Ferro Corporation Issues FY 2012 Guidance Below Analysts' Estimates

Ferro Corporation announced that for fiscal 2012, it expects sales, excluding precious metal pass-throughs, to be approximately the same as in 2011, after adjusting for the negative impact of lower forecasted foreign exchange rates. However, the Company's sales outlook does not anticipate a broad recessionary environment in any region. Foreign currency exchange rates used to estimate 2012 sales are assumed to be equal to year-end 2011 values, which were lower than the average rates for 2011. Adjusted earnings per share (EPS) are expected to be in the range of $0.40 to $0.65 per diluted share in fiscal 2012. The Company reported revenue of $2.155 billion for fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $2.156 billion and EPS of $0.68 for fiscal 2012.