US Ferro reports $316.1m Q3 loss on lower sales, higher charges

29 October 2012 22:25  [Source: ICIS news]

HOUSTON (ICIS)--US-based specialty chemicals producer Ferro reported a third-quarter net loss of $316.1m (€243m) because of lower sales and higher one-time charges, the company said on Monday.

During the third quarter of 2011, Ferro reported a net income of $19.3m.

Third-quarter sales were $414.8m, down 24% form $546.1m reported for the same time last year.

Ferro reported a third-quarter restructuring and impairment charge of $198.8m, compared with a charge of $869,000 reported for the same time last year.

The third-quarter impairment charges were related to the company's electronic materials segment and that segment's solar-pastes business.

By segment, Ferro's electronic materials reported a loss of $6.31m, compared with income of $16.5m reported for the same time last year.

Polymer additives reported a third-quarter income of $5.40m, compared with $4.25m for the same time last year. Specialty plastics reported a third-quarter income of $3.73m compared with $2.72m for the same time last year.

($1 = €0.77)


By: Al Greenwood
+1 713 525 2645



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