Ceramic Industry

Ferro Reports First Quarter Earnings

May 8, 2001
Ferro Corp. recently announced that sales from ongoing operations, for the quarter ended March 31, 2001, were a record $370.7 million, an increase of 5.0% compared with sales from ongoing operations in the first quarter of 2000. Net income was $14.0 million compared with $18.4 million in the first quarter of 2000. Diluted earnings per share were $0.37 compared with $0.48 in the first quarter of 2000. These results were in line with the company's previously announced guidance issued on April 6, 2001.

Hector R. Ortino, chairman and chief executive officer, said, "We are pleased to report continued revenue growth even in such a difficult economic environment. Certain markets that began to slow late in 2000 continued to weaken this quarter and impacted results. We are stepping up our cost control measures to mitigate the impact of these conditions on our results. Earlier this year, we began implementing a program to reduce employment costs on a worldwide basis by more than $12 million annually. As a result, we expect to take a one-time charge to earnings in the second quarter of approximately $8 million. Additionally, we are reducing overall spending company-wide. These actions should benefit results in the second half of the year."

A recent conference call is archived on the investor relations page of Ferro's website at http://www.ferro.com.