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[May 2004]
Ferro Announces Record First Quarter Revenue
Ferro Corporation (Cleveland, OH, USA) announced that revenue from continuing operations for the first quarter of 2004 increased by 12.4% to US$451.7 million compared with US$401.8 million in the first quarter of 2003. Reported income from continuing operations was US$14.4 million compared with US$9.5 million in Q1 2003.
"Our organic growth strategies are delivering increased revenue and earnings as global macro economic conditions improve," said Chairman and CEO Hector Ortino. "We benefited from demand growth in all of our key end markets in North America. Demand in the Asia-Pacific region remained robust and continues to play a key role in our overall global expansion plans.
"Our springboard businesses, electronic material systems and pharmaceuticals and fine chemicals, once again delivered impressive double-digit revenue and earnings growth. However, we continue to be affected in early 2004 by increased raw material costs and challenging economic conditions in Europe. We took further action in the first quarter to improve our cost structure and implemented price increases and surcharges to help offset higher raw material costs."
ENDS