar pastes continuing to grow. Sales increased in all geographic regions. Increased sales of precious metals, including higher volumes and prices, accounted for $146 million of the overall growth in sales for the year.
“Ferro closed 2010 with a very strong performance in the fourth quarter,” said James F. Kirsch, chairman, president and CEO. “Sales increased by 17% during the quarter and were up more than 10%, excluding precious metals. Gross profit increased, and selling, general and administrative expenses declined as a percent of sales compared with the prior-year quarter. In addition, we continued our strong operating cash flow performance.
For additional details, visit www.ferro.com