Ferro Corp. recently announced net sales of $573 million for the three-month period ended March 31, 2011, an increase of 16% from net sales of $493 million in the first quarter of 2010. Net income was $23 million, compared with a loss of $1 million in the prior-year quarter. Adjusted net income, excluding charges, was $26 million vs. $18 million in the first quarter of 2010.
“Ferro’s earnings momentum continued in the first quarter of 2011,” said James F. Kirsch, chairman, president and CEO. “Sales increased by 16% during the quarter, and were up 7% excluding precious metals. Gross profit contribution on our incremental value-added sales was strong, reflecting improvement we’ve made in our manufacturing cost structure and product mix.”
For additional details, visit www.ferro.com