Key Developments: Ferro Corp (FOE.N)
7.17USD
19 Jun 2013
$-0.05 (-0.69%)
$7.22
$7.19
$7.25
$7.16
63,853
134,105
$7.26
$2.38
Latest Key Developments (Source: Significant Developments)
Ferro Corp Raises FY 2013 EPS Guidance
Ferro Corp announced that for fiscal 2013, it increases adjusted earnings guidance to $0.35 to $0.40 per Share. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $0.30 for fiscal 2013. Full Article
Ferro Corp Announces Management Change
Ferro Corp announced that the Company's Board of Directors has appointed Peter T. Thomas as President and Chief Executive Officer (CEO), effective immediately. Mr. Thomas had served as Interim President and Chief Executive Officer of Ferro since November 2012, and William B. Lawrence, who had served as Acting Chairman of the Board since November 2012, has been named Chairman of the Board. Full Article
Ferro Corp Raises Q1, FY 2013 And FY 2015 EPS Guidance
Ferro Corp announced that adjusted earnings per share for the first quarter of 2013, to be in the range of $0.05 to $0.07, compared to the previously announced range of $0.02 to $0.05. The Company also anticipates adjusted earnings for fiscal 2013, to be $0.30 to $0.35 per share, compared to the previously announced range of $0.25 to $0.30. This guidance is based on preliminary first-quarter results and the progress made to date on the Company's cost-saving initiatives and value creation strategy. For fiscal 2015, the Company expects adjusted earnings per share of $0.90 to $1.00, compared to the previously announced range of $0.75 to $0.85. According to I/B/E/S Estimates, analysts are expecting the Company to report EPS of $0.04 for the first quarter of 2013, EPS of $0.28 for fiscal 2013 and EPS of $0.64 for fiscal 2015. Full Article
Ferro Corp Reaffirms FY 2013 EPs Guidance
Ferro Corp announced that for fiscal 2013, it expects adjusted earnings per share (EPS) to be in the range of $0.25 to $0.30 per diluted share. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $0.27 for fiscal 2013. Full Article
A. Schulman Inc Offers To Acquire Ferro Corp
A. Schulman Inc announced that it has made a proposal to the Board of Directors of Ferro Corp to acquire all of the outstanding shares of Ferro common stock for per-share consideration of $6.50, representing an estimated total enterprise value of approximately $855 million including total indebtedness. The offer represents a 25% premium over the closing price of Ferro common stock on March 1, 2013, and a 32% premium over the volume-weighted average trading price over the preceding 60-day period. The Company said its proposed offer price of $6.50 per share includes an immediate cash payment of $3.25 for each Ferro share outstanding and $3.25 worth of A. Schulman common stock. When cost savings and synergies are fully implemented, A. Schulman estimates annual savings of $35 million over and above the previously announced Ferro targets. Full Article
Ferro Corp Announces Sale Of Solar Pastes Assets To Heraeus
Ferro Corp announced that it has sold assets related to its solar pastes business to Heraeus, a privately owned global precious metals and technology company based in Hanau, Germany. As announced on October 9, 2012, the Company had decided to explore strategic options for the solar pastes business in an effort to eliminate the negative impact from the business on earnings and cash flow. The market for conductive pastes used in the manufacture of solar cells has declined substantially since 2011 as the solar power panel industry has struggled with overcapacity and falling prices. As a result of the transaction, the Company will eliminate operating losses associated with the solar business. Terms of the transaction were not disclosed. Full Article
Ferro Corp Confirms FY 2012 EPS Guidance; Issues FY 2013 EPS Guidance Above Analysts' Estimates
Ferro Corp announced that for fiscal 2012, the Company confirmed that it expects adjusted earnings per diluted share of $0.07 to $0.12. Ferro also announced that adjusted earnings for 2013 are expected to be in the range of $0.25 to $0.30 per diluted share. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $0.24 for fiscal 2013. Full Article
Ferro Corp Announces CEO Transition
Ferro Corp announced that James F. Kirsch has stepped down as President and Chief Executive Officer (CEO) . The Company`s Board of Directors also accepted Mr. Kirsch`s resignation from the Board. Peter T. Thomas, Operating Vice President of Polymer and Ceramic Engineered Materials, has been named Interim President and Chief Executive Officer. The Board has engaged a third-party search firm to assist in the search for a permanent successor to Mr. Kirsch and will consider both internal and external candidates. William B. Lawrence, a member of Ferro`s Board of Directors, is serving as Acting Chairman of the Board. Full Article
Ferro Corp Lowers FY 2012 Revenue Guidance; Reaffirms FY 2012 EPS Guidance
Ferro Corp announced that for fiscal 2012, it expects sales, excluding precious metal sales, to be down 8% to 10% compared with 2011 and to be in the range of $0.07 to $0.12 per diluted share and loss of approximately $0.14 to $0.17 per share related to the Company's solar pastes business. The Company reported revenue of $2.155 billion in fiscal 2011. Full Article
Ferro Corp Lowers FY 2012 EPS Guidance
Ferro Corp announced that for fiscal 2012, it expects adjusted earnings to be $0.07 to $0.12 per diluted share. The revised forecast includes an expected loss of approximately $0.14 to $0.17 per share related to the Company's solar pastes business. The earnings forecast also includes an approximately $0.14 per share positive adjustment due to a planned change in the Company's method of recognizing defined benefit pension and other postretirement benefit expense. The Company had previously indicated that fiscal 2012 adjusted earnings were expected to be $0.15 to $0.20 per diluted share. When adjusted for the $0.14 per share impact of the benefit accounting change, the previous adjusted earnings guidance was $0.29 to $0.34 per diluted share. The change in guidance is primarily the result of deterioration in the Company's forecast for its solar pastes and metal powders businesses, and further weakening of business conditions in Europe, partially offset by the pension expense adjustment. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $0.17 for fiscal 2012. Full Article
Brazil mine bill proposes doubling top royalty to 4 percent
RIO DE JANEIRO - Brazil, the world's second-largest producer of iron ore, unveiled a long-awaited bill to reform the country's 46-year-old mining code on Tuesday, proposing royalties of up to 4 percent, double the current rate.
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