Ferro Corp’s income plunges to $14m for 2005

10 May 2006 15:32  [Source: ICIS news]

HOUSTON (ICIS news)--Ferro Corporation said on Wednesday that income from continuing operations before taxes in 2005 was $14.9m (Euro11.6m) in 2005, down sharply from $27.8m in 2004.

The company's financial filings were delayed for accounting investigations that resulted in a restatement of its 2003 and first quarter 2004 results.

Ferro said its unaudited results show 2005 sales were flat at $1.8bn. Net income was $14.2m compared with $24.9m in 2004.

Cleveland, Ohio-based Ferro makes coatings, polymers and specialty plastics.

"We're not at all satisfied with our performance in 2005, and we've been moving aggressively to improve Ferro's results," said James Kirsch, president and chief executive. "We are beginning to see the benefits from the restructuring and productivity improvements we've put in place over the past several quarters. We expect to report a strong 2006 first quarter with substantial growth in sales and earnings, and we expect that momentum to carry through to the second quarter.”

Ferro said financial results for the first quarter of 2006 are anticipated to show improved performance across the company's businesses. It said sales should be more than $500m.

By: Patrick Crow
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