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[April 2003]
Ferro Reports Significant Q1 Revenue & Earnings Growth
Ferro Corporation (Cleveland, OH, USA) has announced a 10.1% increase in
first quarter sales from continuing operations to US$401.8 million, compared
with US$365 in the first quarter of 2002. Increased sales resulted from the
favourable currency exchange impact of the euro, higher volumes in several
key end markets and increased product prices implemented to offset rising
raw material costs.Income from continuing operations increased by more than 90% - from US$4.9
million in Q1 2002 to US$9.5 million in Q1 2003. Results in 2003 include
US$0.8 million of pre-tax integration and overall consolidation costs.
Earnings in 2002 included US$1.1 million of similar pre-tax integration and
consolidation costs."Overall, we are pleased with our first quarter 2003 financial results,"
said Hector Ortino, the Chairman and CEO. "We achieved significant revenue
and earnings growth for the fourth consecutive quarter compared with prior
periods. Most of our end markets have rebounded after a very soft fourth
quarter 2002. The increased earnings in the quarter reflect the geographic
and end-market diversity in our portfolio of businesses."Improved market conditions for electronics, higher prices, a stronger Euro
and the overall continued strength in the Asia-Pacific region helped to
offset the impact of the war in the Middle East and sharp cost increases for
several of our key raw materials."We remain confident that the strategic transformation of the portfolio, the
progress we have made integrating the dmc2 acquisition and reducing our
fixed cost base, provide us the opportunity to achieve significant revenue
and earnings growth as global economic conditions continue to improve."
ENDS