24 February 2014 23:20 [Source: ICIS news]
HOUSTON (ICIS)--US specialty chemicals producer Ferro reported on Monday a Q4 net income of $60.5m, up sharply from a net loss of $63.9m reported for the same time in 2012.
Ferro attributed the increase to a cost-cutting programme and to changes in the way it recognises pensions and other post-retirement expenses.
The company reported net sales of $374m, down more than 6% from $400m reported for Q4 2012. Ferro attributed part of the decline to lower phthalate sales from its polymer additives segment. Customers continue to favour other products over phthalates.
On the other hand, cost of sales was $296m in the fourth quarter, down nearly 14% from $343m from the same time in 2012.
In addition, Ferro actually reported a benefit of $8.70m in selling, general and administrative expenses, compared with a charge of $95.1m for Q4 2012. Ferro attributed the increase to its pension and other post-retirement expenses.
For full-year 2013, Ferro had a net income of $71.9m compared with a net loss the year before of $374m. The large net loss in 2012 was attributed to $226m in restructuring and impairment charges from the company's efforts to exit underperforming assets.
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