Ferro Corporation (NYSE: FOE, the “Company”) today reported results for the second quarter ended June 30, 2013. The second-quarter loss attributable to common shareholders was $0.02 per diluted share compared with income of $0.02 per share in the second quarter of 2012. On an adjusted basis, earnings per diluted share were $0.14, an increase of 40% versus the second quarter of 2012. The Company attributed the increase in profitability to management’s continued progress executing on its value creation strategy. The Company also reaffirmed its previous full-year adjusted earnings guidance of $0.35 to $0.40 per diluted share. Please refer to the supplemental tables at the end of this release for additional information concerning adjusted financial results.
Ferro reported net sales of $435 million in the second quarter of 2013, compared with net sales of $476 million in the second quarter of 2012. Value-added sales, which exclude precious metal sales, were $408 million, versus $424 million in the second quarter last year. The reduction in sales resulted primarily from the Company’s divestiture of its solar paste assets in the first quarter of 2013 and its borates mining operation in Argentina during the second quarter of 2012 coupled with product de-selection in the Polymer Additives segment. The divested operations had approximately $36 million of net sales and $11 million of value-added sales in the second quarter of 2012. Adjusting for the impact of the divested operations, value-added sales were down 1%.
The Company reported a net loss attributable to common shareholders of $2.1 million, or $0.02 per diluted share, in the second quarter of 2013, compared with net income of $1.9 million, or $0.02 per diluted share, in the prior-year quarter. The adjusted net income from continuing operations attributable to common shareholders was $12.1 million, or $0.14 per diluted share, compared with $8.6 million, or $0.10 per diluted share, in the second quarter of 2012. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were approximately $38 million in the second quarter of 2013, compared with $33 million in the same period last year. EBITDA margins, based on value-added sales, were 9.3% in the current quarter and 7.9% in the same period last year.
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