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UPDATE: Ferro Corp. (FOE) Posts Q4 Loss of 74c/Share

March 5, 2013 7:40 AM EST Send to a Friend
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(Updated - March 5, 2013 8:53 AM EST)

Ferro Corp. (NYSE: FOE) reported Q4 loss of $0.74 per share, which may not compare with the analyst estimate of ($0.04). Revenue for the quarter came in at $405.9 million versus the consensus estimate of $392.5 million.

Adjusted net loss in Q412 was $0.07 per share.

Fourth quarter 2012 results for the solar pastes product line included the following:
  • Net sales of approximately $17 million
  • Value added sales of approximately $3 million
  • Loss of approximately $1 million in gross profit
  • SG&A attributable to the product line of approximately $3 million

The company sees FY13 adjusted EPS of $0.25 to $0.30, versus the Street consensus of $0.27.

First-quarter 2013 EPS is expected to be $0.02 to $0.05, with the Street at $0.05.

"We are restructuring certain existing infrastructure alignments and refocusing management’s efforts to improve profitability, maximize cash flow and enhance return on investment," commented acting chairman Bill Lawrence. "The board and management team are focused on implementing this plan, with actions targeted at reducing costs by more than $50 million over the next two years."

For earnings history and earnings-related data on Ferro Corp. (FOE) click here.




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