08 April 2013 22:22 [Source: ICIS news]
HOUSTON (ICIS)--Ferro expects first-quarter adjusted earnings/share to be 5-7 cents, up from the company's previous estimate of 2-5 cents/share, the US-based specialty chemicals producer said on Monday.
The first quarter should have the lowest earnings of the year, because of persistent weakness in the European economy and because of the timing of the company's cost-cutting programme, Ferro said.
For all of 2013, Ferro expects earnings to be 30-35 cents/share, up from its earlier guidance of 25-30 cents/share.
Ferro is increasing its guidance because of its preliminary first-quarter results and because of the progress the company is making in its cost-cutting programme, it said.
The company expects the programme to achieve $30m (€23m) in savings this year and $70m in 2014.
Ferro is the subject of a hostile takeover bid by A Schulman.
($1 = €0.77)
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