For the full year 2012, the Company confirms that it expects adjusted earnings per diluted share of $0.07 to $0.12.
Ferro also announced today that adjusted earnings for 2013 are expected to be in the range of $0.25 to $0.30 per diluted share. The earnings improvement in 2013 is expected to be driven by a number of factors, including cost savings from restructuring activities, growth in key product lines, and savings associated with the Company’s exit from the solar pastes business.
William B. Lawrence, Acting Chairman of the Board, said, “In connection with the leadership transition last November, the Board of Directors charged management with moving aggressively to improve profitability and enhance shareholder value. We noted then Peter Thomas’s track record of enhancing value through cost reductions and improved leverage on existing assets. Today’s announcement reflects both the commitment and the ability of the current management team to take action and generate value for our shareholders. The Board and management team will remain acutely focused on driving additional efficiencies in the business and on rationalizing any underperforming assets.”
J.P. Morgan acted as financial advisor to Ferro on the solar pastes transaction.
Adjusted earnings per share is equal to income (loss) before taxes, restructuring and impairment charges, and other special charges, adjusted for a normalized 36 percent tax rate, and divided by the average number of diluted shares outstanding. The adjusted earnings estimate for 2012 is inclusive of the operating results from the solar pastes business, while the adjusted earnings estimate for 2013 excludes results of the solar pastes business and the impact of the sale transaction. Ferro believes this data provides investors with additional useful information on the underlying operations of the business and enables period-to-period comparability of financial performance.
About Ferro Corporation
Ferro Corporation (
) is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including building and construction, automotive, appliances, electronics, household furnishings, pharmaceuticals, and industrial products.
Headquartered in Mayfield Heights, Ohio, the Company has approximately 4,950 employees globally and reported 2011 sales of $2.2 billion.