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[July 2002]
Third Consecutive Quarter of Record Revenue for Ferro
Ferro Corporation (Cleveland, OH, USA) announced on 25 July 2002 record sales for the second quarter of 2002. Sales for the quarter increased by 34% to US$475.8 million, compared with US$355.2 million in the second quarter of 2001. Increased sales resulted mainly from higher volumes related to the dmc2 acquisition, completed in September 2001, and higher demand levels due to improved economic conditions in the USA and the Asia Pacific."Our ability to post record sales for three consecutive quarters in challenging economic conditions reflects the success of the strategic actions taken to position Ferro for profitable growth, including the acquisition of certain dmc2 businesses," said chairman and CEO Hector Ortino. "Earnings in the second quarter also benefited from our efforts over the last four quarters to lower our fixed cost base. The dmc2 integration process has been an integral part of improving our overall cost structure and remains ahead of the targeted cost savings established at the time of the acquisition. In the recent quarter, we made significant progress in our integration and consolidation efforts in Europe."
Sales in the Coatings segment increased by 56.7% to US$321.9 million in Q2 2002 and segment income jumped from US$17.7 million in Q2 2001 to stand at US$29.5 million in Q2 2002. The increase in revenue mainly reflected higher volumes related to the dmc2 acquisition and also stronger demand in several key end markets, including significant growth in Asia Pacific.
Sales in the Coatings segment increased more than 12% compared sequentially with the first quarter of 2002 as demand continued to improve in most market segments this year, especially in the USA and Asia Pacific.
ENDS