Ferro: 3Q Earnings Snapshot
MAYFIELD HEIGHTS, Ohio (AP) _ Ferro Corp. (FOE) on Monday reported third-quarter profit of $12.8 million.
On a per-share basis, the Mayfield Heights, Ohio-based company said it had profit of 16 cents. Earnings, adjusted for one-time gains and costs, were 35 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.
The specialty chemicals maker posted revenue of $365.7 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $371.3 million.
Ferro expects full-year earnings in the range of $1.15 to $1.20 per share.
Ferro shares have fallen 20% since the beginning of the year. In the final minutes of trading on Monday, shares hit $12.58, a decrease of 32% in the last 12 months.