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Ferro Q3 Earnings Increases; Revenue Up On Segmental Growth; Guides Q4
Friday, November 09, 2007; Posted: 03:32 AM
Thursday, Ferro Corp. (FOE | charts | news | PowerRating) reported an increase in its third-quarter net income, on higher segmental results. The company also provided fourth quarter outlook.
Ferro's net income in the third quarter rose to $5.585 million from $5.531 million in the previous year. Earnings per share stood at a flat rate of $0.12 in both the years.
In the third quarter, the company's income from continuing operations increased to $5.587 million or $0.12 per share from $5.469 million or $0.12 per share last year.
On average, 7 analysts polled by First Call/Thomson Financial estimated earnings per share of $0.21 for the reported quarter.
Third-quarter net sales of the company rose to $550.70 million from $500.57 million in the prior year. Four analysts estimated revenue of $528.00 million in the third quarter.
The company's net sales from performance coatings grew to $153.74 million from last year's $134.95 million. Net sales from electronics materials rose to $116.65 million from $104.96 million in the year-ago period. Color and Glass Perf. Materials generated net sales of $113.58 million, up from $94.92 million last year.
The company's gross margin in the third quarter decreased to 18.2% from 19.7% in the same quarter last year primarily due to accelerated depreciation and other costs in connection with manufacturing rationalization activities.
In the first nine months of fiscal 2007, the company's net income fell to $16.20 million from $23.97 million in the previous year. Earnings per share were down to $0.36 from $0.54 in the earlier year.
Nine-month revenue of the company rose to $1.63 billion from $1.54 billion reported a year ago.
Looking ahead, the company expects fourth-quarter net income per share to be in the range of 7-12 cents, including approximately 8 cents per share for charges related to the company's manufacturing rationalization activities. In the last year, the company reported a net loss of 10 cents per share. Analysts' forecasts earnings per share of $0.24 fro the fourth quarter.
Sales in the fourth-quarter are anticipated to be in the range of $500 million -$525 million. Analysts expect revenue of $521.35 million in the fourth quarter.
The company said it expects sales in the fourth quarter to match or exceed sales of $497 million in the fourth quarter of 2006. Meanwhile, the company expects a sequential decline in the fourth quarter sales consistent with normal seasonality.
On the NYSE, FOE closed trade on Thursday at $21.07, up $0.77 or 3.79%, on a volume of 285 thousand shares.
http://www.tradingmarkets.com/.site/news/BREAKING%20NEWS/806462/
Friday, November 09, 2007; Posted: 03:32 AM
Thursday, Ferro Corp. (FOE | charts | news | PowerRating) reported an increase in its third-quarter net income, on higher segmental results. The company also provided fourth quarter outlook.
Ferro's net income in the third quarter rose to $5.585 million from $5.531 million in the previous year. Earnings per share stood at a flat rate of $0.12 in both the years.
In the third quarter, the company's income from continuing operations increased to $5.587 million or $0.12 per share from $5.469 million or $0.12 per share last year.
On average, 7 analysts polled by First Call/Thomson Financial estimated earnings per share of $0.21 for the reported quarter.
Third-quarter net sales of the company rose to $550.70 million from $500.57 million in the prior year. Four analysts estimated revenue of $528.00 million in the third quarter.
The company's net sales from performance coatings grew to $153.74 million from last year's $134.95 million. Net sales from electronics materials rose to $116.65 million from $104.96 million in the year-ago period. Color and Glass Perf. Materials generated net sales of $113.58 million, up from $94.92 million last year.
The company's gross margin in the third quarter decreased to 18.2% from 19.7% in the same quarter last year primarily due to accelerated depreciation and other costs in connection with manufacturing rationalization activities.
In the first nine months of fiscal 2007, the company's net income fell to $16.20 million from $23.97 million in the previous year. Earnings per share were down to $0.36 from $0.54 in the earlier year.
Nine-month revenue of the company rose to $1.63 billion from $1.54 billion reported a year ago.
Looking ahead, the company expects fourth-quarter net income per share to be in the range of 7-12 cents, including approximately 8 cents per share for charges related to the company's manufacturing rationalization activities. In the last year, the company reported a net loss of 10 cents per share. Analysts' forecasts earnings per share of $0.24 fro the fourth quarter.
Sales in the fourth-quarter are anticipated to be in the range of $500 million -$525 million. Analysts expect revenue of $521.35 million in the fourth quarter.
The company said it expects sales in the fourth quarter to match or exceed sales of $497 million in the fourth quarter of 2006. Meanwhile, the company expects a sequential decline in the fourth quarter sales consistent with normal seasonality.
On the NYSE, FOE closed trade on Thursday at $21.07, up $0.77 or 3.79%, on a volume of 285 thousand shares.
http://www.tradingmarkets.com/.site/news/BREAKING%20NEWS/806462/
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