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Ferro Announces Upward Revision in First-Quarter 2008 Estimates

Published on 2008-04-23. Author : SpecialChem

CLEVELAND -- Ferro Corporation has announced that earnings per share for the 2008 first quarter are now expected to be in the range of 16 to 18 cents, including approximately 10 cents per share in special charges, or 26 to 28 cents excluding special charges. As reported by Thomson First Call, analysts expect first-quarter earnings of 20 cents per share, excluding special charges. Previously, the Company had estimated that earnings for the quarter would be in the range of 12 to 17 cents per share, including 5 cents of special charges. The Company now expects net sales for the first quarter to be approximately $600 million, exceeding its previous estimates of sales between $550 million and $575 million.

The increased sales are due to better than expected sales volume, product pricing actions and favorable changes in foreign exchange rates. The improved earnings outlook is primarily the result of better than forecasted results from the Company's Inorganic Specialties Group and lower than anticipated selling, general and administrative expenses.

The Company's revised first-quarter earnings estimate includes pretax costs of approximately $3.3 million related to a previously announced manufacturing interruption at its Bridgeport, New Jersey manufacturing location in December 2007. The manufacturing issues at the site have been corrected and are not expected to impact future financial results.

"It is encouraging to announce improved performance estimates in the midst of difficult macroeconomic conditions," said Ferro Chairman, President and Chief Executive Officer James F. Kirsch. "The people of Ferro have been working hard to restructure our business, reduce costs and manage the extraordinary volatility in raw material costs. We have built a strong foundation for sustainable improvement in the business, and it is beginning to translate into improved results for our shareholders. We will continue on the path we have established to complete our restructuring programs and improve our business operations across the entire company."

About Ferro Corporation:

Ferro Corporation is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including electronics, solar energy, telecommunications, pharmaceuticals, building and renovation, appliances, automotive, household furnishings, and industrial products. Headquartered in Cleveland, Ohio, the Company has approximately 6,300 employees globally and reported 2007 sales of $2.2 billion.

Cautionary Note on Forward-Looking Statements

Certain statements in this Ferro press release may constitute "forward-looking statements" within the meaning of Federal securities laws. These statements are subject to a variety of uncertainties, unknown risks and other factors concerning the Company's operations and business environment, which are difficult to predict and often beyond the control of the Company. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements, and that could adversely affect the Company's future financial performance. The risks and uncertainties identified above are not the only risks the Company faces. Additional risks and uncertainties not presently known to the Company or that it currently believes to be immaterial also may adversely affect the Company. Should any known or unknown risks and uncertainties develop into actual events, these developments could have material adverse effects on the Company's business, financial condition and results of operations. This release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

Source: Ferro Corporation


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