Ferro Reports Record Sales And Earnings Per Share For 2000
January 29, 2001
Ferro Corporation recently announced that it achieved record sales for both the fourth quarter and the year 2000, and record earnings per share for the full year. For the year ended December 31, 2000, total sales increased 6.8% to a record $1.45 billion, compared with $1.36 billion in 1999. Sales from continuing operations increased 8.0%, including acquisitions. Overall volumes increased 11.2%, including the impact of acquisitions. Net income for 2000 was $73.1 million, compared with $73.0 million in 1999. Diluted earnings per share were $1.92 for the year, an increase of 3.8% from $1.85 in 1999. For the quarter ended December 31, 2000, total sales were $361.2 million, an increase of 3.6% compared with 1999 fourth quarter sales of $348.7 million. Sales from continuing operations increased 5.5%, including acquisitions. Fourth quarter net income was $16.4 million, compared with $18.7 million a year earlier. Diluted earnings per share for the quarter were $0.44, compared with $0.48 in 1999. Earnings for the quarter and full year were impacted by increased energy costs, higher petroleum-derived raw material costs, particularly in the Plastics segment, a weaker European currency, and softening in certain U.S. markets.
For additional information, call (216) 875-7155 or visit http://www.ferro.com.