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Ferro Corporation Lowers FY 2012 Guidance

Wednesday, 25 Jul 2012 05:14pm EDT 

Ferro Corporation announced that for fiscal 2012, it expects sales, excluding precious metal pass-throughs, to be down 3% to 7% compared with fiscal 2011, including the negative impact of lower forecasted foreign exchange rates. Sales of precious metals are expected to decline due to lower average prices and lower volume. Based on the Company's current view of worldwide economic conditions, adjusted earnings are expected to be in the range of $0.15 to $0.20 per diluted share. The current adjusted earnings estimates are $0.20 to $0.25 per share below the low end of the Company's previous guidance. The Company reported revenue of $2.155 billion in fiscal 2011. According to I/B/E/S Estimates, analysts were expecting the Company to report EPS of $0.40 for fiscal 2012. 

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