US Ferro posts $2.1m net loss in Q2 on drop in sales, rise in charges

01 August 2013 17:01  [Source: ICIS news]

HOUSTON (ICIS)--Ferro recorded a net loss of $2.1m (€1.6m) in Q2 2013 on a drop in net sales and an increase in restructuring and impairment charges, the US specialty chemical producer said on Thursday.

Ferro had recorded a net income of $1.9m in the second quarter of 2012.

Net sales for the second quarter were down 8.6% to $435m, compared with $476m for Q2 2012.

Gross profit in Q2 2013 increased 2.2% to $87.7m, compared with $85.8m the year prior. However, restructuring and impairment charges jumped 187% to $13.5m, compared with $4.7m in Q2 2012.

Sales in the pigments, powders and oxides segment increased by approximately $2m in the quarter, Ferro said, while sales in performance colors and glass, performance coatings and specialty plastics segments were basically flat.

Polymer additives sales declined by about $7m due to expected changes in environmental regulations pertaining to certain plasticizer products, which are resulting in product replacement by some customers in the US and Europe, the company said.

($1 = €0.75)

By: Jeremy Pafford
+1 713 525 2653

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